公司治理与减资后实行反应动作之研究


更新时间:2012/01/25 阅读次数:624

关键字:减资反应动作公司治理

摘要/Abstract

本研究主要探讨台湾2001年至2009年333家进行弥补亏损减资的上市柜公司,在减资后实行的反应动作与减资前公司治理机制的关系,并以多元Logit回归分析模型来进行实证。我们的结果发现:公司治理越差的亏损减资公司越容易实行资产重整、裁员与更换高阶经理人等反应动作来因应;而公司治理越佳的公司则会倾向实行负债重整与增资之方式来因应。因此公司治理机制的优劣,会影响弥补亏损减资公司因应绩效不佳之困境实行差异化的反应动作,进而影响往后公司的治理机制。

We investigate the relationship between the corporate govermance and firm response of capital deduction. It studies 333 Taiwan’s public companies from 2001 to 2010, the companies used capital deduction for losses. The empirical results by Logit regression analysis discover that the companies using capital deduction for losses with poor corporate govermance are more prone to take reaction of asset restructuring, lay-off, high level management turnover. Furthermore, the companies with good corporate govermance are more like to take reaction of debt restructure and raising capital to face the problem of capital deduction for losses