上市公司股票回购动机及公告效应研究

发布时间：2018-04-21 04:28

  本文选题：股票回购 + 回购动机　； 参考：《西北大学》2017年硕士论文

【摘要】：股票回购是指上市公司运用现金等方法,对本公司在股票市场发行的一些股票进行购回,最早实施这一股利政策的是美国上市公司,继而其他国家上市公司也开始逐渐关注,我国也不例外。并且在我国伴随宣布股票回购的上市公司数量逐年增加,对相关问题的研究也就越来越多,且是相当有意义的,因为可以使上市公司、投资者等更加了解这一股利政策,以做出合理的决策。对购回的股票,上市公司的处理并不完全相同,有用其对本企业的员工进行激励,也有进行注销来改善企业的资本结构的,因而上市公司宣告进行股票回购的动机也值得进行探讨。另外在企业发布将要进行股票回购公告后,市场会出现什么样的反应,以及主板、中小板、创业板三个不同板块的上市公司的市场反应是否存在板块差异也值得思索。本文针对以上问题展开具体研究,手动搜索整理2011年初到2016年6月在深交所和上交所宣告要实施股票回购的上市公司并进行筛选,通过研究得出以下结论:当企业股价被低估的程度越高,越趋于实施股票回购;管理者越自信,越可能实施股票回购;总经理持股比越少,越可能实施股票回购;公告即将进行股票回购后,市场反应积极,并且没有信息泄露存在;主板市场和中小板市场在“股票回购”公告短期市场效应问题上确实存在差异化,而创业板和另外两个板块差异关系并不显著。针对本文研究,对相关方提出以下建议:投资者应当认真分析上市公司进行股票回购的动机;上市公司应当认真学习股票回购相关理论知识,强化认识;监管部门应继续完善法律法规,加强披露管理;市场和监管部门应当更加关注并提升中小板和创业板市场的规范性。
[Abstract]:Stock repurchase means that listed companies use cash and other methods to buy back some of the shares issued by the company in the stock market. The first company to implement this dividend policy is the listed companies in the United States, and then the listed companies in other countries have gradually begun to pay attention to it. China is no exception. And with the increase in the number of listed companies announcing stock buybacks in China, the research on related issues is becoming more and more meaningful, because it can make listed companies, investors and others more aware of this dividend policy. To make a reasonable decision. For the repurchased stocks, the treatment of the listed companies is not exactly the same. Those who use it to encourage the employees of their own enterprises, and also those who cancel the shares to improve the capital structure of the enterprises, Therefore, the listed company announced the motivation of share repurchase is also worth discussing. In addition, after the announcement of stock repurchase, what kind of reaction will appear in the market, and whether the market reaction of the listed companies in the main board, small and medium board, and gem is different or not, it is also worth considering whether the market reaction of the listed companies in the main board, the small board and the growth enterprise board is different. In view of the above problems, this paper carries out a specific study, manually searching and sorting out listed companies that announced in Shenzhen Stock Exchange and Shanghai Stock Exchange that they will implement stock buybacks from the beginning of 2011 to June 2016. Through the research, the following conclusions are drawn: the higher the degree of undervalued stock price, the more tend to implement stock buyback; the more confident managers are, the more likely they are to implement stock repurchase; the less the holding ratio of general manager is, the more likely it is to implement stock repurchase. After the announcement is about to be carried out, the market reaction is positive and there is no leakage of information. There is a real difference between the main board market and the small and medium-sized board market in the short-term market effect of "stock buyback" announcement. The growth Enterprise Market and the other two plates difference is not significant. In view of the study of this paper, the following suggestions are put forward to the relevant parties: investors should seriously analyze the motivation of the listed companies to carry out stock repurchase, the listed companies should seriously study the relevant theoretical knowledge of stock repurchase and strengthen their understanding; Regulatory authorities should continue to improve laws and regulations and strengthen disclosure management, and the market and regulatory authorities should pay more attention to and enhance the standardization of the small and medium-sized board and the gem market.
【学位授予单位】：西北大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51
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本文编号：1780941