本文選題：中國概念股 + 股票回購��； 參考：《貴州財(cái)經(jīng)大學(xué)》2013年碩士論文

【摘要】：自上世紀(jì)90年代起,中國企業(yè)赴美上市漸成熱潮,目前已有200多家中國企業(yè)在美國上市,形成了所謂的“中國概念股”。2011年初,美國的市場做空機(jī)構(gòu)Muddy Waters發(fā)布對中國高速傳媒控股公司的研究報(bào)告,質(zhì)疑該公司蓄意夸大盈利能力,引起中國概念股陷入誠信危機(jī),導(dǎo)致股價大幅下跌,甚至有20多家公司因之從美國三大市場退市。為應(yīng)對股價下降,以淘寶、網(wǎng)秦、當(dāng)當(dāng)、搜狐為代表的一些中國公司紛紛回購本公司股票來進(jìn)行自救。截至2011年12月,2011年共有64家中國公司先后69次推出股票回購計(jì)劃,回購金額超過30億美元。中國概念股回購效果如何?是否能夠提振市場信心,提升公司股價?這就是本文所要研究的問題。 本文選取2011年至2012年期間進(jìn)行回購的中國概念股作為樣本,利用實(shí)際市場數(shù)據(jù)進(jìn)行實(shí)證分析,以研究中國概念股的回購效果,全文共分五章。 第一章為引言,本章主要介紹研究背景、研究意義、研究思路、主要研究內(nèi)容及創(chuàng)新之處。第二章為股票回購相關(guān)理論。本章首先介紹股票回購內(nèi)涵及法律界定；其次介紹股票回購方式及作用；最后介紹股票回購動機(jī)的有關(guān)理論假說。第三章為股票回購模型設(shè)計(jì)。本章首先對模型的研究做了一個假設(shè)；之后介紹了的事件研究方法；最后提出本文的研究步驟。第四章為實(shí)證分析,是本文的主要內(nèi)容。本章首先對中國概念股的股價變動進(jìn)行描述性統(tǒng)計(jì)分析,之后對中國概念股回購的財(cái)富效應(yīng)進(jìn)行實(shí)證研究；最后對回購前后公司經(jīng)營效益進(jìn)行分析。第五章為結(jié)論與展望。本文的結(jié)論是中國概念股回購效果不好,其原因可能為,中國公司進(jìn)行股票回購的同時,沒有提升本公司的經(jīng)營業(yè)績,沒有提振市場信心。基于這一結(jié)論,論文提出三方面研究啟示：公司管理層應(yīng)主動披露公司相應(yīng)的財(cái)務(wù)數(shù)據(jù),以提升本公司的經(jīng)營業(yè)績,增強(qiáng)市場信心；投資者應(yīng)理性對待中國概念股的回購,謹(jǐn)慎投資；監(jiān)管部門應(yīng)要求上市公司加強(qiáng)信息披露,以有效保護(hù)投資者利益。
[Abstract]:Since the 1990s, Chinese enterprises have been going public in the United States. At present, more than 200 Chinese enterprises have listed in the United States, forming so-called "Chinese concept stocks". Muddy Waters, the US short seller, has released a research report on China's high-speed media holding company, questioning the company's deliberate exaggeration of its profitability, causing the Chinese concept stock to plunge into a crisis of integrity, leading to a sharp drop in its share price. As a result, more than 20 companies have delisted from the three major markets in the United States. In response to the decline in stock prices, Taobao, net Qin, Dangdang, Sohu as the representative of a number of Chinese companies to buy back their shares in order to save themselves. As of December 2011, 64 Chinese companies had launched 69 share buybacks, worth more than $3 billion, in 2011. What is the effect of repurchase of Chinese concept shares? Will it boost market confidence and boost the company's share price? This is the question that this text wants to study. This paper selects the Chinese stocks repurchased from 2011 to 2012 as a sample and uses the actual market data for empirical analysis to study the repurchase effect of Chinese concept stocks. The full text is divided into five chapters. The first chapter is the introduction, this chapter mainly introduces the research background, research significance, research ideas, main research content and innovation. The second chapter is the theory of stock repurchase. This chapter firstly introduces the connotation and legal definition of stock repurchase, secondly introduces the ways and functions of stock repurchase, and finally introduces the theoretical hypothesis of the motivation of stock repurchase. The third chapter is the design of stock repurchase model. In this chapter, a hypothesis is made for the research of the model, then the method of event research is introduced. Finally, the research steps of this paper are proposed. The fourth chapter is the empirical analysis, which is the main content of this paper. This chapter firstly carries on the descriptive statistical analysis to the Chinese concept stock price movement, then carries on the empirical research to the Chinese concept stock repurchase wealth effect, finally carries on the analysis to the company management benefit before and after the repurchase. The fifth chapter is the conclusion and prospect. The conclusion of this paper is that the repurchase effect of the Chinese concept stock is not good. The reason may be that the Chinese company has not improved the company's operating performance and not boosted the market confidence while carrying out the stock repurchase. Based on this conclusion, the paper puts forward three aspects of research enlightenment: the company management should actively disclose the corresponding financial data of the company, in order to enhance the company's business performance and enhance market confidence, investors should treat the repurchase of Chinese concept shares rationally. In order to protect the interests of investors, regulators should require listed companies to enhance information disclosure.
【學(xué)位授予單位】：貴州財(cái)經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.51

【參考文獻(xiàn)】

相關(guān)期刊論文 前3條

1 梁麗珍;;上市公司股票回購的公告效應(yīng)及動因分析[J];經(jīng)濟(jì)與管理研究;2006年12期

2 韓非;肖輝;;中美股市間的聯(lián)動性分析[J];金融研究;2005年11期

3 益智,張為群;我國上市公司股份回購效應(yīng)分析——兼論股權(quán)分置改革背景下回購的作用[J];商業(yè)經(jīng)濟(jì)與管理;2005年10期

，

本文編號：1942013