發(fā)布時(shí)間：2018-03-08 00:21

  本文選題：股份回購　切入點(diǎn)：動(dòng)機(jī)　出處：《山東大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

【摘要】：股份回購在西方發(fā)達(dá)資本市場(chǎng)上產(chǎn)生并存在己久,目前已經(jīng)成為國(guó)外上市公司重要的股利分配政策和資本運(yùn)營(yíng)手段。不同于國(guó)外,股份回購在我國(guó)的歷史還比較短,國(guó)外成熟的股份回購理論是否適用于我國(guó)還需要進(jìn)行進(jìn)一步的檢驗(yàn)。目前,在我國(guó)由于實(shí)施股票回購的上市公司還比較少,在缺乏樣本的情況下,我國(guó)學(xué)者對(duì)于股份回購的研究多以理論研究為主,也有部分學(xué)者對(duì)于股份回購進(jìn)行了案例研究,實(shí)證檢驗(yàn)的研究相對(duì)較少。因此檢驗(yàn)國(guó)外成熟的股份回購理論在我國(guó)的適用性及股份回購公告會(huì)在我國(guó)資本市場(chǎng)上產(chǎn)生怎樣的反應(yīng),對(duì)于我國(guó)目前處在初步發(fā)展階段的股份回購實(shí)踐具有重要的意義。 實(shí)證研究的缺乏使我國(guó)股份回購的研究成果缺乏實(shí)證支持。采用多元回歸分析法研究我國(guó)股份回購的動(dòng)機(jī),采用事件研究法檢驗(yàn)上市公司股份回購公告的市場(chǎng)反應(yīng)是否積極,相較于國(guó)內(nèi)的此方面的定性分析研究具有一定的創(chuàng)新性。而采用2005年6月16曰至2011年8月31日間發(fā)布的79個(gè)回購公告數(shù)據(jù)作為初始研究樣本,較之前少數(shù)的實(shí)證研究,在樣本數(shù)量上更具有說服力。 我國(guó)股份回購動(dòng)機(jī)的研究結(jié)果顯示,信號(hào)傳遞假說對(duì)我國(guó)資本市場(chǎng)上的股份回購事件的動(dòng)機(jī)具有很好的解釋性,而自由現(xiàn)金流假說、財(cái)務(wù)杠桿假說和財(cái)務(wù)靈活性假說則尚不能解釋我國(guó)上市公司股份回購的動(dòng)機(jī)�；刭徆媸袌�(chǎng)反應(yīng)的研究結(jié)果顯示,在股份回購事件的首次信息發(fā)布日,回購事件會(huì)產(chǎn)生積極的市場(chǎng)反應(yīng),并且我國(guó)股份回購事件中存在著信息提前泄露的現(xiàn)象,具體表現(xiàn)為事件發(fā)生日前一天的累計(jì)平均超常收益率和日平均超常收益率均為正數(shù),并且通過了顯著性檢驗(yàn)。分組檢驗(yàn)非流通股股份回購和流通股股份回購的市場(chǎng)反應(yīng)結(jié)果顯示,非流通股股份回購事件和流通股股份回購事件都產(chǎn)生了積極的市場(chǎng)反應(yīng),但非流通股股份回購事件的市場(chǎng)反應(yīng)要大于流通股股份回購事件的市場(chǎng)反應(yīng)。
[Abstract]:Share repurchase has long existed in the western developed capital market, and has become an important dividend distribution policy and capital operation means of foreign listed companies. Different from foreign countries, share repurchase has a relatively short history in our country. Whether the mature foreign stock repurchase theory is applicable to our country still needs to be further tested. At present, because of the relatively few listed companies carrying out stock repurchase in our country, in the absence of samples, Most of the research on share repurchase in our country is based on theoretical research, and some scholars have carried out case studies on share repurchase. Therefore, the applicability of foreign mature stock repurchase theory in our country and the reaction of stock repurchase announcement in Chinese capital market will be tested. It is of great significance for the practice of share repurchase in the initial stage of development in China. The lack of empirical research leads to the lack of empirical support for the research results of share repurchase in our country. The method of multiple regression analysis is used to study the motivation of share repurchase in our country, and the event research method is used to test whether the market reaction of the announcement of share repurchase of listed companies is positive or not. Compared with the qualitative analysis in China, it is innovative to use 79 repo announcement data from June 16th 2005 to August 31st 2011 as the initial research sample, compared with a few previous empirical studies. More persuasive in terms of sample size. The results of the research on the motivation of share repurchase in China show that the signaling hypothesis has a good explanation for the motivation of the share repurchase event in China's capital market, while the free cash flow hypothesis. However, the financial leverage hypothesis and the financial flexibility hypothesis can not explain the motivation of share repurchase in Chinese listed companies. The repurchase event will produce positive market reaction, and there exists the phenomenon of information leaking in advance in the stock repurchase event in our country. The concrete manifestation is that the accumulative average abnormal rate of return and the daily average abnormal rate of return are both positive numbers one day before the day of the event. The results of market reaction of non-tradable share repurchase and tradable share repurchase show that both non-tradable shares repurchase event and tradable stock repurchase event have positive market reaction. However, the market reaction of non-tradable share repurchase event is greater than that of circulating stock repurchase event.
【學(xué)位授予單位】：山東大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.51;F224

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