流通股回购:股价的事项性反应与绩效研究

Float Shares Buyback: Event Response and Performance

邯郸钢铁股票回购是我国首例流通股回购,本文运用事件研究法考察了市场的反应,分析了回购对企业价值的影响。研究结果发现,邯郸钢铁股票回购公告能够传递某种信息,市场对回购的反应经历了先积极,然后振荡调整,最终大幅下滑的过程,原因可能是投资者对公司回购流通股的真正目的难以辨认。邯郸钢铁此次回购并没有增加企业的价值。

The buyback of Handan Iron and Steel Corporation is the first case of the kind in China. The event research method is applied here to study market response and the impact on corporate value. It is revealed that, upon corporate release, the market made an initial positive response before it fluctuated and eventually slid enormously. This might result from investors＇ uncertainty about the real purpose of the event. In this regard, the buyback failed to add to the corporate value .