上市公司股份回购的动机及市场反应研究

发布时间：2018-01-09 20:21

本文关键词：上市公司股份回购的动机及市场反应研究　出处：《会计之友》2014年12期 　论文类型：期刊论文

【摘要】：某些情况下上市公司可以进行股份回购。文章以2006—2012年期间中国A股市场发生股份回购的上市公司为样本,按照回购动机分类研究了股份回购的市场反应。描述性统计发现,不同情况下的股份回购在短期内都能够产生正向累计超常收益率,但能够产生正向累计超常收益率的影响因素多为回购比例、第一大股东持股比例及资产负债率等。回归分析发现样本公司宣告的三种股份回购动机都与累计超常收益率负相关,特别是当样本公司宣告为股权激励而回购股份时,市场反应显著为负。因此,投资者应谨慎操作,不能仅仅根据上市公司宣告的股份回购动机来决策,还应该分析该公司的回购比例、第一大股东持股比例及资产负债率等因素。该研究还可为我国上市公司实施股份回购提供理论基础和政策建议。
[Abstract]:In some cases, listed companies can buy back shares. The article takes the example of listed companies that bought back shares in China's A-share market between 2006 and 2012. The paper studies the market reaction of share repurchase according to repurchase motivation. Descriptive statistics show that stock repurchase under different circumstances can produce positive cumulative abnormal return rate in the short term. But the influence factor that can produce positive accumulative abnormal return rate is mostly repurchase ratio. Regression analysis found that the three kinds of stock repurchase motivation announced by the sample company were negatively correlated with the cumulative abnormal return rate. Especially when the sample company declares the share repurchase as a stock incentive, the market reaction is significantly negative. Therefore, investors should be careful not only to make decisions based on the announced motivation of the listed company to buy back shares. It is also necessary to analyze the factors such as the repurchase ratio, the first shareholder's shareholding ratio and the asset-liability ratio, etc. The research can also provide theoretical basis and policy suggestions for the implementation of share repurchase by listed companies in China.
【作者单位】：中南财经政法大学会计学院;
【基金】：2013年度国家社会科学基金“基于风险智能管理的企业社会责任价值创造研究”(13BGL056)
【分类号】：F832.51;F224
【正文快照】： 一、引言及文献综述股份回购(Share Repurchase)是公司按一定的程序购回本公司发行或流通在外的股份的行为。始于2007年下半年的金融危机使全球股市一片低迷,中国股市也未能幸免,很多上市公司股价跌破发行价,有的甚至跌破每股净资产,股市持续低迷重挫了投资者信心。2012年8月

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