【摘要】：股票回購是指上市公司通過一定程序運用自有資金、債權(quán)或?qū)ν馀e債等方式購回本公司發(fā)行在外的股票的行為。股票回購在西方發(fā)達(dá)國家的資本市場非常普遍,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。隨著我國證券市場的發(fā)展與完善,股票回購作為資本運作方式受到我國上市公司的重視。2005年股權(quán)分置改革使我國資本市場進(jìn)入全流通時代；2008年證監(jiān)會對上市公司集中競價交易方式回購股份做了補充規(guī)定；2013年為維護(hù)證券市場秩序，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，明確新股發(fā)行過程中各主體違法違規(guī)的法律責(zé)任，或者回購或者賠償投資者的損失，該項規(guī)定使歸位盡責(zé)落到實處；此外該意見要求發(fā)行人提出股價“破凈”穩(wěn)定預(yù)案，要求采用公司回購或者控股股東、董事、高管增持的方式，穩(wěn)定股價并保護(hù)中小投資者利益�？梢灶A(yù)見，股票回購對規(guī)范我國資本市場也有著重要意義，將在我國資本市場上得到更多的應(yīng)用和發(fā)展，因此研究股票回購對我國資本市場的發(fā)展非常重要。 本文首先分析了我國股票回購動機，再運用多元回歸法從股票回購因素、成長性與盈利因素、現(xiàn)金流量因素、股價低估因素、財務(wù)杠桿因素方面對股票回購公告的市場反應(yīng)進(jìn)行探討。研究得出我國A股市場進(jìn)行的股票回購會產(chǎn)生積極的市場反應(yīng)，且公告前市場就已經(jīng)顯現(xiàn)出了積極的回應(yīng)，說明股票回購是能向外界傳遞公司股價被低估的信號，但是可能存在信息提前泄露。研究同時發(fā)現(xiàn)股票回購因素中的回購比例因素與公告市場反應(yīng)呈顯著正相關(guān)，現(xiàn)金流量因素、財務(wù)杠桿因素與公告市場反應(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)布股票回購時需兼顧股票回購因素（股票回購比例）、現(xiàn)金流量因素（閑置資金與經(jīng)營現(xiàn)金流量比）、財務(wù)杠桿因素（資產(chǎn)負(fù)債率）對股價的影響。此外，從研究得出的股票回購產(chǎn)生積極市場反應(yīng)與我國股票回購遇冷現(xiàn)狀可以得出，我國股票回購制度存在弊端和不足，，因此本文提出關(guān)于完善股票回購制度的建議。
[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)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51

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