上市公司股份回购的影响因素及管理对策研究

发布时间：2018-06-06 15:29

本文选题：股份回购 + 影响因素　；参考：《北京邮电大学》2014年硕士论文

【摘要】：作为一种重要的资本退出机制和价值分配方式,股份回购在西方资本市场上受到上市公司的青睐和投资者的追捧。相关研究成果颇丰,特别是股份回购动机和市场反应这两类议题。在国内市场上,随着相关法律法规的出台,越来越多的上市公司通过股份回购特别是公开市场股份回购的方式实现回馈股东或刺激股价等目的。相关统计数据显示,截至2013年8月31日,我国上市公司的公开市场股份回购公告达38起,计划回购股份数量约为66亿股,回购金额约为241亿元人民币。本文以2005-2013年期间沪深两市38起公开市场股份回购为研究对象,试图基于理论和实证两个角度的深入分析,总结我国上市公司股份回购在影响因素以及管理对策方面的特点,并将“管理者过度自信”这一行为财务因素引入研究,探讨其与股份回购之间的关系。本文共包括五个部分：第一部分为绪论；第二部分从影响因素和管理对策两个方面综述现有研究成果,并提炼出全文核心内容；第三部分运用二元Logistic回归分析方法从公司财务和公司理论两个角度实证股份回购的影响因素,发现经营业绩、股利支付水平、现金持有水平以及股权集中度是影响上市公司股份回购的主要因素；第四部分探讨了上市公司管理者如何做出后续管理对策,结果表明外部投资者的市场反应会影响上市公司短期的回购行为,而股价水平和现金流状况影响其长期的管理对策；第五部分是全文的结论章节。结果表明,我国上市公司的股份回购行为是其在经营业绩较好、现金流状况较佳的情况下返还资金以回馈股东的方式,是对现金股利的补充；而公开市场股份回购的灵活性使其成为管理者在股价较为低迷时向外界传递被低估信息进而提升股价的工具；同时,股份回购也逐渐成为上市公司加强自我管理并降低代理成本的一种方式。此外,管理者过度自信同样会影响股份回购行为,促使上市公司短期内利用股份回购提升股价,长期则倾向于保留资金而减少回购。
[Abstract]:As an important mechanism of capital withdrawal and value distribution, share repurchase is favored by listed companies and sought after by investors in the western capital market. There has been a lot of research, especially on the motivation of share repurchase and market reaction. In the domestic market, with the introduction of relevant laws and regulations, more and more listed companies through the stock repurchase, especially in the public market, to achieve the purpose of giving back to shareholders or stimulating the stock price. According to the relevant statistics, as of August 31, 2013, 38 public share buybacks have been announced by listed companies in our country, and the number of shares repurchased is about 6.6 billion shares and the amount of share repurchase is about 24.1 billion yuan. This paper takes 38 stock buybacks in Shanghai and Shenzhen stock markets from 2005 to 2013 as the research object, and attempts to sum up the characteristics of Chinese listed companies' share repurchase in influencing factors and management countermeasures based on theoretical and empirical analysis. The behavioral financial factor of "manager overconfidence" is introduced to study the relationship between overconfidence and share repurchase. This paper consists of five parts: the first part is the introduction, the second part summarizes the existing research results from the impact factors and management countermeasures, and extracts the core content of the paper. The third part uses the dual Logistic regression analysis method to demonstrate the influencing factors of stock repurchase from two angles of company finance and company theory, and finds out the operating performance and dividend payment level. The level of cash holding and the degree of ownership concentration are the main factors that affect the share repurchase of listed companies. The fourth part discusses how the managers of listed companies make subsequent management countermeasures. The results show that the market reaction of external investors will affect the short-term repurchase behavior of listed companies, while the stock price level and cash flow status will affect their long-term management strategies. The fifth part is the conclusion of the full text. The results show that the stock repurchase behavior of listed companies in our country is the way to return the funds to the shareholders under the condition of good operating performance and good cash flow, and it is a supplement to the cash dividend. The flexibility of share repurchase in the open market makes it a tool for managers to pass on undervalued information to the outside world when stock prices are relatively low, and at the same time, Share repurchase has gradually become a way for listed companies to strengthen self-management and reduce agency costs. In addition, managers' overconfidence can also affect share buybacks, prompting listed companies to use share repurchases to boost their share prices in the short term, while in the long run they tend to retain funds and reduce buybacks.
【学位授予单位】：北京邮电大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51

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