本文關(guān)鍵詞：股票回購、盈余管理與市場反應：源自案例研究的證據(jù)　出處：《哈爾濱商業(yè)大學》2017年碩士論文　論文類型：學位論文

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【摘要】：股票回購作為公司資本運營中的財務手段,本應起到平衡股東之間、股東與公司之間的利益,保護中小股東的合法權(quán)益的作用,但是有些股票回購存在盈余管理行為,在發(fā)布回購公告前,負向調(diào)低利潤,給廣大股民公司經(jīng)營不善的假象,使股價降低,然后發(fā)布回購消息,增強股民的信心,使少部分知情人賺取差價獲利,這不利于我國股票市場的健康發(fā)展,甚至損害了中小股民的利益。因此若是投資者能及時發(fā)現(xiàn)企業(yè)會計報告中的盈余管理,作出理智的判斷,準確的決策來影響股票的價格,有利于監(jiān)管部門對證券信息的披露實施有效調(diào)查和監(jiān)督,有利于完善有關(guān)法律,規(guī)范證券行業(yè)健康發(fā)展。以股票回購為切入點,回顧了股票回購動機的有關(guān)假說、股票回購的市場反應、股票回購與盈余管理的關(guān)系等理論基礎(chǔ)。根據(jù)公司是否真正回購股票,將股票回購分成"假回購"和"真回購"兩種情況探討。產(chǎn)生這兩種情況,一方面是由于股民對企業(yè)回購的決策缺少理智的判斷,對股票回購的理解還僅僅停留在"公司股價被低估"淺顯層面上;另一方面是由于股票回購允許企業(yè)自主選擇回購的時機,當股民盲目反應哄高股價后,企業(yè)很可能放棄實施回購。根據(jù)公司在股票回購前后的盈余管理行為,又分別從"應計盈余管理"和"真實盈余管理"兩方面進行研究,通過盈余管理模型進行數(shù)據(jù)分析,根據(jù)真實與應計盈余管理數(shù)值,判斷公司盈余管理程度。雖然公司發(fā)出股票回購的公告后,在短期內(nèi)股價都有所提升,但從長期的市場反應看,真、假回購的反應完全不同。所以,對于存在盈余管理的股票回購,還是可以通過分析加以判斷,本文分別選取了 "真回購"和"假回購"兩個案例,分析兩個案例的盈余管理數(shù)值,分析其股票回購后的市場反應,發(fā)現(xiàn)存在盈余管理的股票回購與真實股票回購的區(qū)別,幫助股民加以辨認,以期為完善該制度貢獻自己微薄之力。
[Abstract]:As a financial means of capital operation, stock repurchase should balance the interests of shareholders, shareholders and companies, and protect the legitimate rights and interests of minority shareholders. However, some stock repurchase exists earnings management behavior. Before issuing the repurchase announcement, the profits are reduced negatively, which gives the vast number of shareholders the false impression of poor management, which makes the stock price lower, and then issues the repurchase news. To enhance the confidence of the shareholders, so that a small number of insiders to earn profits from the difference, which is not conducive to the healthy development of the stock market in China. Therefore, if investors can find the earnings management in the accounting report in time, make rational judgment, and make accurate decisions to affect the stock price. It is beneficial for the supervision department to carry out the effective investigation and supervision on the disclosure of securities information, to perfect the relevant laws, to standardize the healthy development of the securities industry, and to take stock repurchase as the starting point. This paper reviews the hypothesis of stock repurchase motivation, the market reaction of stock repurchase, the relationship between stock repurchase and earnings management and so on. This paper discusses how to divide stock repurchase into two kinds: false repurchase and real repurchase. On the one hand, these two situations are caused by the lack of rational judgment on the decision of enterprise repurchase. The understanding of stock repurchase is only on the superficial level of "undervalued share price of company"; On the other hand, because stock repurchase allows enterprises to choose their own time to buy back, when the stock owners blindly react to coax the stock price, the enterprise may give up the implementation of the repurchase, according to the earnings management behavior of the company before and after the stock buyback. The author also studies the accrual earnings management and the real earnings management separately, and analyzes the data through the earnings management model, according to the real and accrual earnings management value. Judging the degree of earnings management. Although the company issued a stock buyback notice, the stock price has improved in the short term, but from the long-term market reaction, true, false repurchase response is completely different. For stock repurchase with earnings management, it can be judged by analysis. This paper selects two cases of "true repurchase" and "false repurchase" to analyze the earnings management value of the two cases. This paper analyzes the market reaction after stock repurchase, finds out the difference between the stock repurchase with earnings management and the real stock repurchase, and helps the stockholders to identify it in order to contribute to the perfection of the system.
【學位授予單位】：哈爾濱商業(yè)大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F832.51;F275

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本文編號：1391240