現金增 (減) 資會改變公司的股權結構，影響公司的淨值和每股盈餘，但是否能對股票報酬有顯著的影響，則有待檢驗。因此本研究以2006 年至2015 年曾進行現金增資、現金減資和彌補虧損減資的上市公司為樣本，運用Fama and French因子模型，探討實施現金增(減) 資公司的績效表現。研究結果發現: (1) 沒有現金增 (減) 資公司異常報酬較不顯著。 (2) 有增 (減) 資公司於股市變動大或高點時，有顯著異常報酬。 (3) 現金增資比率與異常報酬具有顯著正向關係，但兩者之間的因果關係不顯著。 (4) 現金減資比率與異常報酬具有負向關係，但是不顯著。且存在減資比率影響異常報酬的因果關係。
Cash capital increases (reductions) change the shareholding structure of a company and affect the net worth and earnings per share of the company; however, whether these increases or reductions significantly affect stock returns remains to be tested. Therefore, this study uses listed companies that have engaged in cash capital increases, cash capital reductions, and capital reductions to offset loss between 2006 and 2015 as a sample and employs the Fama and French three factor model to examine the performance of these companies. The results reveal the following. (1) Companies without cash capital increases (reductions) have fewer significantly abnormal returns. (2) Companies with capital increases (reductions) show significant abnormal returns when the stock market is high or fluctuated excessively. (3) Although the rate of capital increase has a significant positive relationship with abnormal returns, the causal relationship is insignificant. (4) Although the rate of capital reduction has a negative relationship with abnormal returns, this relationship is insignificant, and a causal relationship exists in which the rate of capital reduction affects abnormal returns.
