股份回购影响了企业投资效率吗?--基于A股上市公司的经验证据

Does Share Repurchase Affect the Investment Efficiency of Enterprises?--An Empirical Evidence Based on A-Share Listed Companies

2018年股份回购新政的实施推动了我国资本市场"回购潮"的到来。股份回购作为一种灵活实用的资本退出机制和价值分配方式日益受到学术界和实务界的广泛关注和重视。本文选取2007-2018年沪深A股进行股份回购的上市公司作为研究样本,检验了股份回购对企业投资效率的影响及作用机理。研究表明:股份回购显著提高了企业的投资效率,具体表现为股份回购有效降低了企业的过度投资行为;在股份回购影响投资效率的过程中,代理成本起到了部分中介效应;进一步分析表明,股份回购降低非效率投资的效应在无再融资需求企业及所处地区市场化程度较高企业中更为明显。上述结论不仅拓展了我国股份回购经济后果的研究,也为引导和鼓励我国上市公司进行科学合理的股份回购实践提供借鉴和经验指导。

The implementation of the new share repurchase policy in 2018 has promoted the arrival of the repurchase tide in China’s capital market.As a flexible and practical mechanism of capital withdrawal and value distribution,share repurchase has been paid more and more attention by the academic and practical circles.This paper selects all A-share repurchase listed companies in Shanghai and Shenzhen stock markets from 2007 to 2018 as the research sample,and empirically examines the impact and mechanism of share repurchase on enterprise investment efficiency.The results show that share repurchase can significantly improve the investment efficiency of listed companies,more specifically,share repurchase effectively inhibit the over-investment behavior of listed companies.In the process of share repurchase affecting investment efficiency,agency cost plays a part of the mediating effect.Further analysis shows that the effect of share repurchases on reducing inefficient investment is more obvious in enterprises without refinancing demand and enterprises with higher degree of marketization in the region.The conclusions not only expand the research of economic consequences of share repurchase,but also provide reference and experience guidance for guiding and encouraging listed companies to carry out scientific and rational share repurchase.