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1	The Event Study of Corporation¡¦s Capital Deducted by Returning Cash on Stock Prices Kuo, Lee-yuan 03 July 2009 (has links) TSEC and OTC listed companies conduct capital increase by retained earnings and stock dividend distribution numerously and that weakens performance of return on equity (ROE), return on asset (ROA) and earnings per share (EPS) and increases stress on managements. Since Formosa International Hotels Corporation pioneered in reducing capital and returning cash to shareholders, this topic has commonly discussed in capital market. Has a company been unable to utilize cash efficiently, reducing capital followed by returning cash to shareholders is a practical option to elevate financial ratio. This study discusses the effect on stock price subsequent to announcement of reducing capital followed by returning cash to shareholders. This study adopts event study to discuss the effect on stock price after declaring reducing capital and returning cash to shareholders and the sample size covers 27 TSEC and OTC listed companies which conducted capital reduction followed by returning cash to shareholders. The results are as follows: 1.The stock price shows positive effect when a company announces reducing capital followed by returning cash to shareholders for the first time. On the date of announcement and the first date after announcement, the average abnormal returns are generated evidently. Accumulated abnormal returns reach the highest level on the date of announcement and the first two days after announcement. Therefore, announcement effect of reducing capital followed by returning cash to shareholders is effective in short term. 2.Based on regression model analysis, return on asset, ratio of reducing capital and P/E ratio are positively correlated with announcement of reducing capital followed by returning cash to shareholders. event study abnormal return announcement effect capital reduction
2	虧損減資與減資再私募之研究 / The study of capital reduction and private placement 陳柏瑞 Unknown Date (has links) 本研究為虧損減資相關之研究，以2000-2010年辦理虧損減資上市公司為樣本，並將樣本分組為只辦理虧損減資與減資再私募兩組，採用事件研究法比較兩者在減資宣告後的股價反應，並以前一年每季的財務指標分析兩者減資宣告前的營運績效。最後以羅吉斯迴歸模式，檢驗財務指標是否對公司減資政策選擇(減資後再私募與否)造成影響。實證結果顯示，虧損減資公司在減資宣告有負向宣告效果，市場對虧損減資宣告為利空反應。樣本分組後發現，減資再私募公司在減資宣告後的累積負向報酬率較只辦理虧損減資公司為低。而減資再私募公司前一年每季的財務指標無論在資本結構、償債能力、獲利能力與經營能力均遜於單純只辦理虧損減資的公司。最後，羅吉斯迴歸模式顯示影響公司減資政策的因子為減資比率、減資宣告前一季季底P/B與每股盈餘。減資比率與前一季P/B越高，公司傾向採用減資再私募。前一季每股盈餘越高，公司傾向採用只辦理虧損減資，而迴歸模式預測的正確區別率約達到68.3% / It is an empirical study of capital-reduction. The sample of this study consists of companies which had utilized capital reduction in 2000 to 2010. The research employs the event-study method to examine the stock price reaction after the announcement of capital-reduction. The sample is divided into two subsamples, one includes companies with capital-reduction without private equity placement and the other are those companies with private equity placement after capital reduction. We compare not only their stock price reactions after the event but also the financial ratios before the event. Finally, we use Logit regression model to examine the impact of financial ratios to the company’s selection of capital-reduction policy. The results show that the stock price reaction after the event is negative; market is worried about the announcement of the capital-reduction. The cumulative returns of the companies utilized capital-reduction with private equity placement are lower than those of the companies without private equity placement after capital reduction. And the study of financial ratios shows that the operation performances of capital-reducing companies with private equity placement are worse than those of the capital-reducing companies with private equity placement. The result of Logit regression model shows that the influencing factors of company’s capital-reduction policy are previous quarter EPS, previous quarter P/B ratio, and the degree of capital-reduction. The higher the previous P/B and the degree of capital reduction, the higher possibility for capital-reducing company use the private equity placement afterwards. The higher the previous EPS, the lower possibility for the them to further to adopt the private equity placement. 彌補虧損減資私募羅吉特回歸 Capital Reduction Private Placement Logistic Regression
3	Zvýšení a snížení základního kapitálu společnosti s ručením omezeným / Increase and reduction of the registered capital of a limited liability company Škorpil, Jan January 2012 (has links) Summary: Increase and reduction of the registered capital of a limited liability company This work deals with increase and reduction of registered capital of limited lability company. The introductory chapter includes a brief historical development of regulation of limited liability company. This chapter also comprises a basic features of a limited liability company as a type of corporation, including a description of the basic structure of company. It describes the basic differences between the regulation of limited liability and joint stock companies. The thesis deals with the concept of registered capital and its prospective changes with the amendment of memorandum of association. The following chapters are the key ones and comprises detailed analysis of current regulation of increase of the registered capital and its reduction contained in the Commercial Code. The thesis describes the distinction of effective and nominal increase of registered capital, the admissibility of the increase of registered capital, preferential right of shareholders to participate in the capital increase, general meetings, monetary and non-monetary contributions and other issues with an increase in capital related. The next chapter is the analysis of the regulation of reduction of registered capital, focusing primarily on the...
4	La protection des droits des créanciers dans les opérations de restructuration des sociétés / Protecting the rights of creditors in companies restructuring transactions. Boureima Soumana, Saadatou 10 December 2015 (has links) De nos jours, la restructuration est une réalité incontournable qui contribue audéveloppement et à la compétitivité des sociétés in bonis. En général, elle résulte d’une décisionprise par les dirigeants sociaux. Toutefois, sa réalisation peut contrevenir à l’exécution des droits descréanciers antérieurs des sociétés concernées par l’opération. Pour préserver leurs droits, cescréanciers disposent de nombreuses mesures de protection issues aussi bien du droit commun quedu droit spécial. L’identification du fondement de cette protection, à savoir la force obligatoire desengagements pris avant la restructuration de la société débitrice, permet de vérifier l’efficacité decette protection. / Restructuring is a reality that contributes to the development and competitiveness ofcompanies in bonuses. It usually results from a decision taken by the companies executives. Itsimplementation, however, may undermine the enforcement of former creditors’ rights by thecompanies involved in the transaction. To preserve their claims, those creditors have manysafeguards from both the common law and the special law. The identification of the basis of suchprotection, namely the binding commitments made before the restructuring of the debtorcompanies, enable the verification of this protection’s effectiveness. Restructuration Société Force obligatoire Créancier Protection Bonne foi Opposabilité Fraude Réparation Assujettissement Fusion Scission Apport partiel d'actif Opposition Inopposabilité Nullité Salariés Dirigeants sociaux Restructuring Companie Binding Creditor Protection Bona fides Encorceability Fraud Repair Subjugation Merger Partial business transfer Capital reduction non motivated by loses Opposition Unenforceability Nullity Employees Companies executives 340

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