【作者】 陶静；

【导师】 华俊；

【作者基本信息】 华东师范大学 ， 金融学， 2019， 硕士

【摘要】 股票回购通常是指上市公司运用自有资金或者筹措资金,委托有关证券公司从股票市场上购回本公司在市场上流通的部分股票,以实现维稳本公司股价或提升市值的行为。市值管理则是上市公司在价值创造的基础上,结合多种科学、合规的价值经营手段,使公司价值实现最优化的一种战略管理行为。两者之间既互相区别又互相联系,区别在于股票回购是单一化手段,而市值管理是综合性手段;联系在于股票回购作为资本运作手段,只要运用得当能起到稳定股价、形成公司内部激励机制等提升市值管理效果的作用。从2005年开始,我国资本市场正式实现了股票全流通,随着这十多年来股市数度的暴涨暴跌,股票回购更是成为市场的热点。因此,本文拟通过对中国上市公司股票回购的研究,旨在说明股票回购对上市公司市值管理是否有效果。本文整理了2016年至2018年样本公司股票回购的相关数据,将其与用因子分析法求出的市值管理总得分联系起来进行数据统计和实证分析。发现股票回购对中国上市公司的市值管理呈现出短期有效、长期无效的现象。其中被动回购远远超过主动回购,回购比例偏低,约半数的公司对回购不是很积极等原因,造成了股票回购无法正常发挥出其具有的长期提升市值管理的功效。因此,本文建议上市公司在回购模式、回购次数、回购比例等方面作出适度的调整,同时同步协调市值管理体系,注意股票回购和市值管理的平衡发展。政府层面和投资者也应起到监管、监督的作用。更多还原

【Abstract】 Stock repurchase usually means that a listed company uses its own funds or raises funds to entrust the relevant securities company to buy back some of the shares of the company that are circulating in the market from the stock market in order to maintain the company’s share price or increase the market value.Market value management is a kind of strategic management behavior in which listed companies combine the various scientific and compliant value management methods to optimize the company’s value on the basis of value creation.The two are different and related to each other.The difference is that stock repurchase is a singular means,and market value management is a comprehensive means;the link is that stock repurchase is a means of capital operation,as long as it can be used properly to stabilize the stock price and form a company.The internal incentive mechanism enhances the effect of market value management.Since 2005,China’s capital market has officially realized the full circulation of stocks.With the sharp rise and fall of the stock market in the past decade,stock repurchases have become a hot spot in the market.Therefore,this paper intends to study the stock repurchase of listed companies in China,aiming to show whether stock repurchase has any effect on the market value management of listed companies.This paper sorts out the data of sample company stock repurchase from 2016 to 2018,and correlates it with the total score of market value management obtained by factor analysis method for data statistics and empirical analysis.It is found that the stock repurchase has a short-term effective and long-term invalidation effect on the market value management of Chinese listed companies.Among them,passive repurchase far exceeds active repurchase,and the proportion of repurchase is low.About half of the companies are not very active in repurchasing,which causes the stock repurchase to fail to play its long-term market value management.Therefore,this paper suggeststhat listed companies make appropriate adjustments in terms of repurchase mode,number of repurchases,and proportion of repurchase,and simultaneously coordinate the market value management system,paying attention to the balanced development of stock repurchase and market value management.Government level and investors should also play a role in supervision and supervision.更多还原