本文關(guān)鍵詞：上市公司股票回購(gòu)對(duì)股價(jià)走勢(shì)的中長(zhǎng)期效應(yīng)研究　出處：《天津商業(yè)大學(xué)》2012年碩士論文　論文類(lèi)型：學(xué)位論文

  更多相關(guān)文章： 股票回購(gòu) 股價(jià)走勢(shì) 回購(gòu)動(dòng)機(jī) 市場(chǎng)效應(yīng)

【摘要】：股票回購(gòu)最早興起于美國(guó)，發(fā)展至今，，已經(jīng)成為西方成熟證券市場(chǎng)中上市公司進(jìn)行資本運(yùn)作的重要手段，年成交額超過(guò)千億美元。然而，由于證券市場(chǎng)起步較晚，市場(chǎng)經(jīng)濟(jì)尚不成熟，我國(guó)的股票回購(gòu)事件較少，回購(gòu)規(guī)模不大，處于初步發(fā)展階段。但是，隨著我國(guó)經(jīng)濟(jì)的發(fā)展，股票回購(gòu)案例明顯增多，股票回購(gòu)的相關(guān)問(wèn)題引起了廣大學(xué)者的關(guān)注和研究。本文旨在通過(guò)對(duì)我國(guó)的股票回購(gòu)案例的分析，以研究股票回購(gòu)事件對(duì)我國(guó)上市公司中長(zhǎng)期股價(jià)走勢(shì)的影響。 論文采用事件研究法，研究我國(guó)上市公司的股票價(jià)格在股票回購(gòu)公告發(fā)布后一定時(shí)期內(nèi)的變動(dòng)情況，從而判斷股票市場(chǎng)對(duì)該類(lèi)事件的反應(yīng)程度。本文引入了超常收益率模型，利用學(xué)術(shù)界慣用的超常收益率指標(biāo)(CAR)來(lái)衡量上市公司股票回購(gòu)公告的市場(chǎng)效應(yīng)。通過(guò)這個(gè)模型，可以了解股價(jià)的波動(dòng)與該事件的關(guān)系。 文章的重點(diǎn)是對(duì)回購(gòu)事件的實(shí)證分析。本文認(rèn)真選取了我國(guó)2005年6月17日至2010年12月31日間A股市場(chǎng)的40個(gè)股票回購(gòu)樣本，在綜合國(guó)外學(xué)者們的研究慣例和國(guó)內(nèi)投資者的投資習(xí)慣，并充分考慮研究的現(xiàn)實(shí)意義的基礎(chǔ)上，確定中、長(zhǎng)期的時(shí)間窗口分別為回購(gòu)公告日后的180個(gè)交易日和360個(gè)交易日。本文在大量的統(tǒng)計(jì)與分析基礎(chǔ)上發(fā)現(xiàn)，樣本總體在回購(gòu)公告日后180個(gè)交易日內(nèi)和回購(gòu)公告日后360個(gè)交易日內(nèi)的平均累計(jì)超常收益率均顯示為正，這說(shuō)明，我國(guó)證券市場(chǎng)上股票回購(gòu)事件對(duì)股價(jià)的中長(zhǎng)期走勢(shì)存在明顯的積極效應(yīng)。最后，本文在分析股票回購(gòu)市場(chǎng)效應(yīng)的各種影響因素的基礎(chǔ)上，結(jié)合我國(guó)股票回購(gòu)中存在的問(wèn)題，提出了加強(qiáng)我國(guó)回購(gòu)市場(chǎng)建設(shè)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(xué)位授予單位】：天津商業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類(lèi)號(hào)】：F832.51

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