| With the development of China's capital market,the share repurchase is gradually being favored by the management and the government supervisory layer as a means of capital operation.In 2015,the number of effective samples of listed companies for share repurchase surged,reaching 25,more than the sum of 2012,2013 and 2014.However,even many listed companies actively implemented the share repurchase program,the implementation result of the listed companies are so different,and some repurchase programs had failed for objective reasons.Despite the failure of the repurchase program for different reasons,but the failure of the repurchase plan made the interests of small investors' great losses.In order to provide a reference for small and medium investors,this paper based on the hypothesis and conditions of stock repurchase,examines the stock repurchase motive of listed companies,and judge the authenticity of the shares repurchase in listed companies from 72 stock market repurchase events in the open market from 2005 to 2015.This paper uses event study method and financial index method to reveal the market effect of stock repurchase and the performance impact of the true and false repurchase group,and uses the method of nonparametric test to analyze and verify the difference of the repurchase group.This paper mainly explores the impact of the repurchase events of listed companies on the market effect and performance of the repurchase,and the difference in these two aspects,so as to forecast the repurchase behavior of the company,and to provide stakeholders investment reference.The results show that China's share repurchase occurred in the stock market decline,so far,China's share repurchase is still only a means to save the stock market;share repurchase is not a treatment to stock prices decline,although bring positive AAR,but it cannot change the trend of stock price decline,only mitigate it in a short time;the authenticity of the share repurchase event has influence on the market effect of repurchase,and the influence is significant.CAR of the real-repurchase group is significantly higher than that of the false-repurchase group.At the same time,there are obvious differences in the financial indicators of the listed companies in the two groups.The financial indicators of the real-repurchase group are significantly different from those of thefalse-repurchase group;the recognition ability of the Chinese stock market is poor.It cannot identify the authenticity of the event of share repurchase within a short time.On the other hand,the listed companies is easy to hide,the AAR is higher than the real-group in the early repurchase period.Based on the results of this paper,we can find that investors should try to identify the authenticity of share repurchase events,so as to maximize the return on investment.In order to identify the authenticity of the share repurchase event,investors can examine the financial indicators of listed companies,because the share repurchase events of listed companies who have better financial indicators are more likely to be true.The innovation of this paper is as follows:(1)by combining the share repurchase policy release point and the trend of the combination,the analysis made a clearer understanding of China's share repurchase policy.(2)In the empirical study,the differences between the groups are analyzed by nonparametric test,and a clear conclusion is obtained.(3)I am very lucky that the number of samples is large,so as to concentrate on those listed companies who repurchase public shares in the stock market. |
PDF Full Text Request