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Based on the market value of listed companies stock repurchase Management

Author: ShenJie
Tutor: YanFuHai
School: Lanzhou University of Technology
Course: Business management
Keywords: Listed Companies Stock repurchase Value Management Value Management
CLC: F832.51;F224
Type: Master's thesis
Year: 2011
Downloads: 218
Quote: 0
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Abstract


Began in 2005, the share reform, China's capital market is considered to be a new revolution, this change is not only the end of the stock market on China's unique non-tradable shares tradable shares and the difference is more important is that it makes the capital market The two main functions - to enhance the value of the value of discovery and gradual recovery. In the circulation time, the subject of this new market management significance and role of an unprecedented increase. Improve the company's market share buybacks as an effective tool for listed companies in recent years has been applied, this approach can enhance the confidence of investors in the company public, and to further enhance the company's value and maximize shareholder value of the company maximized. In this paper, our 2005 -2010 listed companies announced stock repurchase as a sample, using event study methodology and multiple regression analysis, study of China's listed companies based on market capitalization stock repurchase management. The results show that listed companies in China shortly after the stock market reaction to repurchase activity, performance significantly improved operating performance and its market showed growth. This paper also examines the use of multiple regression analysis to enhance the performance of listed companies in China market situation, the results indicate that the book value and the repurchase operating performance at the 1% level and showed a significant negative correlation between the repo rate and the balance operating performance at the 5% level was significantly and negatively related; same number of industry stocks and net assets yield and repurchase operating performance at the 1% level and showed a significant positive correlation between the total assets and repurchase operating performance at the 5% level was significantly and positively correlated. Full management as the basis of market capitalization, stock repurchases as a prerequisite to explain the listed company to repurchase the stock market capitalization of the company to bring effectiveness analysis, the results from the empirical analysis of the situation of the company's market capitalization, market management company concludes necessity. Paper is divided into four parts: the first chapter introduces management and stock repurchase market research situation; second chapter introduces the relevant market management and stock repurchases related to the basic theory; Chapter first event study method stock repurchase market capitalization of the company after the effects of short-term market conditions and to demonstrate its performance, and then using the multiple regression method to verify the company's operating performance; fourth chapter is through the front of the empirical research, summarized the findings and associated The academic outlook for future research.

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