摘要
文章从行为金融学角度出发,以沪深A股市场2016年的上市公司为研究对象,对管理者过度自信对股票回购影响以及股票回购后企业价值的变化进行了探讨。结果表明,管理者过度自信对企业股票回购以及对回购之后的企业市场价值产生了显著的影响。管理者过度自信会显著促进企业进行股票回购;在管理者过度自信情况下进行的股票回购会使企业价值下降。
From the perspective of behavioral finance, this paper takes the listed companies in Shanghai and Shenzhen A-share markets in 2016 as the research object, and discusses the influence of managers＇ overconfidence on stock buyback and the change of enterprise value after stock buyback. The results show that the overconfidence of managers has a significant impact on the stock buyback and the market value of enterprises after the buyback; overconfidence of managers will significantly promote stock buybacks; share buybacks, which are carried out when managers are overconfident, can reduce an enterprise value.
作者
向秀莉
景辛辛
田晓春
Xiang Xiuli;Jing Xinxin;Tian Xiaochun(a.School of Public Administratio;b.School of Financ;c.School of Statistics and Mathematics,Zhongnan University of Economics and Law,Wuhan 430073,China)
出处
《统计与决策》
CSSCI
北大核心
2018年第16期173-176,共4页
Statistics & Decision
基金
国家自然科学基金资助项目(11301545)
中南财经政法大学研究生科研创新项目(201711240)
关键词
管理者过度自信
股票回购
企业价值
overconfidence of managers
share repurchase
enterprise value
