摘要
《公司法》第142条有关股份回购的规定修改之后,掀起了一波股份回购热潮.以2018-10-26—2018-12-31期间发布股份回购公告且在上海证券交易所上市的60家A股上市公司为研究对象,利用事件研究法及多元回归分析法,实证分析了上市公司股份回购的短期效应及影响短期公告效应的因素.研究结果表明,在短期内,上市公司股份回购对股价变动具有显著的正效应,且该效应与上市公司回购股份前一年的净资产收益率呈显著负相关,与回购价格比和第一大股东持股比例呈显著正相关.
After the amendment of article 142 of the company law on share repurchase,a wave of share repurchase boom has been set off.60 A-share listed companies which issued share repurchase announcement and listed on Shanghai stock exchange from October 26,2018 to December 31,2018 were selected as the research objects,the short-term effects of listed companies′share repurchase and the factors affecting the short-term announcement effect was analyzed by using of the event research method and multiple regression analysis method.The research results show that in the short term,the share repurchase of listed companies has a significant positive effect on stock price changes,and this effect has a significant negative correlation with the return on net assets of the year before the share repurchase of listed companies,and a significant positive correlation with the repurchase price ratio and the largest shareholder′s shareholding ratio.
作者
徐文奎
XU Wenkui(School of Economics,Anhui University,Hefei 230601,China)
出处
《高师理科学刊》
2020年第7期5-10,共6页
Journal of Science of Teachers＇College and University
关键词
股份回购
公告效应
股价变动
share repurchase
announcement effect
stock price change
