【作者】 吕亮；

【导师】 严汉民；

【作者基本信息】 中国地质大学 ， 会计学， 2008， 硕士

【摘要】 股份回购是上市公司为配合资本结构决策、股利政策等公司战略发展要求而广泛采用的财务措施,上公司股份回购能引起其公司价值、财务状况和股东财富的变化,使公司和股东获得可观的财富效应。股份回购给公司和股东带来财富效应,主要有以下几个方面。首先,通过股份回购可以优化资本结构。因债务融资的成本相对较低,而股权融资由于市场监管较严和股利政策的刚性,其成本相对较高。资产负债率较低的公司通过回购部分股票并适当增加债务,有利于充分地发挥财务杠杆的效应,降低公司总体融资成本,从而增强公司未来盈利预期,提高公司的股票价格。其次,通过股份回购,也可以向市场传递积极的信号。从而避免市场出现上市公司投资价值被普遍低估现象的长期存在,起到增加企业价值的目的。并且,通过股份回购能够减少代理成本。当上市公司执行股份回购后,公司的负债比率明显上升,这将迫使债权人在债务合同中加入限制条款,从而起到监督管理层的作用,达到增加企业价值的功效。在我国,股份回购可以帮助上市公司进行国有股减持、大股东套现或调整、规范股权结构。股份回购在增加公司价值的同时,对于其股东的财富增长也有帮助。西方学者如弗麦兰等的实证研究也表明,股份回购不仅可以使出让股票得到当时股票市价23%的溢价,而且在收购要约到期时,股价仍要高出收购要约公告前价格的13%-16%。也就是说,实证研究表明股份回购会促使公司股票的市价长期增长,从而提升公司股东的财富,促进企业财务目标的实现。由于各国资本利得的税负普遍低于对股利红利收益的税负,通过股份回购派发股利还可以帮助投资者合法避税,使股东获得节税效应。可见,股份回购的财富效应,是一个客观存在的事实。使财富效应最大化,对于上市公司和股东来说,有重要意义。国内学者对股份回购有相关研究,但是他们的研究重点多在于对股份回购的定性研究,较少进行定量研究,且研究面也不是很宽。即使有学者进行过一些实证性研究,但他们主要关注的是某些上市公司国有法人股回购所传递的信息内涵,或者上市公司股份回购实施后对公司财务的影响,或者股份回购后取得了哪些财富效应,以及股票市场对相关回购信息的识别与反应等,罕见有对于股份回购财富效应的影响因素的相关研究。本文结合股份回购基本模型,对我国上市公司股份回购财富效应的影响因素进行实证研究,找出显著的、有利的影响因素,以期有益于上市公司股份回购的实际决策,帮助上市公司提高资本运作水平、获得较大的正财富效应,最终实现股东财富最大化目标。本文共分五章进行论述:第一章是引言,主要介绍了本文的研究背景及意义、相关文献综述、研究方法与主要内容、主要创新点;第二章是上市公司股份回购概述,主要介绍了股份回购的含义和动机、股份回购的理论与模型。从不同的角度探讨公司回购股份的动机以及股份回购创造股东财富的内在机理,为本文的论述做好了理论铺垫;第三章讨论的是股份回购财富效应影响因素的内容,在介绍股份回购的财富效应的基础上,说明了影响因素的来源,具体分析了股份回购财富效应的影响因素,为实证分析提供了变量的来源。第四章是对我国上市公司股份回购财富效应的影响因素进行实证分析,通过对股份回购财富效应影响因素的量化分析筛选,选取合适变量,以财富效应为被解释变量,进行回归分析,在众多影响股份回购财富效应的因素中,找出①影响最为显著的因素;②正向影响财富效应的有利影响因素;③谋求财富效应最大应注意的问题。以期为股份回购的具体操作提供有益的参考;第五章是本文研究结论与展望,对本文研究进行了总结,同时对上市公司最大化股份回购的财富效应提出了建议。在对本文研究局限性分析之后,对今后股份回购的研究提出了展望。更多还原

【Abstract】 Share repurchase is the financial measure that listed company uses widely for the company’s strategic development requirement of capital structure decision-making dividend policy and so on. The share repurchase of listed company can change its company’s value, financial standing and shareholder wealth, make company and shareholders get considerable wealth effect.Share repurchase may optimize capital structure, the cost of debt financing is lower, because of strict market supervision and the rigidity of dividend policy, the cost of equity financing is higher. company which asset-liability ratio is lower repurchase its stocks and increases debt properly, is helpful for the effect of financial lever, reduce company’s overall financing cost, so strengthen the anticipation of future company’s profit ability, increase company’s stock price. Through stock repurchase , may transmit positive signal to market to avoid its investment value of listed company have been underestimated long time in the market, take the effect on increasing enterprise value. And, share repurchase can reduce company’s agency cost. After listed company buyback its stock, its asset-liability ratio goes up obviously, this will force creditor to add restrict term in debt contract, plays the part of the role of supervising management level and reaches the effect that increases enterprise value. In our country , stock repurchases may help listed company to reduce hold state-owned stock , big shareholder cover shows or adjusts , standard stock equity structure. Stock repurchases can increase company’s value, at the same time, it also helpful to increase the wealth of company’s shareholder. Western scholars as Vermaelen etc. made empirical research and shows that stock repurchases may not only make the people who sell stock get the 23% at a premium, and when purchases offer at term, share price will still higher to the former price before announcement about 13%-16%. It is said that empirical research shows stock repurchase will make company’s stock price in a long-term increase, increase the wealth of company’s shareholder and promotes the realization of enterprise financial goal. Since the cost of capital gains tax is lower than the tax for dividend bonus profit, through stock repurchase distribution dividend may help investor legal avoid tax, make shareholder get the effect of reduce tax burden.The wealth effect of stock repurchase is a objective existent fact. To make wealth effect biggest is important for listed company and shareholder. The focal point of domestic research about stock repurchase lies in the nature study , quantitative researches are comparatively less , and study parts are also less. Even if having some scholars carried out empirical research, but they mainly pay attention to what the information have be transmitted when listed company repurchase country corporative shares, or the stock repurchase influence company’s finance, as well as the response by stock market of some share repurchase information etc., except influencing factor of the wealth effect of share repurchases.This paper use stock repurchase basic model, empirical study the influencing factor of the wealth effect of share repurchases of listed company in China, find out notable and favorable influencing factor, in order to help the listed company actual decision-making to repurchase stock, help the raising of listed company the level of capital operation , get greater straight wealth effect, at last realization goal of make shareholder wealth biggest.This paper divides 5 chapters totally to analyze:The first chapter is foreword, which introduce this paper mainly research background and value, related document summary ,research technique and major content and major innovation point.Chapter 2 is the general state of listed company stock repurchase, mainly introduce stock repurchase meaning and its motivation, theories of stock repurchase and model. This Chapter from different aspects analyze the motivations of companies repurchase stocks as well as the inner elements of create shareholder wealth by stock repurchase, have made theoretical prepare for the farther analyze of this paper;The discussion of Chapter 3 is the source and content of influencing factor of wealth effect of stock repurchase. First introduces wealth effect of stock repurchase, then analyze influencing factor of wealth effect. It offer variables for regression analysis.Chapter 4 is an empirical analysis which analyze influencing factors of the wealth effect of share repurchases of listed company in our country, after quantification filtrate influencing wealth effect factors, select suitable variable, carry out regression analysis with wealth effect be the explanation variable, find out①the most notable influences factor;②the favorable influencing factor of wealth effect;③the problem of seeks the biggest wealth effect should be notice, In order to make some useful suggestion to buyback stocks.Chapter 5, it is this paper studies conclusion and prospect, which summarized the research of this paper, at the same time make suggestions for listed company to biggest the wealth effect of stock repurchase. After study the limitation of this paper, at the end of chapter there are some prospect of stock repurchased research in the future.更多还原