基于长期市场效应分析的上市公司股份回购行为研究

发布时间：2018-11-12 07:31

【摘要】：股份回购作为资本市场中一种重要的资本运作手段，不仅可以优化资本结构，还可以向外界传递公司股价被低估，未来公司经营将大大改善的信号，从而提升股价等。如今，股份回购在西方发达资本市场中发挥着越来越重要的作用。近年来，股份回购在我国也越来越受到关注和重视。我国众多学者从法律制度、动机、财务效应以及短期市场效应等多个不同的角度对我国上市公司股份回购行为进行了比较详尽的研究，既包括理论研究，也不乏实证研究。但是，到目前为止，选择从长期市场效应分析的角度出发去探讨股份回购行为的研究较为少见。为此，本文选择从长期市场效应分析的角度去对我国上市公司股份回购行为进行深入的研究。本文主要解决的两个问题如下：（1）标的公司发生股份回购对其长期股价有何影响？（2）标的公司的长期股价是否可以真实地反映标的公司股份回购信息？具体思路如下：以信号传递理论为基础，首次选用国外较为流行的长期事件研究法，对我国上市公司股份回购的长期市场效应进行实证验证，从而在该实证结论的基础之上，结合有效市场理论，通过检验我国证券市场的有效性进一步分析我国上市公司股份回购中存在的问题，并提出相应的解决对策。本文的主要结论如下：（1）我国上市公司股份回购具有正向的长期市场效应。该结论表明，股份回购在我国应该受到更多的关注和重视。然而，股份回购在我国上市公司中的使用并不是很广泛，，其原因在于我国相关法律法规对股份回购的限制较多。为此，我们需要为股份回购的发展提供一个更为宽松适宜的法律环境。（2）股份回购公告前存在超额异常收益，则说明我国上市公司中存在股份回购公告泄露的问题，同时也表明我国证券市场还未达到弱式有效。为此，我们需要加强信息披露监管，减少内幕交易的可能，同时也保障各个利益相关者的权益。（3）市场监管松懈和市场的有效性不足会导致众多其他问题的发生。主要如下：部分上市公司股份回购公告“名不符实”、中小股东利益难以保障、债权人利益受到损害。为此，我们需要从各个方面去落实，做到全方位权益的保障。
[Abstract]:As an important means of capital operation in the capital market, share repurchase can not only optimize the capital structure, but also convey to the outside world the signal that the stock price of the company is undervalued, and the company management will be greatly improved in the future, so as to raise the stock price. Nowadays, share repurchase is playing a more and more important role in western developed capital market. In recent years, share repurchase has been paid more and more attention in our country. From legal system, motivation, financial effect and short-term market effect, many scholars have carried on the detailed research to the stock repurchase behavior of the listed company in our country, including the theory research as well as the empirical research. However, so far, it is rare to study the stock repurchase behavior from the perspective of long-term market effect analysis. Therefore, this paper chooses to study the stock repurchase behavior of listed companies in China from the perspective of long-term market effect analysis. This paper mainly solves two problems as follows: (1) how does the share repurchase of the underlying company affect its long-term stock price? (2) can the long-term share price of the underlying company truly reflect the information of the share buyback of the underlying company? The specific ideas are as follows: based on the theory of signal transmission, the long-term market effect of stock repurchase of listed companies in China is verified for the first time by using the popular long-term event research method abroad, so as to base on the empirical conclusion. Based on the efficient market theory, this paper further analyzes the problems existing in the stock repurchase of listed companies in our country by examining the validity of the stock market in our country, and puts forward the corresponding countermeasures. The main conclusions are as follows: (1) share repurchase of listed companies in China has positive long-term market effect. The conclusion shows that share repurchase should be paid more attention in our country. However, share repurchase is not widely used in listed companies in our country, and the reason is that there are many restrictions on share repurchase in relevant laws and regulations of our country. To this end, we need to provide a more relaxed legal environment for the development of share buybacks. (2) the existence of abnormal returns before the announcement of share repurchase indicates that there is a problem of leakage of announcement of share repurchase in listed companies in our country, and it also shows that the securities market in our country has not yet reached the weak efficiency. Therefore, we need to strengthen the regulation of information disclosure, reduce the possibility of insider trading, and protect the rights and interests of various stakeholders. (3) lax market supervision and insufficient market effectiveness will lead to many other problems. The main contents are as follows: the announcement of share repurchase of some listed companies is not worthy of name, the interests of minority shareholders are difficult to protect, and the interests of creditors are damaged. To this end, we need to implement from all aspects, so as to ensure the full range of rights and interests.
【学位授予单位】：长安大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224

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