The study of capital reduction and private placement

本研究為虧損減資相關之研究，以2000-2010年辦理虧損減資上市公司為樣本，並將樣本分組為只辦理虧損減資與減資再私募兩組，採用事件研究法比較兩者在減資宣告後的股價反應，並以前一年每季的財務指標分析兩者減資宣告前的營運績效。最後以羅吉斯迴歸模式，檢驗財務指標是否對公司減資政策選擇(減資後再私募與否)造成影響。 實證結果顯示，虧損減資公司在減資宣告有負向宣告效果，市場對虧損減資宣告為利空反應。樣本分組後發現，減資再私募公司在減資宣告後的累積負向報酬率較只辦理虧損減資公司為低。而減資再私募公司前一年每季的財務指標無論在資本結構、償債能力、獲利能力與經營能力均遜於單純只辦理虧損減資的公司。最後，羅吉斯迴歸模式顯示影響公司減資政策的因子為減資比率、減資宣告前一季季底P/B與每股盈餘。減資比率與前一季P/B越高，公司傾向採用減資再私募。前一季每股盈餘越高，公司傾向採用只辦理虧損減資，而迴歸模式預測的正確區別率約達到68.3%It is an empirical study of capital-reduction. The sample of this study consists of companies which had utilized capital reduction in 2000 to 2010. The research employs the event-study method to examine the stock price reaction after the announcement of capital-reduction. The sample is divided into two subsamples, one includes companies with capital-reduction without private equity placement and the other are those companies with private equity placement after capital reduction. We compare not only their stock price reactions after the event but also the financial ratios before the event. Finally, we use Logit regression model to examine the impact of financial ratios to the company’s selection of capital-reduction policy. The results show that the stock price reaction after the event is negative; market is worried about the announcement of the capital-reduction. The cumulative returns of the companies utilized capital-reduction with private equity placement are lower than those of the companies without private equity placement after capital reduction. And the study of financial ratios shows that the operation performances of capital-reducing companies with private equity placement are worse than those of the capital-reducing companies with private equity placement. The result of Logit regression model shows that the influencing factors of company’s capital-reduction policy are previous quarter EPS, previous quarter P/B ratio, and the degree of capital-reduction. The higher the previous P/B and the degree of capital reduction, the higher possibility for capital-reducing company use the private equity placement afterwards. The higher the previous EPS, the lower possibility for the them to further to adopt the private equity placement