我国上市公司股份回购财富效应的实证分析

On the Wealth Effect of Listing Companies Redeeming Stocks in Our Country

股份回购对稳定经济,促进资本市场发展具有积极的作用。固定价格要约收购和公开市场回购是股份回购的主要形式,其中,固定价格要约收购往往具有更大的规模和更精确的要约期。通过建立回购模型,可以研究股东财富在回购中的形成机制、在股份回购中财富效应的组成及其要约回购到期后股票价格的变动趋势。

The measures on the administration of listing companies redeeming their public stocks formulated redeeming stocks behavior of our listing companies. Redeeming stocks has a lot of positive function in the development of our economy. This article will research systematically the wealth effect of listing companies in redeeming their stocks by establis.hing the model of redeeming stocks.