| dc.contributor.advisor | 謝淑貞 | zh_TW |
| dc.contributor.author (Authors) | 陳柏瑞 | zh_TW |
| dc.creator (作者) | 陳柏瑞 | zh_TW |
| dc.date (日期) | 2010 | en_US |
| dc.date.accessioned | 29-Sep-2011 16:37:10 (UTC+8) | - |
| dc.date.available | 29-Sep-2011 16:37:10 (UTC+8) | - |
| dc.date.issued (上傳時間) | 29-Sep-2011 16:37:10 (UTC+8) | - |
| dc.identifier (Other Identifiers) | G0099351007 | en_US |
| dc.identifier.uri (URI) | http://nccur.lib.nccu.edu.tw/handle/140.119/50761 | - |
| dc.description (描述) | 碩士 | zh_TW |
| dc.description (描述) | 國立政治大學 | zh_TW |
| dc.description (描述) | 國際經營與貿易研究所 | zh_TW |
| dc.description (描述) | 99351007 | zh_TW |
| dc.description (描述) | 99 | zh_TW |
| dc.description.abstract (摘要) | 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% | zh_TW |
| dc.description.abstract (摘要) | 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. | en_US |
| dc.description.tableofcontents | 第一章 緒論 1 第一節 研究動機與目的 1 第二節 研究架構 3 第二章 文獻探討 4 第一節 減資介紹 4 第二節 減資文獻探討 6 第三節 私募介紹 8 第四節 私募文獻探討 10 第三章 研究設計 12 第一節 研究假說 12 第二節 事件研究法 14 第三節 羅吉斯迴歸(Logistic Regression) 18 第四節 資料來源與選樣標準 20 第四章 實證結果與分析 24 第一節 減資宣告效果 24 第二節 營運績效與減資宣告效果的關聯性 28 第三節 Logistic迴歸模型實證結果 31 第五章 研究結論與建議 41 第一節 研究結論 41 第二節 研究限制與建議 42 表目錄 表2-1 三種減資類型比較 6 表2-2 公募與私募比較 10 表2-3 上市櫃公司近六年辦理私募普通股概況 10 表3-1 各類型減資家數統計（依年份） 21 表3-2 各類型減資家數統計（依產業類別） 21 表4-1 虧損減資宣告前後4日之SAR與SCAR比較 24 表4-2 資本結構比較 28 表4-3 負債能力比較 29 表4-4 獲利能力比較 30 表4-5 經營能力比較 30 表4-6 Logistic迴歸方程式自變數 35 表4-7 常態分配檢定結果 36 表4-8 Logit模型估計結果 37 表4-9 Logit模型正確區別率 39 表4-10適合度檢定結果 39 表4-11 Logit模型相關係數 40 表4-12 Logit模型自變數相關係數矩陣 40 表4-13 虧損減資SAR 45 表4-14 虧損減資SCAR 46 表4-15 現金減資SAR 47 表4-16 現金減資SCAR 48 表4-17 虧損減資無私募SAR 49 表4-18 虧損減資無私募SCAR 50 表4-19 減資暨私募SAR 51 表4-20 減資暨私募SCAR 52 圖目錄 圖3-1 事件研究法步驟 14 圖3-2 事件研究法-估計期與事件期的選擇 15 圖3-3 各類型減資家數統計（依年份） 22 圖3-4 現金減資公司產業分佈比例 22 圖3-5 虧損減資公司產業分佈比例 23 圖3-6 減資暨私募公司產業分佈比例 23 圖4-1 虧損減資宣告前後30日之SAR與SCAR比較 25 圖4-2 減資無私募與減資暨私募之SCAR 26 圖4-3 虧損減資與現金減資SCAR比較 26 | zh_TW |
| dc.language.iso | en_US | - |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#G0099351007 | en_US |
| dc.subject (關鍵詞) | 彌補虧損減資 | zh_TW |
| dc.subject (關鍵詞) | 私募 | zh_TW |
| dc.subject (關鍵詞) | 羅吉特回歸 | zh_TW |
| dc.subject (關鍵詞) | Capital Reduction | en_US |
| dc.subject (關鍵詞) | Private Placement | en_US |
| dc.subject (關鍵詞) | Logistic Regression | en_US |
| dc.title (題名) | 虧損減資與減資再私募之研究 | zh_TW |
| dc.title (題名) | The study of capital reduction and private placement | en_US |
| dc.type (資料類型) | thesis | en |
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