股份回购新规能更好地保护投资者吗?——基于股份回购预案市场反应视角

Does the New Share Repurchase Regulation Better Protect Investors?——From the Perspective of Market Reaction to Share Repurchase Plans

本文基于我国上市公司股份回购预案的市场反应,研究2018年的股份回购新规能否更好地保护投资者利益。本文发现,与股份回购新规实施之前相比,股份回购新规实施后,确实有了更多公司宣布股份回购预案。这些预案也能获得市场的积极反应,但市场反应程度显著减弱。而且这一效应在市值管理型回购、现金持有规模相对股份回购规模上限的比例较低的公司、宣告回购预案后的未来六个月有限售股解禁的公司或者宣告回购预案时大股东有股权质押的公司中才存在。而在股份回购新规实施后,公司宣告首次实施回购所获得的市场反应更加积极。本文进一步研究还发现,整体来看,股份回购预案所伴随着的投资者长期股票收益率降低了,并且内部人减持增加了。因此,总体而言,股份回购新规可能未如监管层所预期的那样保护投资者利益,甚至实际上损害了投资者利益。

Based on the market reaction to share repurchase plans of listed companies in China,this paper investigates whether the new share repurchase regulation of 2018(hereafter,SRR-2018)improves investors’interest protection.We find that,during the post-SRR-2018 period,there were more announcements of share repurchase plans,and these plans also had positive market reactions;however,the market reactions were significantly weaker than before,and this phenomenon was more pronounced for the share repurchase plans with the market value management motive,the companies with lower ratios of cash holdings to the upper limits of share repurchase funds,those with lockup expiration of non-tradable shares in the next six months,and those with large shareholders’share pledging.On the other hand,the market reactions to the announcements of the first actual repurchases during the post-SRR-2018 period were more positive than before.Furthermore,the long-term stock returns that accompanied the repurchase plans were lower,and the net insider selling was more.Hence,the SRR-2018 may have fallen short of the regulator’s expectations and actually do harm to investors’interests.