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    Please use this identifier to cite or link to this item: http://nthur.lib.nthu.edu.tw/dspace/handle/987654321/86297

    Title: 台灣上市櫃IC設計產業減資之研究
    Authors: 楊惟甯
    Yang, Wei-Ning
    Description: GH02101076524
    Date: 2014
    Keywords: 減資;事件研究法;異常報酬;五因子擴張杜邦方程式;營運績效
    Capital Reduction;Event Study;Abnormal return;Modified Five-factor Du Pont Formula;Operating performance
    Abstract: 本研究對IC設計產業曾進行虧損減資、現金減資及庫藏股減資之公司,分別進行內外部分析。外部分析,係以事件研究法,探究減資宣告對於投資人之訊息效果;而內部分析則以五因子擴張杜邦方程式解析公司減資後之長期營運績效。
    This study incorporates different capital reduction on IC design Industry in Taiwan, to evaluate the external announcement effect and the internal operating performance by differing category, such as capital reduction to write off accumulated losses, cash refund capital reduction, and capital reduction by stock repurchases. The event-study methodology is used for the external analysis to explore the market response toward the announcements, and the Modified Five-factor Du Pont Formula is used for the internal analysis to measure the long-run operating performance after capital reduction.
    Based on the market announcement effect, the empirical results show that capital reduction to write off accumulated losses appears negative abnormal returns. It means that the investors don't think the prospects of such firms appear to be brightening. Cash refund capital reduction shows the positive effects after declaration, revealing that the securities market still gives higher rating to companies reducing capital by cash. And capital reduction by stock repurchases shows no effect after declaration.
    Based on the long-run operating performance, capital reduction to write off accumulated losses increases its return on equity and operating profit margin in event year but then declines, while capital turnover gets worse and the rest of the ratios have no significant difference between two variables (before versus after).To sum up, capital reduction to write off accumulated losses doesn't result in improved long-run operating performance after capital reduction. Perhaps due to too small sample size, there is no significant difference observed through statistical test among cash refund capital reduction firms. As to Capital reduction by stock repurchases, it goes down on its Return on equity and Operating profit margin, however only few years appear significant difference, and the rest of the DuPont ratios have no significant difference. The results indicate that Capital reduction by stock repurchases has limited influence on companies' long-run operating performance.
    URI: http://nthur.lib.nthu.edu.tw/dspace/handle/987654321/86297
    Source: http://thesis.nthu.edu.tw/cgi-bin/gs/hugsweb.cgi?o=dnthucdr&i=sGH02101076524.id
    Appears in Collections:[經營管理碩士在職專班] 博碩士論文

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