中文摘要 本研究宗旨於探究對不同類型的「減資方式」對投資人財富及股東權益報酬率的影響。期間則以1999年至2009年期間曾辦理減資的上市公司作為研究的對象，並比較減資前後公司一年之財務比率的差異，以及不同類型之減資宣告是否會引起公司股價不同的變動。研究結果發現減資以彌補虧損、庫藏股減資其負債比率均有明顯的上升，這表示大多公司是用借款籌措資金來辦理。在現金減資及減資以彌補虧損過後一年，其EPS、ROE都有顯著的上升，這代表公司確實在一年後能有效的改善其帳面上的財務結構，但在公司實質獲利表現上，稅後淨利率(NI/S)結果都不顯著，這表示減資並不能帶給公司營運實質上的影響。 其次，在檢定事件宣告日後15天內觀察是否有顯著的超額報酬，結果在減資彌補虧損、現金減資以及庫藏股減資其平均超額報酬分別為-0.3%、-0.037%以及0.18%，標準差則為1.06%、0.48%、0.46%。在t檢定下，發現了彌補虧損減資之宣告在股價表現為負面訊息，在現金減資下，雖然呈負向超額報酬，但結果皆不顯著；另在庫藏股減資方面，則有顯著的正向超額報酬。ABSTRACT This research focuses on the impact of different types of reduction on stockholders' equity return. The data used in this research include the companies that had capital reduction from the year 1999 through 2009. We also compare the financial ratios of the before and after reduction and the resulting stock price change due to the announcement. The study shows that capital reduction to compensate loss and the share-in -stock reduction lead to the significant rise of debt ratio. This means that most reduction was done through borrowing money. One year after the cash capital reduction to make up for the loss we have found that EPS and Roe clearly goes up, which indicates the improvement of financial structure. But in company operation, and profitiblitlty, and NI/S, the change is minimal, and this means capital reduction does not actually affect company operation. Furthermore, when examining the excessive return 15 days after the announcement, it is found the average excessive returns are -0.3%, -0.037% and 18%. The standard deviation is 1.06%, 0.48%.and 0.46% respectively. Under t test, we find that loss compensation capital reduction shows negative return. Under cash capital reduction, even though the excessive return is negative, it is not significant. However the share –in- stock capital reduction, draws in more positive excess rewards.
