我国上市公司股票回购对股东财富影响的实证研究

发布时间：2018-01-04 14:32

本文关键词：我国上市公司股票回购对股东财富影响的实证研究　出处：《江西财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：股票回购（Shock Repurchase），是指上市公司购回其自身发行在外的股票，以达到减资和调整股本结构等目的的一种公司理财方式。在发达资本市场，股票回购是较为常见的，上市公司为了提升股票内在价值，利用股票回购来进行股本收缩，从而调整上市公司的资本结构和股利分配政策。国外市场上股票回购的历史已经有五、六十年了，相关体制成熟。国外学者对股票回购的研究也比较多，研究方面较全。对于国内市场，股票回购的发展历程并不是很长，而且经常受到各种因素的影响。2005年6月17日，证监会颁布的《上市公司回购社会公众股份的管理方法（试用）》对上市公司收回股票的途径做出了明确规定。转变了原来的立法模式，使得社会公众股的回购条件放宽。同年10月，《公司法》也对回购相关条款进行了修订，由此股票回购在我国开始进入有法可依、规范发展的新阶段。由于我国对股票回购的限制条件越来越少，上市公司、投资者逐渐意识到股票回购在资本市场中的特殊作用。为了实现公司的目标，上市公司纷纷开始进行股票回购，逐渐由原来的单一事件转变为如今的群体事件，同时也增加了很多专家学者对股票回购的研究热情。进一步深入研究上市公司股票回购的理论和实践问题，对于推动我国资本市场和上市公司的长远发展与创新有着积极的意义。国内外学者的研究方向主要集中在回购动机、回购公告市场反应和市场反应程度的影响因素三个方面。本文就股票回购是否会给股东财富带来影响展开研究。首先，从理论的角度解释了我国上市公司选择股票回购的诸多动机，并分析了股票回购对股东财富带来的影响，根据信号理论、信息不对称理论、代理理论等提出相关假设。其次，利用事件研究法对股票回购进行实证分析，并对我国股票回购的市场反应进行解释，同时证明了前文提出的假设。论证了股票回购给股东带来正财富效应，上市公司通过股票回购增加了股东财富。具体结论有：（1）本文从理论上分析了上市公司进行股票回购的动机及股票回购对股东财富的影响。研究表明：股票回购向投资者传递股票价格被低估的信息，提升投资者对公司未来的预期，股票回购的公告能给股东带来正财富效应；上市公司利用股票回购提高了公司财务杠杆率，优化公司资本结构，从而提升公司价值；股票回购可以降低公司代理成本，一定程度上避免了因为公司内部矛盾而造成的浪费，增加了股东财富；股票回购可以替代现金股利，达到为股东避税的目的，也可以提高股东的价值；股票回购可以使管理者避免向股东持续支付现金股利，保证了上市公司财务上的灵活性。（2）本文以沪、深证券交易所主板上市公司2008年1月-2012年12月间公告股票回购的上市公司为样本，采用事件研究法检验了股票回购公告对股东财富的影响。研究结果显示，在股票回购的公告日，回购事件的公告能使股东获得超额收益，且股票回购公告的财富效应在公告日的前后3天内（即[-1,1]）显著为正，说明市场对股票回购反应积极，股票回购可以给股东带来正财富。实证还显示公告日的前几天平均超额收益率（AAR）为正，，并且高度显著，说明我国股票回购事件在信息正式公告前有对外泄露的现象。（3）针对本文结论，本文提出了相关政策建议。当股票价格低估时，有关部门应当鼓励上市公司进行股票回购，以便通过股票回购向证券市场传递积极的信号，从而提升股东的财富；上市公司须选择合理的比例进行股票回购，以便优化股权结构；同时，有关部门也应当规范我国股票回购信息披露制度，促进我国上市公司股票回购的健康发展。本文共分为五个部分。第一部分为引言，提出本文的研究背景、研究思路以及论文结构；第二部分为文献综述，回顾总结了国内外关于股票回购的动机和股票回购对股东财富影响两方面的研究成果；第三部分为股票回购对股东财富的影响理论分析及研究假设，是本文的理论分析部分，介绍了股票回购的定义法规、动机以及对股东财富带来的影响，并得出两个假设：假设1：上市公司宣告股票回购，公司股东可以获得正财富效应。假设2：上市公司宣告股票回购，股东获得的财富效应与回购股票的比例正相关。第四部分为本文的实证部分，包括了实证研究的样本选择、相关变量设计、实证结果和相关结论，实证分析采用了描述性分析、单变量分析和多元回归分析的方法。第五部分为研究结论与政策建议，总结了本文的研究结论，依据结论提出了相关改进建议，并指出了本文的研究不足。
[Abstract]:Stock repurchase (Shock Repurchase), is a listed company to repurchase its outstanding shares, in order to achieve a company financial capital and adjust the equity structure of. In the developed capital market, stock repurchase is more common, the listed companies in order to enhance the intrinsic value of stock, to use the stock repurchase equity contraction, capital structure and dividend policy of listed companies. In order to adjust the foreign market stock repurchase has a history of five, sixty years, the related system research on stock repurchase maturity. Foreign scholars have more research than the whole. For the domestic market, stock repurchase history is not very long, and often subject to in June 17th.2005 the influence of various factors, the Commission issued the "management methods of public listed companies to repurchase shares (Trial) > way for listed companies to recover the stock made Clearly defined. Change the original mode of legislation, the social public stock repurchase conditions relaxed. In October of the same year, the company law > < repurchase related terms were revised, the stock repurchase in China began to enter a new stage of development of law, norms. Due to the increasing restrictions on stock repurchase in China small, listed companies, investors gradually realized the special effects of stock repurchase in the capital market. In order to achieve the objectives of the company, listed companies have started to carry out the stock repurchase, gradually from the original single event into a group event today, also added a lot of experts and scholars of the stock repurchase of listed further study enthusiasm. The company's stock repurchase issue both in theory and practice, which is of positive significance to promote the long-term development and innovation of China's capital market and listed companies.
The research direction of domestic and foreign scholars mainly focus on the repurchase motivation, three factors influencing the repurchase announcement market reaction and the market reaction degree. In this paper, whether the stock repurchase will impactshareholder wealth. First of all, from the perspective of theory to explain the company listed many stock repurchase motivation, and analysis the influence of stock repurchase on shareholder wealth, according to the signal theory, information asymmetry theory, agency theory puts forward relevant hypothesis. Secondly, the empirical analysis of stock repurchase using case study method, and the market reaction of stock repurchase in China to explain and prove the above hypothesis. Demonstrates the stock repurchase brings wealth the effect to shareholders of listed companies to increase shareholder wealth through stock repurchase. Specific conclusions:
(1) this paper analyzes the influence of listed companies from the theory of stock repurchase and the stock repurchase on shareholder wealth. The results show that: the transfer of stock repurchase undervalued stock price information to investors, improve investor of the company's future expectations, the announcement of stock repurchase can bring wealth effect to shareholders of listed companies using stock; back to improve the company's financial leverage, optimize the company's capital structure, thereby enhancing the value of the company; stock repurchase can reduce agency cost, avoid to a certain degree because of internal contradictions caused by the waste, increase the wealth of shareholders; stock repurchase can replace cash dividend for shareholders, to achieve the purpose of tax avoidance, but also can improve the shareholders value; stock repurchase can enable managers to avoid shareholders continue to pay cash dividends, which listed companies financial flexibility.
(2) the Shanghai listed company stock repurchase announcement of the Shenzhen Stock Exchange listed on the January 2008 -2012 year in December as samples to test the effects of stock repurchase announcement on shareholder wealth by using event study method. The results showed that in the announcement of stock repurchase, repurchase announcement can obtain excess returns shareholders. And the wealth effect of stock repurchase announcement before the announcement within 3 days ([-1,1]) is significantly positive, indicating that the market reacted positively to the stock repurchase, stock repurchase can bring wealth to shareholders. Evidence also shows that the announcement a few days ago, the average abnormal return (AAR) is positive and highly significant, indicating our stock repurchase events are disclosed in the information before the official announcement of the phenomenon.
(3) according to the conclusion, this paper puts forward relevant policy suggestions. When the stock price is undervalued, the relevant departments should encourage listed companies to repurchase shares through stock repurchase, to send a positive signal to the stock market, so as to enhance the wealth of shareholders; the listed company should select a reasonable proportion of stock repurchase, in order to optimize the ownership structure; at the same time, the relevant departments should also regulate the stock repurchase information disclosure system of our country, and promote the healthy development of stock repurchase of Chinese listed companies.
This paper is divided into five parts. The first part is the introduction, puts forward the research background, research ideas and thesis structure; the second part is literature review, summarized the influence at home and abroad on the stock repurchase and stock repurchase on shareholder wealth two aspects of research results; the third part is the stock repurchase on shareholder wealth effect of theoretical analysis and research hypothesis, is the part of theory analysis, introduced the definition of the stock repurchase regulations, motivation and impact on shareholder wealth, and obtains two hypotheses: Hypothesis 1: the listed company announced stock repurchase, the shareholders of the company can get the positive wealth effect. Hypothesis 2: the listed company announced stock repurchase. Is the wealth effect of shareholders and repurchase stock ratio. The fourth part is the empirical part of this paper, including the selection of a sample of empirical studies, related design variables, empirical The results and conclusions of the empirical analysis, using descriptive analysis, analysis method of univariate analysis and multivariate regression. The fifth part is the conclusion and policy suggestions, summarizes the conclusions of this study, according to the conclusion put forward relevant suggestions for improvement, and points out the deficiencies of this research.

【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：D922.291.91;F832.51

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