本文選題：股票回購 + 回購動(dòng)機(jī)�。� 參考：《西北大學(xué)》2017年碩士論文

【摘要】：股票回購是指上市公司運(yùn)用現(xiàn)金等方法,對(duì)本公司在股票市場(chǎng)發(fā)行的一些股票進(jìn)行購回,最早實(shí)施這一股利政策的是美國上市公司,繼而其他國家上市公司也開始逐漸關(guān)注,我國也不例外。并且在我國伴隨宣布股票回購的上市公司數(shù)量逐年增加,對(duì)相關(guān)問題的研究也就越來越多,且是相當(dāng)有意義的,因?yàn)榭梢允股鲜泄尽⑼顿Y者等更加了解這一股利政策,以做出合理的決策。對(duì)購回的股票,上市公司的處理并不完全相同,有用其對(duì)本企業(yè)的員工進(jìn)行激勵(lì),也有進(jìn)行注銷來改善企業(yè)的資本結(jié)構(gòu)的,因而上市公司宣告進(jìn)行股票回購的動(dòng)機(jī)也值得進(jìn)行探討。另外在企業(yè)發(fā)布將要進(jìn)行股票回購公告后,市場(chǎng)會(huì)出現(xiàn)什么樣的反應(yīng),以及主板、中小板、創(chuàng)業(yè)板三個(gè)不同板塊的上市公司的市場(chǎng)反應(yīng)是否存在板塊差異也值得思索。本文針對(duì)以上問題展開具體研究,手動(dòng)搜索整理2011年初到2016年6月在深交所和上交所宣告要實(shí)施股票回購的上市公司并進(jìn)行篩選,通過研究得出以下結(jié)論:當(dāng)企業(yè)股價(jià)被低估的程度越高,越趨于實(shí)施股票回購;管理者越自信,越可能實(shí)施股票回購;總經(jīng)理持股比越少,越可能實(shí)施股票回購;公告即將進(jìn)行股票回購后,市場(chǎng)反應(yīng)積極,并且沒有信息泄露存在;主板市場(chǎng)和中小板市場(chǎng)在“股票回購”公告短期市場(chǎng)效應(yīng)問題上確實(shí)存在差異化,而創(chuàng)業(yè)板和另外兩個(gè)板塊差異關(guān)系并不顯著。針對(duì)本文研究,對(duì)相關(guān)方提出以下建議:投資者應(yīng)當(dāng)認(rèn)真分析上市公司進(jìn)行股票回購的動(dòng)機(jī);上市公司應(yīng)當(dāng)認(rèn)真學(xué)習(xí)股票回購相關(guān)理論知識(shí),強(qiáng)化認(rèn)識(shí);監(jiān)管部門應(yīng)繼續(xù)完善法律法規(guī),加強(qiáng)披露管理;市場(chǎng)和監(jiān)管部門應(yīng)當(dāng)更加關(guān)注并提升中小板和創(chuàng)業(yè)板市場(chǎng)的規(guī)范性。
[Abstract]:Stock repurchase means that listed companies use cash and other methods to buy back some of the shares issued by the company in the stock market. The first company to implement this dividend policy is the listed companies in the United States, and then the listed companies in other countries have gradually begun to pay attention to it. China is no exception. And with the increase in the number of listed companies announcing stock buybacks in China, the research on related issues is becoming more and more meaningful, because it can make listed companies, investors and others more aware of this dividend policy. To make a reasonable decision. For the repurchased stocks, the treatment of the listed companies is not exactly the same. Those who use it to encourage the employees of their own enterprises, and also those who cancel the shares to improve the capital structure of the enterprises, Therefore, the listed company announced the motivation of share repurchase is also worth discussing. In addition, after the announcement of stock repurchase, what kind of reaction will appear in the market, and whether the market reaction of the listed companies in the main board, small and medium board, and gem is different or not, it is also worth considering whether the market reaction of the listed companies in the main board, the small board and the growth enterprise board is different. In view of the above problems, this paper carries out a specific study, manually searching and sorting out listed companies that announced in Shenzhen Stock Exchange and Shanghai Stock Exchange that they will implement stock buybacks from the beginning of 2011 to June 2016. Through the research, the following conclusions are drawn: the higher the degree of undervalued stock price, the more tend to implement stock buyback; the more confident managers are, the more likely they are to implement stock repurchase; the less the holding ratio of general manager is, the more likely it is to implement stock repurchase. After the announcement is about to be carried out, the market reaction is positive and there is no leakage of information. There is a real difference between the main board market and the small and medium-sized board market in the short-term market effect of "stock buyback" announcement. The growth Enterprise Market and the other two plates difference is not significant. In view of the study of this paper, the following suggestions are put forward to the relevant parties: investors should seriously analyze the motivation of the listed companies to carry out stock repurchase, the listed companies should seriously study the relevant theoretical knowledge of stock repurchase and strengthen their understanding; Regulatory authorities should continue to improve laws and regulations and strengthen disclosure management, and the market and regulatory authorities should pay more attention to and enhance the standardization of the small and medium-sized board and the gem market.
【學(xué)位授予單位】：西北大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.51
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本文編號(hào)：1780941