本研究探討選擇實質減資的公司的特徵以及公司決定執行實質減資後，何種特徵的公司會選擇現金減資或是選擇庫藏股減資，最後探討實質減資是否會影響股利發放率。本篇研究結果是負債比率低、市帳比低、內部人持股比低、大股東持股比高及自由現金流量高的公司會選擇實質減資，而相較於庫藏股減資，負債比率低、市帳比低、內部人持股比高及大股東持股比高的公司會選擇現金減資，最後，選擇現金減資的公司會減少當年的股利發放率，增加次年度的股利發放率，而選擇庫藏股的公司則不影響股利發放率。

The purpose of this study is to explore the characteristics of companies that choose actual capital reductions and what characteristics of companies will choose cash refund capital reduction or stock repurchasing after the company decides to implement actual capital reductions, and finally explore whether the actual capital reductions will affect the dividend payout rate. The results of this study are that company with low debt ratios, low market-to-book ratios, low insider shareholding-ratios, high shareholder shareholding-ratios and high free cash flow will choose actual capital reductions. Compared with stock repurchasing, company with low debt ratios, low market-to-book ratios, high insider shareholding-ratio and high shareholder shareholding-ratio will choose cash refund capital reduction. Finally, company that choose capital reduction will decrease the dividend payout rate this year, increase the dividend payout rate for the following year, while companies choose stock repurchasing do not affect the dividend payout rate.

摘要 Ⅰ
英文摘要 ⅠⅠ
內容目錄 ⅠⅠⅠ
圖表目錄 ⅠV
第一章 緒論 1
第一節 研究動機 1
第二節 研究目的與架構 4
第二章 相關法規、文獻回顧及假說發展 7
第一節 減資相關法令及規範 7
第二節 文獻回顧及假說發展 14
第三章 研究方法 21
第一節 資料來源及樣本選取 22
第二節 實證模型與變數定義 27
第四章 實證結果分析 31
第一節 敘述性統計分析 31
第二節 相關係數分析 37
第三節 實證結果 43
第四節 額外測試 49
第五章 結論與限制 55
第一節 研究結論 55
第二節 研究限制與建議 56
參考文獻 57

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