本文選題：股票回購(gòu) + 短期市場(chǎng)效應(yīng)��； 參考：《浙江大學(xué)》2017年碩士論文

【摘要】：股票回購(gòu)是指上市公司利用自有資本或者融資資金,出于股權(quán)激勵(lì)、提升股價(jià)等目的,從證券市場(chǎng)上回購(gòu)本公司發(fā)行在外股票的行為。股票回購(gòu)后,公司資本結(jié)構(gòu)及股權(quán)結(jié)構(gòu)等都會(huì)因此而受到影響,在西方成熟的資本市場(chǎng)上,股票回購(gòu)已經(jīng)被作為一種有效的股價(jià)調(diào)節(jié)手段。股票回購(gòu)的概念最早產(chǎn)生于美國(guó),之后在全世界各國(guó)資本市場(chǎng)得到普及。伴隨我國(guó)資本市場(chǎng)日趨健全,經(jīng)濟(jì)實(shí)力不斷增強(qiáng),股票回購(gòu)作為重要的金融工具得到我國(guó)上市公司的廣泛應(yīng)用。尤其是股權(quán)分置改革于2006年完成后,我國(guó)證券市場(chǎng)“同股不同權(quán)”的現(xiàn)象得以扭轉(zhuǎn)。緊跟其后,證監(jiān)會(huì)2008年頒布《關(guān)于上市公司以集中競(jìng)價(jià)交易方式回購(gòu)股份的補(bǔ)充規(guī)定》,上交所2013年出臺(tái)《上市公司以集中競(jìng)價(jià)交易方式回購(gòu)股份業(yè)務(wù)指引(2013年修訂)》。因此,本文梳理了 2007年股權(quán)分置改革完成后至2016年底股票回購(gòu)樣本數(shù)據(jù),用實(shí)證的方式從流通股的角度研究和分析上市公司股票回購(gòu)的市場(chǎng)效應(yīng),所得到的研究成果對(duì)于我國(guó)今后如何進(jìn)一步拉近與發(fā)達(dá)國(guó)家的水平有理論上和實(shí)踐上的指導(dǎo)意義。本文從股票回購(gòu)概念入手,綜述國(guó)內(nèi)外研究成果及發(fā)展現(xiàn)狀,從理論角度對(duì)可能影響市場(chǎng)效應(yīng)的因素進(jìn)行探討。將回購(gòu)樣本分為集中競(jìng)價(jià)和協(xié)議回購(gòu)兩種方式比較分析,運(yùn)用事件研究法檢驗(yàn)其短期市場(chǎng)效應(yīng),發(fā)現(xiàn)協(xié)議回購(gòu)產(chǎn)生的市場(chǎng)效應(yīng)更為顯著,但存在信息提前泄露的現(xiàn)象。之后,利用歷年實(shí)證數(shù)據(jù)重點(diǎn)研究股票回購(gòu)市場(chǎng)效應(yīng)的影響因素。從財(cái)務(wù)角度研究發(fā)現(xiàn),凈資產(chǎn)收益率(ROE)越高,股票回購(gòu)的市場(chǎng)反應(yīng)越積極。而資產(chǎn)負(fù)債率、公司經(jīng)營(yíng)活動(dòng)現(xiàn)金流量均與市場(chǎng)效應(yīng)呈負(fù)相關(guān)關(guān)系。從非財(cái)務(wù)角度,股權(quán)集中程度、公司的規(guī)模大小等都會(huì)與股票回購(gòu)產(chǎn)生反向關(guān)系。
[Abstract]:Stock repurchase refers to the behavior of a listed company to buy back the shares issued by the listed company from the stock market by using its own capital or financing funds for the purpose of equity incentive and stock price promotion. After the stock repurchase, the capital structure and the equity structure of the company will be affected. In the mature capital market in the west, the stock repurchase has been used as an effective means to adjust the stock price. The concept of stock repurchase originated in the United States, and then became popular in the capital markets around the world. With the increasingly sound capital market and the increasing economic strength, stock repurchase as an important financial tool has been widely used by listed companies in China. Especially after the reform of split share structure was completed in 2006, the phenomenon of "same share with different rights" in China's securities market can be reversed. Immediately after that, the Securities Regulatory Commission promulgated the Supplementary regulations on the repurchase of shares by centralized bidding by listed companies in 2008, and the Shanghai Stock Exchange issued in 2013 the "guidelines on the repurchase of shares by listed companies in the form of centralized bidding" (revised in 2013). Therefore, this paper combs the sample data of stock repurchase from 2007 to the end of 2016, and studies and analyzes the market effect of stock repurchase in listed companies from the perspective of tradable shares. The research results have theoretical and practical significance for how to further draw closer to the level of developed countries in the future. Starting with the concept of stock repurchase, this paper summarizes the domestic and foreign research results and development status, and discusses the factors that may affect the market effect from the theoretical point of view. The sample of repurchase is divided into two types: centralized bidding and agreement repurchase. The short-term market effect of repurchase is tested by event study method. It is found that the market effect of repurchase is more significant, but the phenomenon of information leakage in advance is existed. After that, empirical data are used to study the influencing factors of stock repurchase market effect. From the financial point of view, the higher the ROE is, the more positive the market response of stock repurchase is. The ratio of assets and liabilities, the cash flow of the company's operating activities are negatively related to the market effect. From a non-financial point of view, the degree of equity concentration, the size of the company will have a reverse relationship with the stock buyback.
【學(xué)位授予單位】：浙江大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類(lèi)號(hào)】：F832.51

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本文編號(hào)：2010273