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Research on Stock Repurchase of Chinese Listed Company

Author: LiZuo
Tutor: ZhouGuangWei
School: Southwestern University of Finance and Economics
Course: Finance
Keywords: Stock repurchase Signaling effect Stock price fluctuate
CLC: F224
Type: Master's thesis
Year: 2010
Downloads: 382
Quote: 0
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Abstract


Stock repurchase as the capital markets a versatile tool that has been in the history of foreign countries for decades. Since the seventies of the last century, stock repurchase gradually increased.On this basis, the theoretical circles pay ’more and more their emphasis on it and has achieved fruitful research results. However, due to policy restrictions, China’s stock repurchase start late. As for the limitations of the study sample, domestic stock repurchase studies are not inadequate, and most of them belong to qualitative analysis. But as the increase of domestic stock repurchases in recent years, some of the research results in the past because of the timeliness reasons, their persuasive power has been greatly reduced. On the other hand, as the "tradable" era, the stock repurchase will play an increasingly important role on the market, therefore, more timely, scientific, comprehensive research on the stock repurchase at this stage is very important.In this paper, qualitative analysis and quantitative analysis are combined to research on the stock repurchase. based on the home and abroad existing research results on the stock repurchase, and then the actual situation of our country and the existing testing of domestic stock market, combined with some problems in the final analysis, this study hopes to make stock repurchases to reach a more comprehensive understanding of listed companies and regulators. Through study, at last it tells us the following result as:1.the major features of stock repurchase including:to stable or increase company’s share price, to optimize the company’s capital structure, to alternate dividends, to incentive and to control interest.2,The motives of the listed companies in China witch engaged in stock repurchase so far included:to reduce state-owned shares; to tie in with the split share structure reform; to maintain and enhance the company’s stock price value; to support the implementation of equity incentive plan.3,Empirical testing to prove that on our stock market stock repurchase announcement is indeed capable of producing a positive signaling effect,it can play a supporting role in the stock price and the profitability of the listed company after the share repurchase profitability would be enhanced.4, Empirical results show that before stock repurchase announcement the stock price had abnormal returns. And due to the actual situation in our country, as well as existing research, we could say that there exits information disclosure, insider trading and market driving.5, At present, some problems exist in the stock repurchase including:using less functions, the problems of t funds to repurchase and the problem of protecting the interest of creditors.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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