我國減資主要有彌補虧損減資、現金減資與庫藏股減資三類，本研究針對2001年至2009年之間採行虧損減資與現金減資的公司，首先探討其在實施減資後經營績效之變化，並檢驗虧損減資後採行反應動作與公司特性關係，也透過減資後的反應動作，了解其後續績效變化之主因。在現金減資的部分，將探討現金減資與降低代理問題之關係。 本研究結果發現:雖然現金減資與虧損減資公司在經營績效上存在著本質上的差異，不論在減資前後各年度之經營績效，現金減資公司皆顯著優於虧損減資公司。但若比較現金減資與虧損減資公司於減資前後之績效變動，卻發現現金減資公司於減資後其營運績效未獲改善、甚至變差的情形。反觀虧損減資公司，則於實施減資後營運績效有顯著改善的狀況。由此可知，雖然現金減資公司體質健全，但投資機會減少、閒置資金過高，希望透過減少股本與現金部位提升公司營運績效，績效卻不升反降，顯見現金減資公司面臨企業成長瓶頸。而虧損減資公司雖然體質較差，但透過虧損減資及後續反應動作希望企業達到再生之目的，雖然在營運績效上無法立即轉虧為盈，但在減資後績效呈現逐年改善之情形。 本研究也將虧損減資公司，所採取之後續反應動作與公司特性之關係進行分析。結果發現公司規模、負債比率與總資產報酬率為影響公司是否採行反應動作的關鍵因素。另外，本篇也探討公司於虧損減資後採行反應動作，對於後續營運績效之影響。研究結果顯示:虧損公司於減資當年度採行裁員、更換高階經理人與增資之反應動作，或於減資次一年度進行負債重整、增加短期融資皆對於後續之營運績效具顯著且正向的影響。 最後，本研究檢驗了現金減資與過度投資之代理問題，探討公司實施現金減資後，過度投資的代理問題是否獲得減緩。研究結果顯示，現金減資確實能夠有效降低公司之現金比率，降低經理人過度投資的代理問題。 This study discusses the relationship between firm characteristics and response of capital deduction for losses during 2001-2009. We hope to realize the main reason about performance changing after capital deduction. In the part of capital decrease by cashes, we discuss the relationship between capital deduction by cashes and the agency problem of managers’ propensity to overinvest mitigating. The empirical results are shown as follows. The operating performance exist some naturally difference between the companies reducing capital by cashes and reducing capital for losses. Companies with capital reduction by cashes have much better performance than those with capital reduction by loss. But if we focus on the changing in operating performance after capital reducing between companies with capital reduction by cashes and companies with capital reduction by losses. We find that there is no evidence shows the operating performance has improved for companies reducing capital by cashes. Focusing on companies with capital reduction by losses, we find that the operating performance is improved significantly and positively after reducing capital for losses. We also find that firm size, debt ratio, and return of assets are the key factors to influence the response of corporate. In addition, we investigate the effect on operating performance from the reactions adopted by companies after capital deduction for losses. In empirical results, companies with capital reduction for losses will do some reactions that are layoff, premier management turnover, and SEO in the same year. They will restructure the debt, increase the short-term financing in the next year. Reactions mentioned above improve the operating performance significantly and positively. Finally, we examine whether the agency problem between capital reduction by cashes and overinvestment, and discuss the agency problem of overinvestment will be solved through capital reduction by cashes. We find that the cash ratio is decreased after capital reducting by cashes and it will mitigate the agency problem of overinvestment by manager.
