我国A股股票回购公告的市场反应研究
发布时间：2019-04-28 13:14
【摘要】：股票回购是指上市公司通过一定程序运用自有资金、债权或对外举债等方式购回本公司发行在外的股票的行为。股票回购在西方发达国家的资本市场非常普遍,这是一种改变上市公司资本结构的方式,也是股利分配政策。随着我国证券市场的发展与完善,股票回购作为资本运作方式受到我国上市公司的重视。2005年股权分置改革使我国资本市场进入全流通时代；2008年证监会对上市公司集中竞价交易方式回购股份做了补充规定；2013年为维护证券市场秩序，保护投资者和上市公司合法权益，发布了推进新股发行体制改革的意见，明确新股发行过程中各主体违法违规的法律责任，或者回购或者赔偿投资者的损失，该项规定使归位尽责落到实处；此外该意见要求发行人提出股价“破净”稳定预案，要求采用公司回购或者控股股东、董事、高管增持的方式，稳定股价并保护中小投资者利益。可以预见，股票回购对规范我国资本市场也有着重要意义，将在我国资本市场上得到更多的应用和发展，因此研究股票回购对我国资本市场的发展非常重要。 本文首先分析了我国股票回购动机，再运用多元回归法从股票回购因素、成长性与盈利因素、现金流量因素、股价低估因素、财务杠杆因素方面对股票回购公告的市场反应进行探讨。研究得出我国A股市场进行的股票回购会产生积极的市场反应，且公告前市场就已经显现出了积极的回应，说明股票回购是能向外界传递公司股价被低估的信号，但是可能存在信息提前泄露。研究同时发现股票回购因素中的回购比例因素与公告市场反应呈显著正相关，现金流量因素、财务杠杆因素与公告市场反应呈显著负相关，其他因素不显著。因而得出，上市公司在发布股票回购时需兼顾股票回购因素（股票回购比例）、现金流量因素（闲置资金与经营现金流量比）、财务杠杆因素（资产负债率）对股价的影响。此外，从研究得出的股票回购产生积极市场反应与我国股票回购遇冷现状可以得出，我国股票回购制度存在弊端和不足，，因此本文提出关于完善股票回购制度的建议。
[Abstract]:Stock repurchase refers to the behavior of a listed company buying back the stock issued by the company through certain procedures, such as using its own funds, creditor's rights or borrowing debt from the outside world. Stock repurchase is very common in the capital market of western developed countries, which is a way to change the capital structure of listed companies and also a dividend distribution policy. With the development and perfection of China's securities market, stock repurchase, as a mode of capital operation, has been attached importance to by listed companies in our country. In 2005, the reform of split share structure made the capital market of our country enter the era of full circulation; In 2008, the CSRC made supplementary provisions on the repurchase of shares by centralized bidding of listed companies; In 2013, in order to maintain the order of the securities market and protect the legitimate rights and interests of investors and listed companies, opinions were issued on promoting the reform of the issuance system of new shares, and the legal responsibilities of various subjects in the process of issuing new shares were clearly defined. Or buy back or compensate investors for losses, the provisions to return to due diligence; In addition, the opinion requires issuers to "break" a stable plan for stock prices, requiring companies to buy back or increase the holding of controlling shareholders, directors, and senior executives, to stabilize the share price and protect the interests of small and medium-sized investors. It can be predicted that stock repurchase is also of great significance in regulating China's capital market and will be applied and developed more and more in China's capital market. Therefore, it is very important to study stock repurchase for the development of China's capital market. This paper first analyzes the motivation of stock repurchase in China, and then applies the multiple regression method to analyze the factors of stock repurchase, growth and profit, cash flow and undervaluation of stock price. Financial leverage factors on the stock repurchase announcement of the market reaction. The research shows that the stock repurchase in China's A-share market will produce a positive market reaction, and the market has already shown a positive response before the announcement, indicating that the stock repurchase is a signal that the company's share price is undervalued to the outside world. However, information may be leaked in advance. At the same time, it is found that the ratio of stock repurchase is positively correlated with the announcement market response, the cash flow factor and the financial leverage factor are negatively correlated with the announcement market response, while the other factors are not significant. Therefore, when issuing stock repurchase, listed companies should consider the influence of stock repurchase factor (stock repurchase ratio), cash flow factor (idle capital to operating cash flow ratio) and financial leverage factor (asset-liability ratio) on the stock price. In addition, from the positive market reaction of stock repurchase and the fact that stock repurchase in our country is not as expected, it can be concluded that the stock repurchase system in our country has some disadvantages and shortcomings. Therefore, this paper puts forward some suggestions on perfecting the stock repurchase system.
【学位授予单位】：杭州电子科技大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51
本文编号：2467665
[Abstract]:Stock repurchase refers to the behavior of a listed company buying back the stock issued by the company through certain procedures, such as using its own funds, creditor's rights or borrowing debt from the outside world. Stock repurchase is very common in the capital market of western developed countries, which is a way to change the capital structure of listed companies and also a dividend distribution policy. With the development and perfection of China's securities market, stock repurchase, as a mode of capital operation, has been attached importance to by listed companies in our country. In 2005, the reform of split share structure made the capital market of our country enter the era of full circulation; In 2008, the CSRC made supplementary provisions on the repurchase of shares by centralized bidding of listed companies; In 2013, in order to maintain the order of the securities market and protect the legitimate rights and interests of investors and listed companies, opinions were issued on promoting the reform of the issuance system of new shares, and the legal responsibilities of various subjects in the process of issuing new shares were clearly defined. Or buy back or compensate investors for losses, the provisions to return to due diligence; In addition, the opinion requires issuers to "break" a stable plan for stock prices, requiring companies to buy back or increase the holding of controlling shareholders, directors, and senior executives, to stabilize the share price and protect the interests of small and medium-sized investors. It can be predicted that stock repurchase is also of great significance in regulating China's capital market and will be applied and developed more and more in China's capital market. Therefore, it is very important to study stock repurchase for the development of China's capital market. This paper first analyzes the motivation of stock repurchase in China, and then applies the multiple regression method to analyze the factors of stock repurchase, growth and profit, cash flow and undervaluation of stock price. Financial leverage factors on the stock repurchase announcement of the market reaction. The research shows that the stock repurchase in China's A-share market will produce a positive market reaction, and the market has already shown a positive response before the announcement, indicating that the stock repurchase is a signal that the company's share price is undervalued to the outside world. However, information may be leaked in advance. At the same time, it is found that the ratio of stock repurchase is positively correlated with the announcement market response, the cash flow factor and the financial leverage factor are negatively correlated with the announcement market response, while the other factors are not significant. Therefore, when issuing stock repurchase, listed companies should consider the influence of stock repurchase factor (stock repurchase ratio), cash flow factor (idle capital to operating cash flow ratio) and financial leverage factor (asset-liability ratio) on the stock price. In addition, from the positive market reaction of stock repurchase and the fact that stock repurchase in our country is not as expected, it can be concluded that the stock repurchase system in our country has some disadvantages and shortcomings. Therefore, this paper puts forward some suggestions on perfecting the stock repurchase system.
【学位授予单位】：杭州电子科技大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51
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