[[alternative]]The Re-examination of the Announcement Effects of Capital Reduction

[[abstract]] 過去的研究大部份所探討的都是減資事件對市場的影響，顯少研究是以投資人的角度來分析＂減資＂事件的影響。本研究以2000年1月1日起，至2018年12月31日之間，統計我國進行減資(彌補虧損減資、現金減資及庫藏股減資)的上市(櫃)公司資料，探討彌補虧損減資、現金減資與庫藏股減資等三種減資之市場宣告效果。研究結果顯示：彌補虧損減資於事件宣告會造成顯著負向異常報酬，從宣告日前一日至宣告日後一日則會產生事件中最大負向累積異常報酬。現金減資的事件宣告會造成顯著正向異常報酬，宣告日前一日股價亦有提早反應的情形。庫藏股減資於事件宣告會造成顯著正向異常報酬。[[abstract]] Most of the researches in the past dealt with the influence of capital reduction on the market; rarely did they attempt to analyze such an influence from the perspective of investors. This study aims to investigate the different announcement effects on the market of capital reduction for cover accumulated deficits, cash refund capital reduction, and capital reduction by stock repurchases respectively. The empirical results are as follows. First, the capital reduction for cover accumulated deficits will lead to a remarkable negative abnormal return, and its maximum negative abnormal return takes place from the day before to the day after the announcemet. Second, the cash refund capital reduction will lead to a remarkable positive abnormal return, and the stock prices tend to react to it as early as the day before its announcement. Last but not the least, the capital reduction by stock repurchases will also cause a remarkable positive abnormal return on the day of its announcement