本文選題：股票回購　切入點：回購動機　出處：《上海交通大學》2013年碩士論文　論文類型：學位論文

【摘要】：本文主要論述了我國上市公司股票回購的實踐及法律制度，股票回購動機，股票回購公告的市場效應及影響因素。文章從股票回購的基礎理論出發(fā)，在現(xiàn)有文獻研究的基礎上，提出假設，采用多元回歸分析法驗證我國上市公司股票回購的動機和回購公告效應的影響因素；采用事件研究法檢驗我國上市公司股票回購公告的市場反應。最后，通過實證研究的結(jié)論，對我國股票回購未來的發(fā)展和制度的完善提出建議。本文的主要研究結(jié)論如下： （1）發(fā)現(xiàn)我國上市公司的回購動機與國外有較大的差異性。某些國外成熟的回購動機假說，如信號傳遞假說，自由現(xiàn)金流量假說和財務杠桿假說可以解釋我國股票回購的動機。而財務靈活性假說目前還無法解釋我國股票回購的動機。另外，基于我國證券市場的歷史原因和發(fā)展狀況，優(yōu)化股權結(jié)構(gòu)和解決大股東資金占用也成為股票回購的真實動機。 （2）通過對股票回購公告市場反應影響因素的實證研究發(fā)現(xiàn)：市場對于公司股票回購公告存在正效應，但在回購公告之前確實存在信息提前泄露的現(xiàn)象。 （3）我國上市公司事件期公告效應的主要影響因素包括市盈率，第一大股東持股比例，公司規(guī)模和成長性等。市盈率越低，回購公告的市場反應就越大。第一大股東持股比例越高，公司的成長性越好，公司規(guī)模越小，，則公告效應越強。公告期內(nèi)資產(chǎn)負債率和凈資產(chǎn)收益率與股價的異常報酬率關系并不顯著。
[Abstract]:This paper mainly discusses the practice and legal system of stock repurchase of listed companies in China, the motivation of stock repurchase, the market effect of stock repurchase announcement and the influencing factors. Put forward the hypothesis, use the multiple regression analysis method to verify the motivation of the stock repurchase and the influencing factors of the repurchase announcement effect of the listed company in our country, use the event research method to test the market reaction of the stock repurchase announcement of the listed company of our country. Finally, Through the conclusion of the empirical research, the paper puts forward some suggestions on the future development and the perfection of the system of stock repurchase in China. The main conclusions of this paper are as follows:. (1) it is found that the repurchase motivation of Chinese listed companies is different from that of foreign countries, and some mature repurchase motivation hypotheses, such as signal transmission hypothesis, are found in some foreign countries. The free cash flow hypothesis and the financial leverage hypothesis can explain the motivation of stock repurchase in China, while the financial flexibility hypothesis can not explain the motivation of stock repurchase in China at present. Optimizing the ownership structure and solving the capital occupation of large shareholders also become the real motivation of stock repurchase. 2) through the empirical research on the factors influencing the market reaction of stock repurchase announcement, we find that the market has positive effect on the stock repurchase announcement, but there does exist the phenomenon of information leaking in advance before the repurchase announcement. 3) the main influencing factors of the announcement effect of the event period of the listed companies in China include the price-earnings ratio, the proportion of the largest shareholders, the size and growth of the company, etc. The lower the price-earnings ratio, the lower the P / E ratio. The greater the market response to the repurchase announcement, the higher the shareholding ratio of the first largest shareholder, the better the company's growth and the smaller the company's size. The stronger the announcement effect is, the less significant the relationship between the ratio of assets and liabilities and the rate of return on net assets and the abnormal rate of return on stock price in the reporting period.
【學位授予單位】：上海交通大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F832.51

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本文編號：1558234