| 摘要Abstract | 本研究以我國上市櫃公司 2009 年 4 月 30 日以前所有之現金減資宣告為樣本， 採用事件研究法探討市場對現金減資宣告之反應。本研究也以迴歸模式檢測我國市 場反應是由那些現金減資宣告的動機所驅動，並檢定第一次現金減資宣告和多次減 資宣告之平均累積異常報酬是否有顯著差異。研究結果發現在事件窗期，現金減資 宣告具有正的平均異常報酬；關於企業減資宣告的動機方面，訊號發射假說和價值 低估假說獲得支持。此外投資人並未將多次現金減資宣告與初次現金減資宣告混同 視之，投資人認為多次減資宣告品質更佳，而有更大的正向反應。This study uses Taiwan listed companies between 1997 and 2006 to examine the effect of the firm’s income smoothing behaviors on the firm’s cost of equity. This study explores the family firm’s income smoothing behavior and cost of equity, which the former is divided into two earnings management tools: discretionary accruals and non-operational items. The findings indicate that for Taiwan listed companies, elevating long-term income smoothing does reduce the firm’s cost of equity. Study results suggest that although firms tend to prefer non-operational items to discretionary accruals for achieving the income smoothing effect, the market can detect the associated risks with the two earning management tools, and thus the firm’s cost of equity increases. However, using the two earnings management tools for income smoothing can achieve the purpose of reducing the firm’s cost of equity. Finally, whether or not family factor is considered, no difference is found from comparing the effect of the two earnings management tools on the cost of equity, that is, the market cannot differentiate the income smoothing effect amongst different earnings management tools |