Research On The Market Effect And Influencing Factors Of Listed Companies' Share Repurchase

The stock repurchase refers to the fact that a listed company uses its own funds or debt funds to repurchase some of the outstanding shares from the secondary market.The stock repurchase originated from the Western developed countries and developed quickly in the United States,Canada and other countries.It has a significant impact on the western capital market.However,China's capital market started late and developed slowly,and influenced by special national conditions.At the early stage,there were only a few repo cases with the goal of optimizing the capital structure for state-owned assets.With the improvement of China's economic system reform and the maturing capital market,the country's restrictions on stock repurchases have also gradually widened.The relevant laws and regulations on stock repurchases have been continuously introduced,and our government's attitude towards stock repurchases gradually starts from the initial strict control.Turn into strong support now.In recent years,due to the continuous impact of the global financial crisis and the strong support of national policies,stock repurchasing,as an important means of capital operation,has been continuously used by the management of China's listed companies,and China's stock repurchases began to boom.In this paper,from 2012 to 2016,all listed companies that have announced the implementation of stock repurchases in China's Shanghai-Shenzhen A shares are used as research samples,and the empirical research methods combined with event-research method and multiple regression analysis are used to generate stock repurchases for listed companies in China.The market effect and its influencing factors were discussed in depth.The results show that the implementation of stock repurchases by listed companies can produce a positive reaction in the stock market,accompanied by a certain amount of information leakage,so the market has already made a The positive response,and the information disclosure problems of small-scale companies are more serious than the large-scale companies;under the different repurchase motives,the stock repurchases can bring positive market reactions,but with the equity incentive plan and optimization The stock repurchases with the capital structure as the motivation are more stable than the stock repurchases with the motive as the motivation for the return of the stock value.The proportion of repurchase,repurchase,and profitability of the company are all positively related to the market effect.The company size and market effects are significantly negatively correlated,and the scale of repurchase,shareholding ratio of the largest shareholder,asset-liability ratio,price-earnings ratio,and idleness The correlation between funds and market effects is not significant.