我国上市公司股票回购实证研究

发布时间：2018-03-02 21:49

本文选题：股票回购　切入点：回购动机　出处：《上海交通大学》2013年硕士论文　论文类型：学位论文

【摘要】：本文主要论述了我国上市公司股票回购的实践及法律制度，股票回购动机，股票回购公告的市场效应及影响因素。文章从股票回购的基础理论出发，在现有文献研究的基础上，提出假设，采用多元回归分析法验证我国上市公司股票回购的动机和回购公告效应的影响因素；采用事件研究法检验我国上市公司股票回购公告的市场反应。最后，通过实证研究的结论，对我国股票回购未来的发展和制度的完善提出建议。本文的主要研究结论如下：（1）发现我国上市公司的回购动机与国外有较大的差异性。某些国外成熟的回购动机假说，如信号传递假说，自由现金流量假说和财务杠杆假说可以解释我国股票回购的动机。而财务灵活性假说目前还无法解释我国股票回购的动机。另外，基于我国证券市场的历史原因和发展状况，优化股权结构和解决大股东资金占用也成为股票回购的真实动机。（2）通过对股票回购公告市场反应影响因素的实证研究发现：市场对于公司股票回购公告存在正效应，但在回购公告之前确实存在信息提前泄露的现象。（3）我国上市公司事件期公告效应的主要影响因素包括市盈率，第一大股东持股比例，公司规模和成长性等。市盈率越低，回购公告的市场反应就越大。第一大股东持股比例越高，公司的成长性越好，公司规模越小，，则公告效应越强。公告期内资产负债率和净资产收益率与股价的异常报酬率关系并不显著。
[Abstract]:This paper mainly discusses the practice and legal system of stock repurchase of listed companies in China, the motivation of stock repurchase, the market effect of stock repurchase announcement and the influencing factors. Put forward the hypothesis, use the multiple regression analysis method to verify the motivation of the stock repurchase and the influencing factors of the repurchase announcement effect of the listed company in our country, use the event research method to test the market reaction of the stock repurchase announcement of the listed company of our country. Finally, Through the conclusion of the empirical research, the paper puts forward some suggestions on the future development and the perfection of the system of stock repurchase in China. The main conclusions of this paper are as follows:. (1) it is found that the repurchase motivation of Chinese listed companies is different from that of foreign countries, and some mature repurchase motivation hypotheses, such as signal transmission hypothesis, are found in some foreign countries. The free cash flow hypothesis and the financial leverage hypothesis can explain the motivation of stock repurchase in China, while the financial flexibility hypothesis can not explain the motivation of stock repurchase in China at present. Optimizing the ownership structure and solving the capital occupation of large shareholders also become the real motivation of stock repurchase. 2) through the empirical research on the factors influencing the market reaction of stock repurchase announcement, we find that the market has positive effect on the stock repurchase announcement, but there does exist the phenomenon of information leaking in advance before the repurchase announcement. 3) the main influencing factors of the announcement effect of the event period of the listed companies in China include the price-earnings ratio, the proportion of the largest shareholders, the size and growth of the company, etc. The lower the price-earnings ratio, the lower the P / E ratio. The greater the market response to the repurchase announcement, the higher the shareholding ratio of the first largest shareholder, the better the company's growth and the smaller the company's size. The stronger the announcement effect is, the less significant the relationship between the ratio of assets and liabilities and the rate of return on net assets and the abnormal rate of return on stock price in the reporting period.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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