浅议我国上市公司股票回购

股票回购作为成熟资本市场中调整公司资本结构的运作方法,上世纪90年代被引进我国资本市场。我国证卷市场上的股票回购开始于1992年,2005年成为市场新热点。在股权分置改革之时,股票回购将会成为中国资本市场新兴的金融工具。但要特别注意对于中小投资者利益的保护,完善股票回购的制度。     

股票回购现状与发展研究

在当前中国资本市场迅猛发展的趋势下,股票回购已成为资本市场建设的重要引擎。文章首先对建立股票回购制度的意义进行探析,其次对其现状展开剖析,并梳理与归纳股票回购市场发展进程中现存的问题,最后对研究结果进行整理与解读,基于保障股东及债权人利益、防范公司财务风险、完善信息披露机制防止内幕交易三个维度提出了改进意见,推进股票回购市场发展的策略。     

股权分置改革新思路股票回购

股票回购在西方资本市场上得到普遍运用,文章首先介绍股票回购的相关理论和财务机理;然后,结合西方股票回购的最新动向,阐述股票回购与股东财富之间的内在联系;最后,在兼顾流通和非流通两类股东利益的基础上,分析了我国股票回购的历史实践,提出解决我国上市公司股权分置问题的“股票回购——批股”模型以及合理运用该模型对我国资本市场的现实意义。     

我国上市公司股票回购动因与经济后果分析

上市公司为了让公司成功减小资本,优化公司的股本体系,公司往往应用股票回购这一有效措施。在证券交易过程中,资本运作的方式多种多样,股票回购就是其中的一种,而且往往效果显著,受到许多上市公司的青睐。公司在生产经营时,公司所处的市场一直处于变动之中,适时适量的股票回购是对变化市场的有效应对。恰如其分的股票回购在公司产业资金有效利用、股票价上涨等方面作用显著,而且股票回购有利于股票利润的合理分配,减小持股人之间的矛盾。然而,尽管公司深知股票回购的重要性,近几年来我国股票回购的现象逐年增多,但是我国的资本市场还不完善,公司股票回购过程当中有些问题有待解决。本文就我国上市公司股票回购动因与经济后果进行简要分析,希望对上市公司有效的股票回购有所帮助。     

中国概念股回购市场效应实证研究

针对股价被低估时采用股票回购方式挽救公司股价所带来的市场效应,利用时间窗口和多元线性回归模型,从回购后的市场反应及财富效应角度研究中国概念股股票回购的市场效应。对收集到的2011年中国概念股信用危机期间中国互联网公司概念股回购前后的数据进行实证了实证分析,分析结果显示在市场低迷时期进行股票回购所带来的市场效应并不显著。     

我国上市公司股票回购研究

股票回购在发达国家早已是一种非常成熟的资本运作方式,而在我国却是一项金融创新的举措。我国资本市场股票回购,虽刚刚起步,但亦日益成为人们关注的焦点。股票回购对我国资本市场具有现实意义。目前,我国上市公司股票回购的实践中存在较大的障碍和急待解决的问题,为此,必须采取相应措施。     

健康元股票回购行为分析

股票回购作为上市公司一种利润分配手段,在我国资本市场尚属新生产物。2005年6月16日,证监会颁布的《上市公司回购社会公众股份管理办法(试行)》,标志着我国股票回购的发展进入了新的阶段。随着《管理办法》的颁布以及股权分置改革的开始,我国上市公司出现了短暂的回购热潮,利用股票回购来解决非流通股的问题。之后的几年中,股市逐渐转暖,投资者热情高涨,回购企业寥寥无几。2008年金融危机之后,上市公司市值骤降,一些上市公司认为自身价值被严重低估,可能是出于这方面的考虑,2009年之后又出现了新一轮的回购。但并不是所有的股票回购都有其合理性的存在,尤其是在相关法规制度并不完善我国资本市场,本文以2011年首家进行股票回购的上市公司健康元药业集团股份有限公司(下简称"健康元")为例,分析此次回购可能存在的问题。     

股票回购市场反应研究综述

随着股票回购的日益普及,回购方式影响市场作用机制和理论日益受到重视。本文对国内外股票回购市场反应问题研究成果进行进行了简单梳理和综述,并比较详细介绍了国内股票回购影响市场的实证分析结果,并对当前股票回购市场反应问题研究现状进行简单的总结。     

股票回购对公司价值的影响——云天化股票回购案例研究

股票回购是西方发达国家上市公司一种常见的股利分配政策和资本运作方式,在我国还是证券市场的一个新生事物,实施股票回购会对我国上市公司产生深远影响。本文在阐述我国股票回购方式以及股票回购一般动因和我国股票回购特殊动因的基础上,结合云天化股票回购案例分析了股票回购对上市公司的意义,研究结果表明股票回购对我国上市公司具有特殊的积极意义,有利于公司价值的提升。     

信邦制药股票回购动因及市场效应分析

股份回购在西方发展较早,已经成为资本主义国家公司管理层提高股价或调节资本结构的成熟手段。然而我国的股票回购在21世纪初才起步,实践经验较为不足。本文将分析信邦制药两次股票回购的市场反应并进行对比。结果发现,两次股票回购的实施确实产生了积极的市场影响。此外,基于差异性对比发现,回购目的、回购规模及高管增持公告三方面因素共同影响了信邦制药股票回购的市场效应,使得第二次股票回购市场反应比第一次更加显著。本研究对于公司管理层合理制定股票回购方案以达到预期目的具有一定的借鉴意义。     

Off‐Market Buybacks in Australia: Evidence of Abnormal Trading around Key Dates

Off‐market share buybacks in Australia are often structured with the buyback price comprising a large dividend component (which may carry imputation tax credits) and a small capital component. This unique structure has the consequence that institutions on low tax rates stand to benefit most from selling shares into the buyback. In this article, we explore evidence of abnormal trading activities around key dates in the conduct of off‐market buybacks and investigate the drivers of these activities. We find evidence of abnormal trading activities around the initial announcement and the final announcement dates of the buyback. The significant differences in abnormal volumes between the buybacks with and without imputation tax credits highlight the importance of tax motivations in explaining abnormal trading activities in the shares of companies conducting off‐market buybacks, and are consistent with observed buying pressure around the announcement of the buyback.     

Repurchase Announcements, Lies and False Signals

Prior stock repurchase studies have found evidence that the announcement of a repurchase program sends a positive signal to the market. Firms engaging in open-market repurchase programs do not have to report how, when, and if they actually repurchased any shares. Evidence following the stock market crash of 1987 indicates that many firms announcing repurchase plans did not actually repurchase any share and, by their own admission, had no intention of repurchasing shares. Companies announcing plans and not following through are apparently within the letter of the law. However, we argue that companies announcing plans with no intention of repurchasing shares are guilty of either lying or sending false signals. These companies create distrust in the investment community and intentionally mislead the public in violation of the SEC's antifraud provisions. Changes in the reporting procedures concerning repurchase plans are ethically and legally warranted.     

Share Repurchase Reasons and the Market Reaction to Actual Share Repurchases: Evidence from Australia

Using repurchase reasons provided by Australian companies for their stock repurchase programs, we ask if the market's response is different across repurchase motivations by examining actual daily share repurchases. We find that firms with the undervaluation motive experience a more positive stock price reaction when they report their repurchases to the market. We show that undervaluation motive firms repurchase fewer shares and have a lower program completion rate than other motives firms. During the 1‐year period following the repurchases, undervaluation motive firms do better than their control sample firms whereas other motive firms do not perform better or worse than their control sample firms. Overall, our results suggest that the undervaluation motive is a stronger signal than other repurchase motives, and contrary to the predictions of the standard signaling theories, management statements carry some value for the market. We also present some evidence suggesting that a costly action may not be needed for a signal to be credible.     

我国上市公司股份回购效应分析--兼论股权分置改革背景下回购的作用

我国股票市场成立以来曾发生过多次股份回购事件,本文运用事件研究方法和会计研究法进行实证分析,讨论股份回购对上市公司财富效应、绩效的影响,本文还提出了在股权分置改革背景下对股份回购的一些思考,认为回购对股权分置的解决具有较为实质的辅助作用。     

Credibility of corporate announcements and market reaction: evidence from Canadian share repurchase programs

Do market participants evaluate the credibility of a firm's share repurchase announcement based on the firm's share repurchase history? Using a sample of 1,507 share repurchase programs for firms listed on the Toronto Stock Exchange from 1994 to 2005, we find that 69% of firms fail to acquire the target number of shares specified at announcement and many firms fail to repurchase any shares. We develop credibility indices and find a positive relationship between current announcement abnormal returns and completion credibility of previous announcements. We conclude that the market prices completion credibility of past share repurchase announcements in reacting to current repurchase announcements. Copyright © 2010 ASAC. Published by John Wiley & Sons, Ltd.     

论我国上市公司股份回购制度的法律完善

股份回购是国外成熟的资本市场常见的资本运作方式,在我国还仅仅是一种金融创新行为。股份回购具有多种功能,在我国允许满足一定条件的上市公司回购自己股份更具有特殊的意义。但我国有关股份回购的立法粗糙滞后,已不能满足实践的需要。因此,坚持股东实质平等和保护债权人利益的立法原则,选择适宜的立法模式,建立既适应国情又符合国际惯例的股份回购法律制度非常必要。     

The Interrelationship Between Macroeconomic Variables and Stock Prices-The Case of China

ABSTRACT

Prior studies of industrialized countries have found that a definite relationship exists between the stock market returns and macroeconomic variables such as inflation and real output. This paper investigates the effects of changes in the consumer price index on industrial production and stock market returns for China. Six different types of Chinese shares are examined for the period 1994–1998. The results show a very significant positive relationship between inflation and real output. A positive and significant association is found between stock returns and real output in current periods. Inflation seems to have no impact on Chinese real stock returns. These relationships all hold for “B” shares, “H” shares and red chips. China's “A” share returns seem not to be impacted by either changes in domestic inflation or real industrial production.     

B股:改革或自我救赎

伴随着我国资本市场不断走向成熟,B股问题越发凸显。相对于管理层长久观望的迟疑态度,B股自2012年起至今,掀起了包括B股转H股、B股转A股、B股回购和B股缩股等多方式自救,但仅仅依靠B股自我救赎,不可能完全解决B股出路问题。无论是决定彻底关闭B股市场或者将B股市场做大做强,必须伴随政策推动的改革创新,双管齐下才是根本性途径,B股的未来不在于放任自流,而是要敢于打破现状,确立清晰的发展方向,改革措施和自我救赎方式才能有的放矢,相得益彰。