【摘要】：股票回購(gòu)是指上市公司通過(guò)一定程序運(yùn)用自有資金、債權(quán)或?qū)ν馀e債等方式購(gòu)回本公司發(fā)行在外的股票的行為。股票回購(gòu)在西方發(fā)達(dá)國(guó)家的資本市場(chǎng)非常普遍,這是一種改變上市公司資本結(jié)構(gòu)的方式,也是股利分配政策。隨著我國(guó)證券市場(chǎng)的發(fā)展與完善,股票回購(gòu)作為資本運(yùn)作方式受到我國(guó)上市公司的重視。2005年股權(quán)分置改革使我國(guó)資本市場(chǎng)進(jìn)入全流通時(shí)代；2008年證監(jiān)會(huì)對(duì)上市公司集中競(jìng)價(jià)交易方式回購(gòu)股份做了補(bǔ)充規(guī)定；2013年為維護(hù)證券市場(chǎng)秩序，保護(hù)投資者和上市公司合法權(quán)益，發(fā)布了推進(jìn)新股發(fā)行體制改革的意見(jiàn)，明確新股發(fā)行過(guò)程中各主體違法違規(guī)的法律責(zé)任，或者回購(gòu)或者賠償投資者的損失，該項(xiàng)規(guī)定使歸位盡責(zé)落到實(shí)處；此外該意見(jiàn)要求發(fā)行人提出股價(jià)“破凈”穩(wěn)定預(yù)案，要求采用公司回購(gòu)或者控股股東、董事、高管增持的方式，穩(wěn)定股價(jià)并保護(hù)中小投資者利益�？梢灶A(yù)見(jiàn)，股票回購(gòu)對(duì)規(guī)范我國(guó)資本市場(chǎng)也有著重要意義，將在我國(guó)資本市場(chǎng)上得到更多的應(yīng)用和發(fā)展，因此研究股票回購(gòu)對(duì)我國(guó)資本市場(chǎng)的發(fā)展非常重要。 本文首先分析了我國(guó)股票回購(gòu)動(dòng)機(jī)，再運(yùn)用多元回歸法從股票回購(gòu)因素、成長(zhǎng)性與盈利因素、現(xiàn)金流量因素、股價(jià)低估因素、財(cái)務(wù)杠桿因素方面對(duì)股票回購(gòu)公告的市場(chǎng)反應(yīng)進(jìn)行探討。研究得出我國(guó)A股市場(chǎng)進(jìn)行的股票回購(gòu)會(huì)產(chǎn)生積極的市場(chǎng)反應(yīng)，且公告前市場(chǎng)就已經(jīng)顯現(xiàn)出了積極的回應(yīng)，說(shuō)明股票回購(gòu)是能向外界傳遞公司股價(jià)被低估的信號(hào)，但是可能存在信息提前泄露。研究同時(shí)發(fā)現(xiàn)股票回購(gòu)因素中的回購(gòu)比例因素與公告市場(chǎng)反應(yīng)呈顯著正相關(guān)，現(xiàn)金流量因素、財(cái)務(wù)杠桿因素與公告市場(chǎng)反應(yīng)呈顯著負(fù)相關(guān)，其他因素不顯著。因而得出，上市公司在發(fā)布股票回購(gòu)時(shí)需兼顧股票回購(gòu)因素（股票回購(gòu)比例）、現(xiàn)金流量因素（閑置資金與經(jīng)營(yíng)現(xiàn)金流量比）、財(cái)務(wù)杠桿因素（資產(chǎn)負(fù)債率）對(duì)股價(jià)的影響。此外，從研究得出的股票回購(gòu)產(chǎn)生積極市場(chǎng)反應(yīng)與我國(guó)股票回購(gòu)遇冷現(xiàn)狀可以得出，我國(guó)股票回購(gòu)制度存在弊端和不足，，因此本文提出關(guān)于完善股票回購(gòu)制度的建議。
[Abstract]:Stock repurchase refers to the behavior of a listed company buying back the stock issued by the company through certain procedures, such as using its own funds, creditor's rights or borrowing debt from the outside world. Stock repurchase is very common in the capital market of western developed countries, which is a way to change the capital structure of listed companies and also a dividend distribution policy. With the development and perfection of China's securities market, stock repurchase, as a mode of capital operation, has been attached importance to by listed companies in our country. In 2005, the reform of split share structure made the capital market of our country enter the era of full circulation; In 2008, the CSRC made supplementary provisions on the repurchase of shares by centralized bidding of listed companies; In 2013, in order to maintain the order of the securities market and protect the legitimate rights and interests of investors and listed companies, opinions were issued on promoting the reform of the issuance system of new shares, and the legal responsibilities of various subjects in the process of issuing new shares were clearly defined. Or buy back or compensate investors for losses, the provisions to return to due diligence; In addition, the opinion requires issuers to "break" a stable plan for stock prices, requiring companies to buy back or increase the holding of controlling shareholders, directors, and senior executives, to stabilize the share price and protect the interests of small and medium-sized investors. It can be predicted that stock repurchase is also of great significance in regulating China's capital market and will be applied and developed more and more in China's capital market. Therefore, it is very important to study stock repurchase for the development of China's capital market. This paper first analyzes the motivation of stock repurchase in China, and then applies the multiple regression method to analyze the factors of stock repurchase, growth and profit, cash flow and undervaluation of stock price. Financial leverage factors on the stock repurchase announcement of the market reaction. The research shows that the stock repurchase in China's A-share market will produce a positive market reaction, and the market has already shown a positive response before the announcement, indicating that the stock repurchase is a signal that the company's share price is undervalued to the outside world. However, information may be leaked in advance. At the same time, it is found that the ratio of stock repurchase is positively correlated with the announcement market response, the cash flow factor and the financial leverage factor are negatively correlated with the announcement market response, while the other factors are not significant. Therefore, when issuing stock repurchase, listed companies should consider the influence of stock repurchase factor (stock repurchase ratio), cash flow factor (idle capital to operating cash flow ratio) and financial leverage factor (asset-liability ratio) on the stock price. In addition, from the positive market reaction of stock repurchase and the fact that stock repurchase in our country is not as expected, it can be concluded that the stock repurchase system in our country has some disadvantages and shortcomings. Therefore, this paper puts forward some suggestions on perfecting the stock repurchase system.
【學(xué)位授予單位】：杭州電子科技大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類(lèi)號(hào)】：F832.51

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