彌補虧損減資與營運績效Capital Reduction to Write Off Accumulated Losses and Operational Performance

摘要

本文探討2002至2011年間，臺灣上市櫃公司進行彌補虧損減資前後營運績效之變化。研究發現，辦理彌補虧損減資的公司，其減資後之營運績效相較於減資前顯著提高，顯示減資活動確實能夠使虧損公司的營運績效變好。接著，依照公司辦理彌補虧損減資是否同時辦理私募融資，區分為單純減資公司與減資暨私募公司。研究發現，單純減資公司相較於減資暨私募公司，減資前有顯著相對較佳的營運績效，但減資後兩者營運績效並無顯著差異。另外，發現減資暨私募公司於減資前後營運績效的提升幅度，顯著較單純減資公司高，表示同時辦理減資與私募融資對虧損公司營運績效的改善程度較大。最後，發現辦理彌補虧損減資公司，其減資後營運績效的提高，主要來自於虧損情形的改善與資產運用效率的提高所致。

關鍵詞：減資、私募、營運績效

Abstract

This study examined changes in the operational performance (OP) of TWSE/GTSM-listed companies between 2002 and 2011, before and after their implementation of capital reduction to write off accumulated losses. Its findings indicated a significant increase in OP following capital reduction for writing off accumulated losses, confirming that capital reduction activities improved the OP of loss-making companies. The research companies were categorized into two groups for the analysis: those exclusively engaged in capital reduction (CR) and those engaged in a combination of capital reduction and private placement (CR + PP). The results of the analysis indicated that prior to capital reduction, the OP of the CR group was comparatively better than that of the CR + PP group. However, the two groups showed no significant differences in OP following capital reduction. Moreover, after post-capital reduction, the magnitude of OP improvement within the CR + PP group was significantly greater than that within the CR group. This finding suggests that capital reduction, combined with a private placement approach, is more effective than an approach that exclusively focuses on capital reduction in improving the OP of loss-making companies. The results of the analysis also indicated that the increase in OP, following capital reduction, was attributable to a reduction of accumulated losses and an improvement in the efficiency of asset utilization.