本文選題：股份回購 + 影響因素��； 參考：《北京郵電大學(xué)》2014年碩士論文

【摘要】：作為一種重要的資本退出機制和價值分配方式,股份回購在西方資本市場上受到上市公司的青睞和投資者的追捧。相關(guān)研究成果頗豐,特別是股份回購動機和市場反應(yīng)這兩類議題。在國內(nèi)市場上,隨著相關(guān)法律法規(guī)的出臺,越來越多的上市公司通過股份回購特別是公開市場股份回購的方式實現(xiàn)回饋股東或刺激股價等目的。相關(guān)統(tǒng)計數(shù)據(jù)顯示,截至2013年8月31日,我國上市公司的公開市場股份回購公告達38起,計劃回購股份數(shù)量約為66億股,回購金額約為241億元人民幣。 本文以2005-2013年期間滬深兩市38起公開市場股份回購為研究對象,試圖基于理論和實證兩個角度的深入分析,總結(jié)我國上市公司股份回購在影響因素以及管理對策方面的特點,并將“管理者過度自信”這一行為財務(wù)因素引入研究,探討其與股份回購之間的關(guān)系。本文共包括五個部分：第一部分為緒論；第二部分從影響因素和管理對策兩個方面綜述現(xiàn)有研究成果,并提煉出全文核心內(nèi)容；第三部分運用二元Logistic回歸分析方法從公司財務(wù)和公司理論兩個角度實證股份回購的影響因素,發(fā)現(xiàn)經(jīng)營業(yè)績、股利支付水平、現(xiàn)金持有水平以及股權(quán)集中度是影響上市公司股份回購的主要因素；第四部分探討了上市公司管理者如何做出后續(xù)管理對策,結(jié)果表明外部投資者的市場反應(yīng)會影響上市公司短期的回購行為,而股價水平和現(xiàn)金流狀況影響其長期的管理對策；第五部分是全文的結(jié)論章節(jié)。結(jié)果表明,我國上市公司的股份回購行為是其在經(jīng)營業(yè)績較好、現(xiàn)金流狀況較佳的情況下返還資金以回饋股東的方式,是對現(xiàn)金股利的補充；而公開市場股份回購的靈活性使其成為管理者在股價較為低迷時向外界傳遞被低估信息進而提升股價的工具；同時,股份回購也逐漸成為上市公司加強自我管理并降低代理成本的一種方式。此外,管理者過度自信同樣會影響股份回購行為,促使上市公司短期內(nèi)利用股份回購提升股價,長期則傾向于保留資金而減少回購。
[Abstract]:As an important mechanism of capital withdrawal and value distribution, share repurchase is favored by listed companies and sought after by investors in the western capital market. There has been a lot of research, especially on the motivation of share repurchase and market reaction. In the domestic market, with the introduction of relevant laws and regulations, more and more listed companies through the stock repurchase, especially in the public market, to achieve the purpose of giving back to shareholders or stimulating the stock price. According to the relevant statistics, as of August 31, 2013, 38 public share buybacks have been announced by listed companies in our country, and the number of shares repurchased is about 6.6 billion shares and the amount of share repurchase is about 24.1 billion yuan. This paper takes 38 stock buybacks in Shanghai and Shenzhen stock markets from 2005 to 2013 as the research object, and attempts to sum up the characteristics of Chinese listed companies' share repurchase in influencing factors and management countermeasures based on theoretical and empirical analysis. The behavioral financial factor of "manager overconfidence" is introduced to study the relationship between overconfidence and share repurchase. This paper consists of five parts: the first part is the introduction, the second part summarizes the existing research results from the impact factors and management countermeasures, and extracts the core content of the paper. The third part uses the dual Logistic regression analysis method to demonstrate the influencing factors of stock repurchase from two angles of company finance and company theory, and finds out the operating performance and dividend payment level. The level of cash holding and the degree of ownership concentration are the main factors that affect the share repurchase of listed companies. The fourth part discusses how the managers of listed companies make subsequent management countermeasures. The results show that the market reaction of external investors will affect the short-term repurchase behavior of listed companies, while the stock price level and cash flow status will affect their long-term management strategies. The fifth part is the conclusion of the full text. The results show that the stock repurchase behavior of listed companies in our country is the way to return the funds to the shareholders under the condition of good operating performance and good cash flow, and it is a supplement to the cash dividend. The flexibility of share repurchase in the open market makes it a tool for managers to pass on undervalued information to the outside world when stock prices are relatively low, and at the same time, Share repurchase has gradually become a way for listed companies to strengthen self-management and reduce agency costs. In addition, managers' overconfidence can also affect share buybacks, prompting listed companies to use share repurchases to boost their share prices in the short term, while in the long run they tend to retain funds and reduce buybacks.
【學(xué)位授予單位】：北京郵電大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51

【參考文獻】

相關(guān)期刊論文 前10條

1 趙華;孫偉;;上市公司股票回購影響因素分析[J];財會通訊(學(xué)術(shù)版);2008年02期

2 趙澄;何建國;;關(guān)于上市公司股利政策生成機理的實證研究——基于管理者過度自信視角[J];財會月刊;2012年05期

3 王偉;國有法人股回購的信息內(nèi)涵及市場識別——“云天化”和“申能股份”公司回購國有法人股的實證研究[J];管理世界;2002年06期

4 余明桂;夏新平;鄒振松;;管理者過度自信與企業(yè)激進負債行為[J];管理世界;2006年08期

5 譚勁松;陳穎;;股票回購:公共治理目標(biāo)下的利益輸送——我國證券市場股票回購案例的分析[J];管理世界;2007年04期

6 石濤;;股份回購的市場效應(yīng)和財務(wù)效應(yīng)——基于華海藥業(yè)、九芝堂和天音控股的案例研究[J];財務(wù)與會計(理財版);2011年04期

7 尹蘅;;中國上市公司股份回購理論分析與現(xiàn)實檢驗[J];經(jīng)濟與管理;2007年05期

8 李曜;何帥;;上市公司公開市場股份回購宣告動因的真與假——基于公司財務(wù)與市場識別的研究[J];經(jīng)濟管理;2010年05期

9 李云鶴;李湛;;行為公司金融研究新進展:管理者過度自信的視角[J];經(jīng)濟評論;2010年06期

10 姜付秀;張敏;陸正飛;陳才東;;管理者過度自信、企業(yè)擴張與財務(wù)困境[J];經(jīng)濟研究;2009年01期

，

本文編號：1987163