台灣股票上市公司自2002 年晶華(2707)開啟現金減資首例以來，許多的企業將現 金減資當作是提昇股東價值的一種財務策略，本研究以事件研究法從自由現金流量觀點 來探討2018 年跟2019 年股票上市公司在宣告現金減資時的股價異常報酬的情形，經實 證結果分析發現有足夠自由現金流量的公司所產生的異常報酬為負向顯著的情形，但對 於沒有足夠自由現金流量的公司則產生的異常報酬却為正向顯著的情形，但是不管是正 向顯著異常報酬或者是負向顯著異常報酬，其宣告效果影響的天數都是短暫的。 另外企業以現金回饋給股東三種不同方式為發放現金股利、買回庫藏股或採現金減 資，本研究也實證了現金股利及現金減資是否有替代性效果，結果看不出現金減資能完 全替代現金股利發放。;Since the first case of capital reduction by cash by FORMOSA INTERNATIONAL HOTELS CORPORATION (2707) in Taiwan stock listed companies in 2002, many companies have regarded capital reduction by cash as a financial strategy to increase shareholder value. This study uses the event study methods by perspective of free cash flow to explore situation of abnormal returns of stock listed companies at the time of capital reduction by cash announcement from 2018 to 2019. The empirical results found that the companies with sufficient free cash flow generated abnormal negative returns, but the companies with insufficient free cash flow generated abnormal positive returns. Whether they are positively significant abnormal returns or negatively significant abnormal returns, the number of days for which the effect of the announcement is affected is short-lived. In addition, companies use cash back to shareholders in three different ways to pay cash dividends, stocks repurchase or capital reduction by cash. This study also evidence whether cash dividends and capital reductions by cash have alternative effects. As a result, cash dividends and capital reductions by cash can’t completely replace each other.