A Comparison of Capital Reduction Announcements among Industries

ASIA unversity > 管理學院 > 財務金融學系 > 博碩士論文 > Item 310904400/92112

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題名:	A Comparison of Capital Reduction Announcements among Industries
作者:	Chen, Po-Chuan
貢獻者:	財務金融學系碩士在職專班
關鍵詞:	capital reduction to write off accumulated losses;cash refund capital reduction;event study;cross-sectional regression analysis
日期:	2015
上傳時間:	2015-10-15 01:40:56 (UTC+0)
出版者:	亞洲大學
摘要:	This study explored differences in the effects of corporate capital reduction announcements in various industries. After observing events that occurred between January 2000 and December 2013, we conducted an event study to empirically examine abnormal returns resulting from announcements regarding capital reduction to offset accumulated losses (“capital reduction to cover losses”) and capital reduction through distributing cash to shareholders (“cash refund capital reduction”). We divided the samples into cases in the electronics manufacturing, electronic service, traditional, basic, technology-intensive, financial, and other industries. The results showed that negative mean cumulative abnormal returns occurred in all industries after capital reduction to cover losses was announced, whereas the abnormal returns that occurred following announcements of cash refund capital reduction were positive. Following announcements of both types of capital reduction, the average cumulative abnormal returns observed in traditional and other industries were greater than those observed in the electronics manufacturing industry. The capital reduction ratios of various industries had a negative but insignificant effect on both types of capital reduction. In a cross-sectional regression model cumulative abnormal returns explanatory factor of capital reduction to cover losses, the cash flow ratio and the debt ratio had a significantly negative influence on the part of the industries; company size had different aspects of significant influence on different Industries; the price–book ratio had a significantly positive influence on other industries; and the debt ratio was insignificant. In a regression model cumulative abnormal returns explanatory factor of cash fund capital reduction, the cash flow ratio and the debt ratio had significantly positive influence on the part of the industries; company size and the debt ratio had different aspects of significant influence on different Industries; the price–book ratio had a significantly negative influence on the electronic service industry.
顯示於類別:	[財務金融學系] 博碩士論文

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