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本文从2006年-2012年的股份回购的上市公司为研究对象,利用超常收益(AR)、平均超常收益(AAR)、累积超常收益(CRRA)来分析研究。研究结果表明,上市公司在公司成熟期,为了加强原来股东有效控制股份,从外部股东回购股份,从而增强公司的未来盈利的目的,向市场传递本企业良好的信息。
In this paper, from 2006-2012 stock repurchase of listed companies as the research object, the use of abnormal returns (AR), the average abnormal return (AAR), cumulative abnormal return (CRRA) to analyze the research. The results show that the listed companies in the mature period, in order to strengthen the original shareholders effectively control shares, buy back shares from external shareholders, so as to enhance the company’s future profitability, to pass on the good news of the enterprise.