減資議題 (closed)

Asian Economic and Financial Review
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http://www.aessweb.com/journals/5002/info/ia

They have the following findings. First, a firm tends to make repurchases to conduct a capital-reduction payout when their share price has plunged before the announcement. Second, a firm tends to adopt a direct cash distribution as the payout method when the capital-reducing magnitude is relatively large. Finally, a firm with a lower ratio of cash plus marketable securities to total assets tends to adopt share repurchases to avoid the risk of cash shortage in cash distribution commitments. Note that the target sample of Hsu and Liu (2011) are firms making capital reduction decisions and completing them either through directly distributing cash to the shareholders or through buying back shares in the market and then cancelling them.

(2015年補充，已刊登)

Liu, J.C. S.C. Lee, & Y.H. Liauh (2015). Capital Reduction through Repurchasing Shares versus Distributing Cash : From the Perspective of Corporate Life-Cycle Stage. Journal of the Chihlee Institute of Technology, 35, 1-34.Available at: http://ssrn.com/abstract=2688927