摘要
由于股票回购相对于其他资本重组方式更容易操作也更容易传达上市公司意图,随着我国证券市场的逐步成熟与相关法律基础的完善,股票回购逐渐成为上市公司进行财务管理的工具之一。通过以2013-2018年沪深两市进行股票回购的A股上市公司为研究样本,实证研究了上市公司股票回购行为对企业财务绩效的影响,以及公司内部监督机制对上述关系的调节作用。研究发现,上市公司股票回购行为与企业财务绩效具有显著负相关关系;公司内部监督机制对股票回购与企业财务绩效的负相关关系有显著的正向调节作用。研究有助于促进上市公司建立完善的治理监督机制以规范股票回购行为,并推动股票回购积极效应的发挥,提升企业财务绩效。
Because stock repurchase is easier to operate and more easily convey the intentions of listed companies compared to other capital reorganization methods,with the gradual maturity of China’s securities market and the improvement of relevant legal foundations,stock repurchases have gradually become a tool for financial management of listed companies.Using 2013-2018 A-share listed companies that conducted stock repurchases in Shanghai and Shenzhen as a research sample,the empirical study of the impact of listed companies’ stock repurchases on corporate financial performance and the role of the company’s internal supervision mechanism in regulating the above relationship.The study found that listed companies’ stock repurchase behavior has a significant negative correlation with corporate financial performance;the company’s internal monitoring mechanism has a significant positive regulatory effect on the negative correlation between stock repurchases and corporate financial performance.The research helps promote listed companies to establish a sound governance and supervision mechanism to regulate stock repurchase behavior,and promote the positive effects of stock repurchase to improve corporate financial performance.
作者
郭晓慧
Guo Xiaohui(School of Accounting,Zhongnan University of Economics and Law,Wuhan 430073,China)
出处
《中南财经政法大学研究生学报》
2020年第1期70-79,共10页
Journal of the Postgraduate of Zhongnan University of Economics and Law
基金
2019年中南财经政法大学研究生教育创新计划:股票回购与公司市值管理研究--基于声誉视角(项目编号:201911103)。部分研究成果。
关键词
股票回购
公司治理
内部监督机制
财务绩效
Stock Repurchase
Corporate Governance
Internal Supervision Mechanism
Financial Performance
