股份回购与资本市场定价偏误——基于上市公司的经验证据

通过选取2014-2021年上市公司实际进行股份回购的样本数据，实证检验了股份回购对于资本市场定价偏误的影响机制。研究发现，上市公司实施股份回购能够有效缓解资本市场定价偏误现象，其影响机制在内外部治理水平较高的企业中更显著，并且通过提高信息透明度和降低投资者异质信念水平两个渠道发挥作用。积极进行股份回购的企业在不同回购特征下均能有效缓解定价偏误，当回购股份被用于市值管理计划和股权激励计划时有效降低误定价水平。

Share Repurchase and Capital Market Pricing Errors: Evidence from the Listed Companies

By selecting the sample data of actual share repurchase conducted by listed companies from 2014 to 2021,this paper empirically tests the influence mechanism of share repurchase on pricing bias in the capital market. The results show that the implementation of share repurchase by listed companies can effectively alleviate the pricing bias in the capital market, and its influence mechanism is more significant in enterprises with high internal and external governance level, and it plays a role through two channels: improving information transparency and reducing the heterogeneous belief level of investors. Enterprises that actively carry out repurchase can alleviate pricing bias under different buyback characteristics. When the repurchase are used in market value management plans and equity incentive plans, the mispricing level can be effectively reduced.