我国上市公司限制性股票回购的市场反应及影响因素分析.docxVIP

我国上市公司限制性股票回购的市场反应 及影响因素分析张恩焕(上海师范大学商学院，上海，200234)摘要：股票回购现已成为西方资本市场中的一种重要的资本运作手段。在我 国，因资本市场的较晚起步、股权分置等历史问题的影响，上市公司应用起这一手 段时表现的并不那么成熟。但由于股票回购带来的正面效应，越来越多的人关注到 它。本文以与股权激励相关的限制性股票回购事件作为研究对象。本文研究表明： 限制性股票回购的回购公告依然向市场传递了积极的信号，对公司股价的累积超额收 益率有一定的提高作用。其中，净资产收益率与回购公告的市场效应呈显著正相关关 系；主营业务收入增长率和回购规模与其呈显著负相关关系；资产负债率和每股净 资产的同比增长率与其呈正相关关系，但是并不显著。关键词：限制性股票回购；公告效应；回归分析 JEL分类号：G39The Research on Market Reaction to Restricted Stock Repurchase Announcement and Its Innuencing Factorsof Listed Companies in ChinaZhang En-huan(School of Finance and Business，Shanghai Normal Universi劬Shanghai，200234)Abstract：Stock repurchaSe haS become an imponant means of capital operation in the westem capital market． HoweVer， in China， Due to our capital market started late， historjcal probIems in the non—tradabIe share refbrm，the ef琵ct of using stock repLIrchase was f．ound to be insigni稍cant．But because of the positiVe efkct of stock repLIrchases， more and more people pay anention to it．This article selects restricted stock rep Llrchasewhich is related to equity incentiVe aS the object of research．Throu曲the empirical analysis of aVailable，the announcement sent a positiVe signal to the market，and increase the cumuIatiVe excess retum of the stock price．Among them，there is a signi行cant posjtiVe correlation between the rate of retum on net aSsets and its market ef．fect；There was a signi氍cant negatiVe collrelation between the main camp business income growth， repurchase scale and its market ef．fect；The rate of aSsets and Iiabilities，net aSsets pershare yea卜on—year gro、Vth rate are positiVely correlated with the market ef琵ct，but the result is not sign讯cantly．Keywords：Restricted Stock Repurchase；The Announcement Eff．ect；Regression Analysis1张恩焕(1991．11一)，女一I：海师范大学商学院金融学在读研究生；研究方向：公司金融。地址：．I：海市徐汇区桂林路100号；邮编：200234；电话E—mail：enhuan@126．cOm。一、引言股票回购起源于美国，上个世纪70年代，美国经济发展遭遇滞涨，资本市场表 现的十分低迷。尼克斯总统为了挽救经济，对公司发放现金股利的行为进行限制， 使得许多公司避之而采用股票回购这一创新方式。在80年代后，里根总统实施了放 松市场管制的政