上市公司股份回购动机研究:来自中国的证据被引量：7

下载PDF

导出

摘要文章依据国外学者提出的回购动机假说并采用多变量回归模型对我国上市公司股份回购的行为进行实证分析发现,信号传递假说、自由现金流假说在我国股票回购的动机具有一定的解释力,而财务灵活性假说及杠杆假说到目前为止尚不能解释我国股票回购动机。

作者马明贺国光熊熊

机构地区天津大学管理学院

出处《现代管理科学》 CSSCI 2009年第4期23-25,共3页 Modern Management Science

基金国家自然科学基金项目(70541006) 教育部新世纪优秀人才支持计划(NCET-07-0605)

关键词上市公司股份回购动机

参考文献6

1Li, K., McNally, W. J.. The Decision to Repurchase, Announcement Returns and Insider Holdings: A Conditional Event Study. Journal of Applied Finance, 2003, (9): 55-70.
2Bray, h., Graham, J.R., Harvey, C.R., R. Michacly. Payout Policy in the 21st Century. Journal of Financial Economics, 2005,77(3):483-527.
3Grullon, G., Michacly, R.. Dividcnds, Share Repurchases and the Substitution Hypothesis. Journal of Financs, 2002, 57(4): 1649-1684.
4徐明圣,刘丽巍.上市公司股票回购动机透析及其在我国的实践[J].技术经济与管理研究,2003(2):25-27. 被引量：9
5刘钊,赵耀.上市公司股份回购的动因分析及政策建议[J].证券市场导报,2005(12):40-47. 被引量：25
6陈晓荣,韩俊仕.对上市公司股份回购的实证分析[J].西安财经学院学报,2005,18(5):52-55. 被引量：15

1傅颀,张文贤.论股份回购的财务效应与会计处理——由《公司法》修改引发的思考[J].当代财经,2005(1):123-126. 被引量：11
2Dann. L. Y. "Common Stock Repurchases - an Analysis of Returns to Bondholders and Stockholders" [J]. Journal of Financial Economics, 1980(9) :113 - 118.
3Bartov. E. Open- Market Stock Repurchases as Signal for Earning and Risk changes[J]. Journal of Accounting and Economics, 1991(14) :275 -294.
4张新.中国并购重组全析--理论实践和操作[M].上海三联书店,2004..
5Comment, R. and Jarell, G.A. "The relative signalling power of Dutchauction and fixed-price selftender offers and open market share repurchases",The Journal of Finance, 1991, page 1243-1271.
6Dann,L Y., "Common stock repurchase:an anlysis of returns of to bondholders and stockholders ",Journal of Financial Economics,Vol.9 NO.2,1981,page 113-118.
7lkenberry, D., Lakonishok, J. and Vermaelen, T. "Market underreaction to open market share repurchases", Journal of Financial Economics 39, 1995, page 181-208.
8Jagannathan, M., Stephens, C.P.and Weisbach, M.S. "Financial flexibility and the choice between dividends and stock repurchases", Journal of Financial Economics, 2000, page 355-384.
9Jolls, C. "Stock repurchases and incentive compensation", NBER Working Paper, 1998, no. 6467.
10Vermaelen, T."Common stock repurchases and market signalling",Journal of Financial Economics, 1981,page 138-183.