| Summary: | 碩士 === 長榮大學 === 經營管理研究所 === 99 === In this essay, we examine the performance change, includes accounting, market, and corporate governance, in publicly-listed firms that went through capital reduction and then followed by seasoned offering. The empirical results, based on event study, nonparametric test, and Logistic regression, indicate negative abnormal return, decreased debt ratio and ROA, and increased director and management shareholding after firms took capital reduction. However, for firms took seasoned offering after capital reduction, we found significant decrease in debt ratio, management shareholding, and director seats on the board. Among those firms took seasoned offering after capital reduction, Logistic regression results indicate that firms with longer capital reduction to seasoned offering period tend to have higher growth rate on sales revenue.
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