我国上市公司股票回购短期市场效应影响因素研究

发布时间：2018-06-12 16:15

本文选题：股票回购 + 短期市场效应　；参考：《浙江大学》2017年硕士论文

【摘要】：股票回购是指上市公司利用自有资本或者融资资金,出于股权激励、提升股价等目的,从证券市场上回购本公司发行在外股票的行为。股票回购后,公司资本结构及股权结构等都会因此而受到影响,在西方成熟的资本市场上,股票回购已经被作为一种有效的股价调节手段。股票回购的概念最早产生于美国,之后在全世界各国资本市场得到普及。伴随我国资本市场日趋健全,经济实力不断增强,股票回购作为重要的金融工具得到我国上市公司的广泛应用。尤其是股权分置改革于2006年完成后,我国证券市场“同股不同权”的现象得以扭转。紧跟其后,证监会2008年颁布《关于上市公司以集中竞价交易方式回购股份的补充规定》,上交所2013年出台《上市公司以集中竞价交易方式回购股份业务指引(2013年修订)》。因此,本文梳理了 2007年股权分置改革完成后至2016年底股票回购样本数据,用实证的方式从流通股的角度研究和分析上市公司股票回购的市场效应,所得到的研究成果对于我国今后如何进一步拉近与发达国家的水平有理论上和实践上的指导意义。本文从股票回购概念入手,综述国内外研究成果及发展现状,从理论角度对可能影响市场效应的因素进行探讨。将回购样本分为集中竞价和协议回购两种方式比较分析,运用事件研究法检验其短期市场效应,发现协议回购产生的市场效应更为显著,但存在信息提前泄露的现象。之后,利用历年实证数据重点研究股票回购市场效应的影响因素。从财务角度研究发现,净资产收益率(ROE)越高,股票回购的市场反应越积极。而资产负债率、公司经营活动现金流量均与市场效应呈负相关关系。从非财务角度,股权集中程度、公司的规模大小等都会与股票回购产生反向关系。
[Abstract]:Stock repurchase refers to the behavior of a listed company to buy back the shares issued by the listed company from the stock market by using its own capital or financing funds for the purpose of equity incentive and stock price promotion. After the stock repurchase, the capital structure and the equity structure of the company will be affected. In the mature capital market in the west, the stock repurchase has been used as an effective means to adjust the stock price. The concept of stock repurchase originated in the United States, and then became popular in the capital markets around the world. With the increasingly sound capital market and the increasing economic strength, stock repurchase as an important financial tool has been widely used by listed companies in China. Especially after the reform of split share structure was completed in 2006, the phenomenon of "same share with different rights" in China's securities market can be reversed. Immediately after that, the Securities Regulatory Commission promulgated the Supplementary regulations on the repurchase of shares by centralized bidding by listed companies in 2008, and the Shanghai Stock Exchange issued in 2013 the "guidelines on the repurchase of shares by listed companies in the form of centralized bidding" (revised in 2013). Therefore, this paper combs the sample data of stock repurchase from 2007 to the end of 2016, and studies and analyzes the market effect of stock repurchase in listed companies from the perspective of tradable shares. The research results have theoretical and practical significance for how to further draw closer to the level of developed countries in the future. Starting with the concept of stock repurchase, this paper summarizes the domestic and foreign research results and development status, and discusses the factors that may affect the market effect from the theoretical point of view. The sample of repurchase is divided into two types: centralized bidding and agreement repurchase. The short-term market effect of repurchase is tested by event study method. It is found that the market effect of repurchase is more significant, but the phenomenon of information leakage in advance is existed. After that, empirical data are used to study the influencing factors of stock repurchase market effect. From the financial point of view, the higher the ROE is, the more positive the market response of stock repurchase is. The ratio of assets and liabilities, the cash flow of the company's operating activities are negatively related to the market effect. From a non-financial point of view, the degree of equity concentration, the size of the company will have a reverse relationship with the stock buyback.
【学位授予单位】：浙江大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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