管理者过度自信对股票回购的影响——以A股中小板2013-2019年数据为例

Effect of Management’s Overconfidence on Share Repurchase:A Case Study of Small and Medium-sized Enterprise Board(SMEB)Data from 2013 to 2019 in A-share

以宣告股票回购强度和实际执行率的平均数为基础,将上市公司股票回购目的分为4组,实证了出于不同目的进行股票回购的中小板上市公司管理者过度自信的分布没有显著差异,并基本解释了造成这种状况的可能成因。该研究修补了既有股票回购行为与管理者过度自信关系研究的缺失,解释了股票回购案例中低宣告回购强度且低实际执行率的可能成因,并提供了一个评估监管政策改进效果的研究工具。

Based on averages of announced intensity and its actual implementation rate of stock repurchase,in this paper we divide listed companies’purposes of stock repurchase into four groups and demonstrate that there is no significant difference in the distribution of overconfidence for SMEB listed companies’managements who repurchase stocks for different purposes.We also basically interpret the possible causes of this situation.Our study remedies the shortcomings in studies on the relationship between share repurchase and management’s overconfidence,explain the possible causes of low and medium announced repurchase intensities and low actual implementation rates in stock repurchase cases,and provide a research tool for evaluation of the effect of regulatory policy improvement.