發(fā)布時(shí)間：2021-01-04 15:43

　　一、研究背景和研究?jī)?nèi)容2008年8月27日,證監(jiān)會(huì)對(duì)《上市公司收購(gòu)管理辦法》進(jìn)行了修訂,允許上市公司控股30%及以上的大股東“每12個(gè)月內(nèi)增加其在該公司中擁有權(quán)益的股份不超過(guò)該公司已發(fā)行股份的2%規(guī)定提出豁免申請(qǐng)的,由事前申請(qǐng)調(diào)整為事后申請(qǐng)�！彪S后,滬深交易所在《上市公司股東及其一致行動(dòng)人增持股份行為指引》出臺(tái)不足一個(gè)月的情況下,于9月24日再次對(duì)《指引》作出修改,將禁止控股股東增持股份的“窗口期”,由“上市公司定期報(bào)告公告前30日內(nèi)”進(jìn)一步縮短到10天。這兩項(xiàng)政策的出臺(tái)進(jìn)一步表明了對(duì)大股東增持的鼓勵(lì),上市公司的股份增持事件也頻頻出現(xiàn),表現(xiàn)了對(duì)該政策的積極反應(yīng)。與股份增持公告的披露類似的機(jī)制是股份回購(gòu)公告的披露,然而,中國(guó)證券市場(chǎng)政策規(guī)定,股份在回購(gòu)后必須注銷減資,一方面由于公司不得將回購(gòu)的股份庫(kù)存留作之后再次流通,因此如果可得利益并不明顯的話并不會(huì)愿意主動(dòng)進(jìn)行回購(gòu)；另一方面,由于公司回購(gòu)股份后并無(wú)再流通壓力,市場(chǎng)投資者對(duì)于回購(gòu)公告?zhèn)鬟f的低估信號(hào)的可靠性也會(huì)表示懷疑。而在股份增持活動(dòng)中,如果增持的主體為公司的控股股東的話,其信號(hào)的可靠程度便要超過(guò)普通的大股東股份增持公告。本文以最常見(jiàn)的... 

【文章來(lái)源】：復(fù)旦大學(xué)上海市 211工程院校 985工程院校 教育部直屬院校

【文章頁(yè)數(shù)】：63 頁(yè)

【學(xué)位級(jí)別】：碩士

【文章目錄】：
摘要
Abstract
Ⅰ. Introduction
    1.1. Research Background and Significance
    1.2. Research Contents and Organization
    1.3. Creativities and Shortcomings
Ⅱ. Previous Studies and Literature Review
    2.1. Stock Repurchase and Stock Increase
        2.1.1. Stock repurchase in China's stock market
        2.1.2. Comparison between stock increase and stock repurchase
    2.2. Studies of Stock Repurchase in Western Stock Market
        2.2.1. Market Reaction Studies of Stock Repurchase
        2.2.2. Studies of Factors that Influence Market Reaction
    2.3. Studies of Market Reaction of Stock Repurchase/Increase Announcement in China's Stock Market
        2.3.1. Market Reaction Studies of Stock Repurchase in China's Stock Market
        2.3.2. Market Reaction Studies of Stock Increase in China's Stock Market
Ⅲ. Research Design
    3.1. Research Hypothesis
    3.2. Sample and Descriptions
    3.3. Methodology
        3.3.1. Estimate of Announcement Market Reaction
        3.3.2. Analysis of Influential Factors of Announcement Market Reaction
Ⅳ. Empirical Results
    4.1. Empirical Results of Announcement Market Reactions
        4.1.1. Short-term Market Reaction Results
        4.1.2. Long-term Market Reaction Results
    4.2. Empirical Results of Influential Factors Analysis
        4.2.1. Single Factor Analysis Results
        4.2.2. Multi-Factor Analysis Results
Ⅴ. Analysis of Empirical Results
    4.1. Analysis of Announcement Effect Results
    4.2. Analysis of Influential Factors Analysis Results
Ⅵ. Conclusion
Reference
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