中国概念股回购效应实证研究

发布时间：2018-05-27 12:13

本文选题：中国概念股 + 股票回购　；参考：《贵州财经大学》2013年硕士论文

【摘要】：自上世纪90年代起,中国企业赴美上市渐成热潮,目前已有200多家中国企业在美国上市,形成了所谓的“中国概念股”。2011年初,美国的市场做空机构Muddy Waters发布对中国高速传媒控股公司的研究报告,质疑该公司蓄意夸大盈利能力,引起中国概念股陷入诚信危机,导致股价大幅下跌,甚至有20多家公司因之从美国三大市场退市。为应对股价下降,以淘宝、网秦、当当、搜狐为代表的一些中国公司纷纷回购本公司股票来进行自救。截至2011年12月,2011年共有64家中国公司先后69次推出股票回购计划,回购金额超过30亿美元。中国概念股回购效果如何?是否能够提振市场信心,提升公司股价?这就是本文所要研究的问题。本文选取2011年至2012年期间进行回购的中国概念股作为样本,利用实际市场数据进行实证分析,以研究中国概念股的回购效果,全文共分五章。第一章为引言,本章主要介绍研究背景、研究意义、研究思路、主要研究内容及创新之处。第二章为股票回购相关理论。本章首先介绍股票回购内涵及法律界定；其次介绍股票回购方式及作用；最后介绍股票回购动机的有关理论假说。第三章为股票回购模型设计。本章首先对模型的研究做了一个假设；之后介绍了的事件研究方法；最后提出本文的研究步骤。第四章为实证分析,是本文的主要内容。本章首先对中国概念股的股价变动进行描述性统计分析,之后对中国概念股回购的财富效应进行实证研究；最后对回购前后公司经营效益进行分析。第五章为结论与展望。本文的结论是中国概念股回购效果不好,其原因可能为,中国公司进行股票回购的同时,没有提升本公司的经营业绩,没有提振市场信心。基于这一结论,论文提出三方面研究启示：公司管理层应主动披露公司相应的财务数据,以提升本公司的经营业绩,增强市场信心；投资者应理性对待中国概念股的回购,谨慎投资；监管部门应要求上市公司加强信息披露,以有效保护投资者利益。
[Abstract]:Since the 1990s, Chinese enterprises have been going public in the United States. At present, more than 200 Chinese enterprises have listed in the United States, forming so-called "Chinese concept stocks". Muddy Waters, the US short seller, has released a research report on China's high-speed media holding company, questioning the company's deliberate exaggeration of its profitability, causing the Chinese concept stock to plunge into a crisis of integrity, leading to a sharp drop in its share price. As a result, more than 20 companies have delisted from the three major markets in the United States. In response to the decline in stock prices, Taobao, net Qin, Dangdang, Sohu as the representative of a number of Chinese companies to buy back their shares in order to save themselves. As of December 2011, 64 Chinese companies had launched 69 share buybacks, worth more than $3 billion, in 2011. What is the effect of repurchase of Chinese concept shares? Will it boost market confidence and boost the company's share price? This is the question that this text wants to study. This paper selects the Chinese stocks repurchased from 2011 to 2012 as a sample and uses the actual market data for empirical analysis to study the repurchase effect of Chinese concept stocks. The full text is divided into five chapters. The first chapter is the introduction, this chapter mainly introduces the research background, research significance, research ideas, main research content and innovation. The second chapter is the theory of stock repurchase. This chapter firstly introduces the connotation and legal definition of stock repurchase, secondly introduces the ways and functions of stock repurchase, and finally introduces the theoretical hypothesis of the motivation of stock repurchase. The third chapter is the design of stock repurchase model. In this chapter, a hypothesis is made for the research of the model, then the method of event research is introduced. Finally, the research steps of this paper are proposed. The fourth chapter is the empirical analysis, which is the main content of this paper. This chapter firstly carries on the descriptive statistical analysis to the Chinese concept stock price movement, then carries on the empirical research to the Chinese concept stock repurchase wealth effect, finally carries on the analysis to the company management benefit before and after the repurchase. The fifth chapter is the conclusion and prospect. The conclusion of this paper is that the repurchase effect of the Chinese concept stock is not good. The reason may be that the Chinese company has not improved the company's operating performance and not boosted the market confidence while carrying out the stock repurchase. Based on this conclusion, the paper puts forward three aspects of research enlightenment: the company management should actively disclose the corresponding financial data of the company, in order to enhance the company's business performance and enhance market confidence, investors should treat the repurchase of Chinese concept shares rationally. In order to protect the interests of investors, regulators should require listed companies to enhance information disclosure.
【学位授予单位】：贵州财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

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