現金減資以及發放現金股利，在實質上都是將公司現金返還股東的舉措，而今年初以來現金減資又再度在公司間大為盛行，如是之故，激起本研究將現金減資與現金股利宣告並列比較探討的動機。因此本研究以2009年至2012年間有過現金減資宣告及增發現金股利宣告的公司為樣本，透過不同事件期間來觀察兩種宣告效果的不同之處，比較哪種方式較容易產生股價的異常報酬，並容易在公司股價上造成較大的波動。
本研究使用事件研究法測量兩宣告後股價所產生的異常報酬，並分析兩組異常報酬的相異性。結果發現，公司宣告增發現金股利後的短期內，在公司的股價有較大的波動，出現顯著異常報酬。而在現金減資宣告後，公司股價的異常報酬卻不顯著，但在宣告三日前卻觀察到股價出現顯著的異常報酬，有股價提前反應的現象。另外研究發現營收成長率對於現金股利的宣告效果有顯著影響，而公司規模可能對現金減資宣告的效果造成影響。

The motivation of this research is come from the news that there are more and more companies had announced that there are going to have cash capital reduction in recently. In fact, cash capital reduction and cash dividend are both returning firm’s cash to its shareholders. That is the reason why we want to compare the announcement effects of both actions in this research. In this research, we chose the companies which both had cash capital reduction announcement and increasing cash dividend announcement in the period 2009 to 2012 as our example, analyzing the stock price reaction of those companies through different event windows, to find out whether it’s has abnormal return. Comparing which way would led to much fluctuation in stock price, and which way would have more significant abnormal return.
We use event study in this research. The result shows that after company announced they would increase the cash dividend, there is significant abnormal return of its stock price. Cash capital reduction’s announcement effect is not significant, but there is significant abnormal return before 3 days of the announcement. In this research also found that revenue growth rate would influence cash dividend announcement effect. Besides, firm size would influence cash capital reduction announcement effect.

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