本文關鍵詞：上市公司股票回購對股價走勢的中長期效應研究　出處：《天津商業(yè)大學》2012年碩士論文　論文類型：學位論文

  更多相關文章： 股票回購 股價走勢 回購動機 市場效應

【摘要】：股票回購最早興起于美國，發(fā)展至今，，已經(jīng)成為西方成熟證券市場中上市公司進行資本運作的重要手段，年成交額超過千億美元。然而，由于證券市場起步較晚，市場經(jīng)濟尚不成熟，我國的股票回購事件較少，回購規(guī)模不大，處于初步發(fā)展階段。但是，隨著我國經(jīng)濟的發(fā)展，股票回購案例明顯增多，股票回購的相關問題引起了廣大學者的關注和研究。本文旨在通過對我國的股票回購案例的分析，以研究股票回購事件對我國上市公司中長期股價走勢的影響。 論文采用事件研究法，研究我國上市公司的股票價格在股票回購公告發(fā)布后一定時期內的變動情況，從而判斷股票市場對該類事件的反應程度。本文引入了超常收益率模型，利用學術界慣用的超常收益率指標(CAR)來衡量上市公司股票回購公告的市場效應。通過這個模型，可以了解股價的波動與該事件的關系。 文章的重點是對回購事件的實證分析。本文認真選取了我國2005年6月17日至2010年12月31日間A股市場的40個股票回購樣本，在綜合國外學者們的研究慣例和國內投資者的投資習慣，并充分考慮研究的現(xiàn)實意義的基礎上，確定中、長期的時間窗口分別為回購公告日后的180個交易日和360個交易日。本文在大量的統(tǒng)計與分析基礎上發(fā)現(xiàn)，樣本總體在回購公告日后180個交易日內和回購公告日后360個交易日內的平均累計超常收益率均顯示為正，這說明，我國證券市場上股票回購事件對股價的中長期走勢存在明顯的積極效應。最后，本文在分析股票回購市場效應的各種影響因素的基礎上，結合我國股票回購中存在的問題，提出了加強我國回購市場建設的建議。
[Abstract]:Stock repurchase was first developed in the United States and has become an important means of capital operation of listed companies in western mature securities markets. The annual turnover is more than 100 billion US dollars. Due to the late start of the securities market, the market economy is not mature, the number of stock repurchase events in China is less, the scale of repurchase is not large, and it is in the initial stage of development. However, with the development of our economy. The cases of stock repurchase have increased obviously, and the related problems of stock repurchase have attracted the attention and research of scholars. This paper aims to analyze the case of stock repurchase in our country. In order to study the stock repurchase event on the long-term stock price trend of listed companies in China. This paper uses the event research method to study the stock price of listed companies in China in a certain period of time after the announcement of stock repurchase. In order to judge the reaction degree of stock market to this kind of event, this paper introduces the model of abnormal return rate. The market effect of stock repurchase announcement of listed companies is measured by using the abnormal rate of return index (CAR), which is commonly used in academic circles, and the relationship between stock price fluctuation and this event can be understood by this model. The paper focuses on the empirical analysis of the repurchase event. This paper carefully selects 40 stock repurchase samples from June 17th 2005 to December 31st 2010 in China's A-share market. On the basis of synthesizing the research practices of foreign scholars and the investment habits of domestic investors, and considering the practical significance of the research, the paper determines the current situation. The long-term time window is 180 trading days and 360 trading days after the repurchase announcement respectively. This paper finds out on the basis of a lot of statistics and analysis. The average cumulative abnormal rate of return of the sample was positive within 180 trading days after the repurchase announcement and 360 trading days after the repurchase announcement. The stock repurchase event has obvious positive effect on the long-term trend of stock price in our country's stock market. Finally, this paper analyzes the influence factors of stock repurchase market effect. According to the existing problems of stock repurchase in China, the paper puts forward some suggestions to strengthen the construction of repurchase market in China.
【學位授予單位】：天津商業(yè)大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F832.51

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