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本文以2008年1月1日至2015年12月31日期间我国市场上发布股票回购预案的公司为研究对象,对影响股票回购的市场反应的因素作具体分析。研究结果发现,在股票回购发布预案当日和前期,个股拥有非常显著为正的超常收益率。从公司特征和回购特征两个方面对公司规模、主营业务收入增长率、资产负债率、净资产收益率、市账比、经营现金流量比、资产收益率、市盈率与回购比率等9个因素和个股的累积平均超常收益率做相关性分析。
This article takes the company which released the stock repurchase plan on the Chinese market from January 1, 2008 to December 31, 2015 as the research object, and makes a concrete analysis on the factors that affect the market response of the stock repurchase. The study found that stocks had a very significant positive return on the same day and in the early stages of the stock repurchase announcement. From the two aspects of company characteristics and repurchase characteristics, the company scale, the growth rate of main business income, asset-liability ratio, return on net assets, market-to-book ratio, operating cash flow ratio, return on assets, price-earnings ratio and repurchase ratio Factors and individual stocks cumulative average abnormal return rate do correlation analysis.