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題 名 | 我國實施減資之上市櫃公司其公司治理對公司績效之影響=The Effect of Corporate Governance on Firm Performance in Capital Decrease Company |
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作 者 | 黃劭彥; 林琦珍; 黃怡倫; | 書刊名 | 臺灣管理學刊 |
卷 期 | 12:2 2012.08[民101.08] |
頁 次 | 頁227-250 |
分類號 | 494.7 |
關鍵詞 | 減資; 公司治理; 公司績效; Capital decrease; Corporate governance; Firm performance; |
語 文 | 中文(Chinese) |
中文摘要 | 我國減資之類型可以細分為三種: (1)現金減資 (2)彌補虧損減資 (3)買回庫藏股減資。目前多數文獻及相關研究,集中於庫藏股的實施對於市場上之宣告買回效果之影響。另外對減資公司之各類研究,多數仍著重於彌補虧損之減資以及買回庫藏股之減資類型。但自民國 91年起,辦理現金減資之公司家數逐年增加,因此,本研究加入辦理現金減資之類型。另外,將彌補虧損減資公司,研究其後續是否有再辦理增資之情形,進一步列入探討。本研究結果發現,辦理現金減資及庫藏股減資公司,由於此類公司其營運狀況相較穩定,董事長兼任總經理、管理當局持股比率與國內法人機構持股比率對公司績效有正向影響。而彌補虧損減資公司由於減資後一年之績效,無法立即恢復其財務體質,因此公司治理機制無法於短暫期間之內,予以提升其公司績效。 |
英文摘要 | The objectives of capital decrease can be categorized into three aspects: The first aspect is eliminating accumulated losses. The second aspect is returning cash to the shareholder. The third aspect is stock repurchases. Previous studies only investigated the market reaction on stock repurchase announcement. However, capital decrease has become an important policy in Taiwan recently. Specially, refunding capital to shareholders is becoming more and more popular. This study discusses how corporate governance affects the operating performance among three difference capital decrease aspects. First, when company chooses refunding capital to the shareholders and stock repurchases, the operating performance is positively related to the institutional shareholdings. However, there is no relationship between corporate governance mechanism and operating performance in the eliminating accumulated loss companies. This result can change the investor’s view that “capital decrease”was a bad news in the past. |
本系統中英文摘要資訊取自各篇刊載內容。