公司現金減資後影響股東人數變化因子之探討

Abstract

近年來上市公司爭相辦理減資，減資成為企業進行財務操作的有利工具之一。本研究以 2016年至 2020 年度，針對完成減資案申報之上市公司，探討台灣上市企業減資後，企業經營績效之相關財務因子對股東人數變化之影響。本研究結論實證結果如下：一、 企業減資後，大股東人數平均變動率最高，表示大股東參與減資之意願較高。在現金減資部份，小股東人數平均變動率最高，表示小股東人數比率變動較高；在彌補虧損減資部份，大股東人數平均變動率最高，表示大股東人數比率變動較高。二、 對現金減資的電子產業公司而言，EPS 、每股營業利益及股價淨值比，對大股東人數變化有顯著正向影響。

三、股價淨值比對小股東人數變化之標準化迴歸係數達到顯著水準，表示現金減資後之 電子產業公司的股價淨值比，對小股東人數變化有顯著正向影響。 四、產業別而言、在非電子產業公司中現金減資及虧損減資、各項財務因子變化對各類股東人數變化均沒有明顯影響。在電子產業公司中，彌補虧損減資公司其各項財務因子對股東人數變化均呈現無明顯影響。在現金減資公司其各項財務因子對小股東、一般股東、大股東之人數變化，有不同的顯著正向影響。In recent years, listed companies have been competing for capital reduction, and capital reduction has become one of the favorable tools for enterprises to conduct financial operations. In this study, from 2016 to 2020, for the listed companies that have completed the declaration of capital reduction, this study explores the impact of financial factors related to corporate operating performance on changes in the number of shareholders after the capital reduction of listed companies in Taiwan. The empirical results of this study are as follows:First, after the company reduces capital, the average rate of change in the number of major shareholders is the highest, indicating that major shareholders are more willing to participate in capital reduction. In the cash capital reduction company, the average change rate of the number of minority shareholders is the highest, indicating that the ratio of the number of minority shareholders has a high change; in the company that makes up for losses and capital reduction, the average change rate of the number of major shareholders is the highest, indicating that the ratio of the number of major shareholders has a higher change.Second, for the electronic industry companies that reduce capital by cash, EPS, operating profit per share and price-to-book value ratio have a significant positive impact on the change in the number of major shareholders.Third, the standardized regression coefficient of the stock price-to-book value ratio on the change in the number of minority shareholders reaches a significant level, indicating that the stock price-to-book value ratio of the electronics industry company after the cash reduction has a significant positive impact on the change in the number of minority shareholdersFourth, from the perspective of industry, in the non-electronic industry companies, the reduction of cash capital and loss of capital, and changes in various financial factors have no significant impact on the changes in the number of shareholders of various types. Among the electronics industry companies, the financial factors of companies that make up for losses and reduce capital have no significant impact on the changes in the number of shareholders. In cash reduction companies, various financial factors have different significant positive effects on the changes in the number of minority shareholders, ordinary shareholders and major shareholders.