受到2008年金融海嘯影響，許多上市大型公司獲利皆大幅減少，為避免因總體經濟衝擊而無法維持穩定的股利政策，進而影響股價表現，公司法於2012年1月4日修正公布放寬公司得以資本公積發放現金股利。本研究使用事件研究法，並以2012至2014年股東會召開當天為事件日，分析以資本公積發放現金股利的宣告效果對於股東會前後之超額報酬及累積超額報酬之影響。實證結果顯示，此舉使得股東會日期前後之公司超額報酬有較大的波動，並無法達成穩定股價之效果。此外，本研究使用迴歸分析，將其他可能影響股利政策的因素控制在同一水準之下，發現使用資本公積發放現金股利將對股價有負向影響。由於公司對外宣告以公積發放現金股利時，僅公布使用之公積總額，然而此處之公積可能涵蓋法定盈餘公積及資本公積，本研究認為資訊不對稱，導致投資人無法準確評價，可能是造成超額報酬大幅波動以及報酬與宣告效果負向關係的原因之一。

In 2012, the authority in Taiwan had passed the amended Article 241 of Company Act, in which a company incurs no loss could distribute its legal reserve and specific kinds of capital reserve in whole or in part by cash. The amendment enables a company to keep a more flexible dividend policy, which is helpful for maintaining the stock price performance. In order to examine the impact of distributing cash dividend with capital reserve on stock price, we use the event study method and set the day of shareholders’ meeting as event day to examine how market reacts to the declaration effect. The results show that abnormal returns of companies using capital reserve to distribute cash dividends would experience greater fluctuation (volatility). Besides, in the multivariate regression analysis, we observe that there exists a negative relation between the abnormal return and the declaration effect. We infer that the probable reason for this phenomenon might be information asymmetry.

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