本研究探討公司減資與公司價值間之關聯性，以2003年至2007年進行減資的美國公司為主要研究樣本，並從融資限制及成長機會兩觀點進一步對該關聯性予以之分析。本研究之主要研究結論發現，在實行減資之下，公司當年度的減資行為與公司價值有負向之關係。若進一步將減資分為以彌補虧損為目的，可以發現仍與公司價值有負相關。此外，公司價值與現金比率、營收成長率呈現正向之關係，與總資產成長率呈現負向之關係。本研究更進一步對減資後幾年的公司價值進行探討，實證結果發現，當減資過後，公司長期所做的減資之後再減資和減資之後再增資與公司價值均有正向之關係。而無論長期或短期，公司的現金流量比率與公司價值呈現正相關，淨營運資金比率與公司價值呈現負相關。此外，公司在長期所面臨的成長機會也在減資後與公司價值呈現正向之關係。

This paper investigates the impact of de-capitalization on firm value for a large sample of U.S. listed firms over 2003–2007. This paper also uses the variables of financing constraints and growth opportunities to examine the relationship. The key conclusion is that we find firms make de-capitalization has a negative impact on firm value when firm made de-capitalization. Further, firms make up losses by de-capitalization has a negative impact on firm value when firm made de-capitalization. The results are also find that firm value are positively affected by cash ratio and sales growth rate , negatively affected by the growth of total assets when firm made de-capitalization. Further, our analysis provide evidence that firm value after firm made de-capitalization are positive affected by firms continue to make de-capitalization after de-capitalization and firms SEO after de-capitalization in the long-term. The result that we also find the ratio of cash flow to assets has a positive impact and the ratio of net working capital to assets has a negative impact on firm value after firm made de-capitalization in the year whatever in the long-term or short-term. Furthermore, our analysis suggests that a significant positive relationship between growth opportunities and firm value in the long-term after firm made de-capitalization in the year.

1. Introduction 1
2. Literature review 5
3. Data 9
4. Empirical results─Panel regression 11
5. Conclusions 16
References 17

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