上市公司公开市场股份回购宣告动因的真与假——基于公司财务与市场识别的研究

Are the Disclosed Motives True or False?——Study on the Financial Reporting and Market Reaction on Chinese Companies Open Market Repurchases

本文以2005年以后我国证券市场的公开市场流通股股份回购为研究对象,着重于动机研究。研究发现我国存在两种类别的宣告回购的公司:一类公司的宣告动因即真实动因,回购公告中的信息含量符合价值低估假说、财务灵活性假说和自由现金流假说等;另一类公司的回购宣告动因不全面,存在隐藏动因,甚至宣告动因本身并不真实。针对我国上市公司股份回购动因的差异化,本文提出了政策建议。

In this paper, research object is the China A-share open market repurchase after 2005, emphasizing on the motive research. We find that the companies which announce repurchase can be classified into two categories. One category is with real announcement motives. The signaling information in this category＇s repurchase notices is consistent with the undervalued hypothesis, financial flexibility hypothesis and free cash flow hypothesis, etc. The other category is with incomplete, hiding or even misleading motives. In regards of the differences of repurchase motives, we proceed our suggestion on stock repurchase disclosure for Chinese listed companies and regulatory institutions.