中国公司股票回购效应——基于三地股市的比较研究

Comparative Study of Signaling Effect between Chinese Mainland、Hong Kong and NASDAQ Stock Markets of Chinese Companies' Stock Repurchase

本文以1994～2007年间,在我国A股市场、香港H股市场和美国N股市场发布公告股票回购计划的中国公司为分析对象,运用事件研究法,分析中国内地、香港和纽约3地股票市场对我国公司股票回购计划信号传递效应的异同,表明证券市场有效性的强弱以及政府干预程度的不同是导致股票回购效应差异化的主要原因。以期帮助中小投资者正确解读股票回购信息对股价的影响。

Using a database of Chinese companies listed in Shanghai and Shenzhen Stock Exchanges, Hong Kong Stock Exchange and NASDAQ which announced stock repurchases from 1994 to 1997,we examine the differences in signaling effect between Chinese mainland, Hong Kong and NASDAQ stock markets and we also present that the effectiveness of the securities market as well as the different levels of government interventions is the result of the differences. We hope that this paper is of help to small investors interpret the impact of stock repurchase information on the stock price.