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系統識別號 U0026-0812200914235466
論文名稱(中文) 台灣減資公司長期績效表現的研究
論文名稱(英文) A Study of Long-Term Operating Performance for Taiwanese Firms after Capital Deduction
校院名稱 成功大學
系所名稱(中) 國際經營管理研究所碩士在職專班
系所名稱(英) Institute of International Management (IIMBA--Master)(on the job class)
學年度 96
學期 2
出版年 97
研究生(中文) 黃景南
研究生(英文) Ching Nan
電子信箱 ra795106@mail.ncku.edu.tw
學號 RA795106
學位類別 碩士
語文別 英文
論文頁數 42頁
口試委員 口試委員-許永明
指導教授-張紹基
召集委員-潘浙楠
口試委員-康信鴻
中文關鍵字 none 
英文關鍵字 Capital deduction  Share Repurchase  Operating Performance 
學科別分類
中文摘要 none
英文摘要 Under normal circumstances, companies would increase their capital in order to generate more business opportunities and make more money. However, when facing a dramatic change of operational environment, in order for the company to survive and keep up with appropriate financial ratios, companies will maintain their original capital or even deduct it.
The trend has been more and more obvious and yet we do not know much about that. Here we want to discuss the reasons for which companies do capital deduction and the types of capital deduction currently used. More importantly, we want to know the long-term performance of those companies after the capital deduction under various circumstances.
This study will review the reasons behind capital deduction and the procedure of doing it. We will also review three major methods to do capital deduction and then look at the long-tern operating performance of those companies that do capital deduction.
論文目次 TABLE OF CONTENTS

ACKNOWLEDGEMENTS I
ABSTRACT II
TABLE OF CONTENTS III
CHAPTER ONE INTRODUCTION 1
1.1 Research Background and Motivation 1
1.2 Research Objectives 3
CHAPTER TWO LITERATURE REVIEW 5
2.1 Rationale for Capital Reduction 5
2.1.1 Cash Dividends and Share Repurchase 6
2.1.2 Capital Reduction for Making Up Losses 13
2.2 Research Hypothesis 14
CHAPTER THREE DATA AND METHODOLOGY 17
3.1 Data Source 17
3.2 Sampling Criterion 17
3.3 Measuring Long-run Operating Performance 18
CHAPTER FOUR EMPIRICAL ANALYSIS 23
4.1 Data Summary 23
4.2 Regression Model 26
4.3 t-Test 31
CHAPTER FIVE CONCLUSION 35
5.1 Implication 35
5.1.1 Adjusted Capital Deduction Firms’ Operating Performance: Median and Average 35
5.1.2 Regression Analysis for Company’ Long-Term Operating Performance 37
5.1.3 More Finding on the Individual Group using Different Approach to do Capital Deduction 37
5.2 Limitation and Discussion for Future Research 38
REFERENCES 40
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