Analysis On Share Repurchase Motivation Of Listed Corporations In China

It's common that listed company to repurchase stock.It is also got some of the country's scholars and entrepreneurs attention.However,the stock repurchase in China is immature compared with examples of previous and even foreign cases. However, There are no consensus on the explanation of theory as well as the research on such issues. Then, Why do listed corporation repurchase stock?What are the true effect and motivation behind such behavior?What kind of reaction would be brought by the announcement of stock repurchases? This paper will according to this idea to focuses on research.There are more practices and theory of stock repurchases abroad.And our country have started stock buyback case from 1992 May, namely large yuyuan garden repurchase small yuyuan garden shares.62 listed company have repurchased share buyback so far. Therefore, the road is still long ahead and is more worth for our thinking and summarized.Although our cases of stock repurchase are few,they do have meaning to reseach.Meanwhile,more and more scholars conducted the research of this aspect. However, the domestic research of this study mostly concentrates in the qualitative analysis, which means empirical analysis is rare. Based on this kind of situation, this paper would starts from the empirical analysis, and apply standard event study and multivariate linear regression analysis method to study the real driving force of the share buyback.The paper is divided into five parts:the first chapter is the meaning and the way of share repurchase;Chapter 2nd is the overview of share buyback drivers;The third chapter and the fouth chapter is the main body part, this paper respectively research hypotheses, variable design, empirical analysis of the results of some aspects discusses the share buyback event announcements reflection to explain the stock repurchase of reason;The fifth chapter is the conclusion and prospect of the motivation of stock repurchase.