The Effect of Substantial Capital Reduction on

• Main Authors: JIAN XIANG,LIAO, 廖建翔
• Other Authors: 鄭廳宜
• Format: Others
• Language: zh-TW
• Published: 2015
• Online Access: http://ndltd.ncl.edu.tw/handle/xb7f2s

碩士 === 僑光科技大學 === 財務金融研究所 === 103 === Substantial capital reduction is the main issue of the research. We apply the event study method to investigate the effects of substantial capital reduction of shares of listed companies (cabinet). Discussion of the incident research method has important discovery. First, the implementation of short-term capital reduction has no effect on the company&;#39;s share price, but in the long term, have a positive effect on the stock. Second, the implementation of stock repurchase of the company, either short or long, had a positive effect on the stock. Third, in the long term, the positive reaction of stock repurchase shares is greater than the cash capital decrease. Fourth, cash of company capital on the stock price reaction is treasury stock is small, but in the long-term, both of them have no significant difference. Fifth, in the non - electronic, whether short-term or long-term, treasury stock company stock price has a positive reaction than cash capital decrease greater. Sixth, in the long-term cash reduction, non-electronic unit price has negative reaction than electronic stock company. Seventh, stock repurchase in the long-term, non-electronic stock has a positive reaction than the larger electronics corporation.