中国上市公司宣告和实施股份回购的影响因素研究

›› 2016, Vol. 28 ›› Issue (4): 12-20.

中国上市公司宣告和实施股份回购的影响因素研究

何瑛, 李娇, 王增民

北京邮电大学经济管理学院, 北京 100876

收稿日期:2015-01-09 出版日期:2016-04-28 发布日期:2016-05-16
作者简介:何瑛,北京邮电大学经济管理学院教授,博士生导师,博士;李娇,北京邮电大学经济管理学院硕士研究生;王增民,北京邮电大学经济管理学院副教授,硕士生导师,硕士。
基金资助:
国家自然科学基金项目(71302124);北京邮电大学青年科创重大项目(2014ZD02)。

A Research on the Determinants of the Announcement and Implementation of Share Repurchases for Chinese Listed Companies

He Ying, Li Jiao, Wang Zengmin

School of Economics and Management of BUPT, Beijing 100876

Received:2015-01-09 Online:2016-04-28 Published:2016-05-16

摘要/Abstract

摘要：

本文以我国公开市场股份回购的上市公司为样本,借助公司治理机制、公司财务等相关理论,设计了股份回购行为关键影响因素的分析模型。鉴于股份回购的灵活性导致其在宣告和实施两个阶段存在时间差异,并可能受到不同因素的影响,故本文将基于财务状况和公司治理两个视角,从公开宣告和实施两个阶段分别运用Logistic回归模型和Tobit回归模型实证检验我国上市公司股份回购的关键影响因素。研究结果显示,公开市场股份回购在宣告和实施两个阶段受到多种因素的影响,其中,经营业绩、股利支付水平、现金持有水平以及股权集中度是影响上市公司宣告股份回购的关键因素,而上市公司实施回购行为则受到股价表现以及自身现金流水平的共同影响。

关键词: 股份回购, 宣告和实施, 影响因素, 信号传递假说, 财务灵活性假说

Abstract:

In this paper, we take the Chinese listed companies which have announced and implemented open market share repurchases as the sample and design a key determinant analysis model of share repurchases based on the corporate governance mechanism and corporate finance theories. Given the flexibility of open market share repurchase resulting in the time difference of the two stages (the announcement and implementation), and the two stages may be affected by different factors, we use Logistics and Tobit regression model respectively to study empirically the key determinants of the announcement and implementation stages of open market share repurchase from the perspectives of both corporate finance and corporate governance. We find that open market share repurchases are influenced by various factors in both the announcement and implementation stages. Thereinto, operating performance, the level of dividends payments, cash holdings and ownership concentration are the key determinants affecting the announcement of share repurchases, and the actual requisitions of shares for listed companies are influenced jointly by the stock price performance and cash flow level.

Key words: share repurchase, announcement and implementation, determinants, the signaling hypothesis, the financial flexibility hypothesis

何瑛, 李娇, 王增民. 中国上市公司宣告和实施股份回购的影响因素研究[J]. , 2016, 28(4): 12-20.

He Ying, Li Jiao, Wang Zengmin. A Research on the Determinants of the Announcement and Implementation of Share Repurchases for Chinese Listed Companies[J]. , 2016, 28(4): 12-20.

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