台灣上市公司現金減資與現金股利、庫藏股政策之實證研究; An Empirical Study of Firm’s Choices among Capital Reduction, Cash Dividend and Share Repurchase in Taiwan Stock Exchange

NCUIR > School of Management at National Central University > Executive Master of Finance Management > Electronic Thesis & Dissertation > Item 987654321/12376

Please use this identifier to cite or link to this item: http://ir.lib.ncu.edu.tw/handle/987654321/12376

Title:	台灣上市公司現金減資與現金股利、庫藏股政策之實證研究;An Empirical Study of Firm’s Choices among Capital Reduction, Cash Dividend and Share Repurchase in Taiwan Stock Exchange
Authors:	莊宗勳;Tsung-hsun Chuang
Contributors:	財務金融學系碩士在職專班
Keywords:	現金股利;庫藏股;現金減資;Logit迴歸;Capital Reduction;Cash Dividend;Share Repurchase;logit-regression
Date:	2007-06-24
Issue Date:	2009-09-22 14:46:54 (UTC+8)
Publisher:	國立中央大學圖書館
Abstract:	台灣上市櫃公司自2006年開始盛行現金減資後，對公司而言，除了既有的現金股利及庫藏股二種配發現金給股東方式外，又新增了現金減資這一個選項。為研究其對公司配發現金給股東的方式是否造成影響，本研究以2007年1月1日至2007年4月30日這段期間，公司曾經宣告將實施上述三種方式的公司為樣本，來進行探討。本研究以Logit迴歸模型分析為研究方式，運用二項Logit迴歸模型分析及多項Logit迴歸模型分析，來觀察其解釋各項變數的解釋能力是否顯著。經由實證研究分析結果顯示，實施上述三種方式的公司，其相同的特性是公司營運現金流量穩定且充足。至於顯著的差異則是在於，分配現金股利與實施現金減資的公司，其公司規模明顯大於實施庫藏股或是未實施上述三種配發現金方式的公司；另外，再以投資人的角度來看，較為顯著的發現是，當公司的外資持股比例較高時，則該公司較明顯的將會傾向實施現金減資而非分配現金股利的政策，此為本研究之新發現，並與過去相關的研究論述有較明顯的差異。 There have been a growing number of listed firms in Taiwan utilizing capital reduction since 2006. For the firm, it is regarded as an alternative to pay back shareholders besides cash dividend and share repurchase. To analyze the different impacts among the three methods, we examine the firms adopting each of the three methods between the period 2007/1/1 to 2007/4/30. We analyze the explanatory power of independent variables using the binary-factor and multi-factor logit-regression models. The empirical result shows that firms adopting any of the three methods enjoy high levels of operating cash flows. The significant difference lies in whether firms adopting cash dividend and capital reduction have greater size than firms adopting share repurchase or none. Moreover, from the investors point of view, firms which have greater percentage of foreign shareholders tend to adopt capital reduction rather than cash dividends is a finding that has not been documented before.
Appears in Collections:	[Executive Master of Finance Management] Electronic Thesis & Dissertation

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