本研究探討現金減資財務決策動機和股東價值影響，以「自由現金流量假說」為理論基礎，主張過多自由現金流量可能導致管理者代理問題進而影響股東權益。因此，本研究問題一從四個面向探討企業如何運用現金減資作為財務策略應用：一是改善財務績效，提升 ROE 與 EPS 財務數據以提高股東權益報酬；二是將剩餘現金返還股東以降低資金閒置成本；三是股利發放政策運用以增加股東信心和滿意度；四是資本結構調整以達到企業最適化財務目標。以鴻海、台勝科和大田企業三家個案公司為例子研究，結果顯示，台勝科矽晶圓產業受景氣循環波動，採取保守經營策略使用現金減資增降低閒置資金，增加股東權益報酬；大田處分深圳廠房將資金配置於多項經營策略調整，使用現金減資改善財務績效數據；鴻海集團轉型智造產業將現金減資作為股利發放政策運用，以提升公司市場價值。本研究問題二，以股價報酬率檢驗現金減資事件對股東長短期價值的影響。結果發現，現金減資短期可以提升股價但效果不持久；然而長期而言，公司績效並無顯著影響。

This study investigates the financial decision motives and shareholder value effects of cash reduction, based on the "free cash flow hypothesis" that argues that excessive free cash flow may lead to agency problems and affect shareholder equity. Therefore, the first research question of this study explores how firms use capital reduction as a financial strategy from four aspects: first, to improve financial performance, increase ROE and EPS to enhance shareholder return; second, to return surplus cash to shareholders to reduce idle funds; third, to use dividend payout policy to increase shareholder confidence and satisfaction; fourth, to adjust capital structure to achieve optimal financial goals. Taking Foxconn, FORMOSA SUMCO, and O-TA as three case studies, the results show that FORMOSA SUMCO is affected by the business cycle fluctuations, adopts a conservative strategy to use capital reduction to reduce idle funds, and increases shareholder return; O-TA disposed of its Shenzhen plant and allocated funds to operation's strategy adjustments, using capital reduction to improve financial performance; Foxconn transformed into smart manufacturing industry and used capital reduction as a dividend payout policy to enhance the company's market value. The second research question of this study examines the impact of capital reduction events on shareholder short and long-term value using stock price returns. The results find that capital reduction can increase stock prices in the short term, but the effect is not lasting; however, in the long term, there is no significant impact on company performance.

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網路文章
王郁倫. (2022). 廣達梁次震也被影響！達能大減資引威剛入股受矚目. 經濟日報https://money.udn.com/money/story/5613/6292085?from=edn_hotestlist_storybottom.
曹正芬. (2018). 鴻海減資 楊應超透視郭董布局思維. 經濟日報https://www.businessweekly.com.tw/business/blog/22787.
黃志典. (2007). 公司為什麼要減資. 金融案例評析，黃志典教授個人網頁 http://www.ib.ntu.edu.tw/jdhwang/.
經濟部統計處. (2022). 當前經濟情勢概況(專題：我國製造業主要產業群聚分布及營運概況分析)https://www.moea.gov.tw/Mns/dos/bulletin/Bulletin.aspx?kind=23&html=1&menu_id=10212&bull_id=9649.

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