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研究生:鄭紳綸
研究生(外文):Shen-Lun Cheng
論文名稱:減資,台灣股價表現
論文名稱(外文):Capital Reduction, Share Price Performance Study in Taiwan
指導教授:張光第張光第引用關係
指導教授(外文):Chang,Guangdi
口試委員:欒斌謝劍平
口試委員(外文):Pin LuarnJoseph C.P. Shieh
口試日期:2019-05-16
學位類別:碩士
校院名稱:國立臺灣科技大學
系所名稱:財務金融研究所
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2019
畢業學年度:107
語文別:英文
論文頁數:29
中文關鍵詞:減資
外文關鍵詞:Capital ReductionTax shield
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本文主要目的是討論減資後股價表現
This paper’s main propose is to discuss the share price performances after companies to reduce capital by capital reduction. In 2002, Formosa International Hotels is the first company in Taiwan to return cash back to investors by capital reduction and Formosa International Hotels continued to return cash to its investors by capital reduction in 2007. From Formosa International Hotel’s share price perspective, it showed positively and encourage other companies to follow its steps to do capital reduction. There is another incentive, tax free, when companies have limited investment target, limited industry growth rate and excess cash position. This paper used share price performance for 30 days, 90 days and 180 days after resuming trading for capital reduction. We collected 298 samples from stock exchanges, Taiwan Stock Exchange (TWSE) and Taipei Stock Exchange ranged from 2011 to 2017 which is available from stock exchange website. We see positive share price performance compare to TWSE index.
Abstract………………………………………………………………………………..…… 3
List of Table………………………………………………….………………………..…… 5
List of Chart……………………………………………………………..………………… 6
1. Introduction………………………………………………………………………..... 7
2. Literature Review………………………………………………………………….10
3. Data and Methodology……………………………………………….……….. 16
4. Empirical Results………………………………………………………………….. 18
5. Conclusions……………………………………………………………………..….. 24
Reference………………………………………………………………………………… 29
Jensen, Michael.1986 Agency Cost of Free Cash Flow, Corporate Finance, and
takeovers
Eisemann, Peter C. & Moses Edward A 1978. Stock Dividends: Management’s View
Lakonishok ,Josef and Lev, Baruch, Journal of Finance, 1987, vol. 42, issue 4, 913-32
Aharony, J., & Dotan. A. 1994. Regular dividend announcement and future
unexpected earnings: an empirical analysis. The Financial Review, 29: 125- 151.
Lin, H., Y.S. Hsu and J.Y. Shen, 2009, The announcement effect and the influences
on operating performance of deducing capital decision, Taiwan Academy of
Management Journal, 9, 185-203. (in Chinese)
Lin, Y.C. and S.P. Chen, 2011, The Announcement Effects of Capital Reduction by Cash,
Journal of Contemporary Accounting, 12, 31-56. (in Chinese)
Wang and Hsiao (2013) adopted 40 observations from 2002 to the end of 2009.
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