摘要
本文以2009年至2020年A股上市公司为样本,实证分析股份回购对股价崩盘风险的影响。研究结果表明,股份回购的实施可以显著降低股价崩盘风险,有效发挥稳定资本市场的积极作用。基于信号传递进行分析,低估值公司、主动回购公司的回购行为对股价崩盘风险的抑制更显著。从企业生命周期来看,成长期企业与成熟期企业的股份回购可以有效降低股价崩盘风险。若企业未成功实施股份回购可能扩大股价崩盘风险,诱发资本市场波动。股份回购通过降低代理成本、提高信息透明度的途径抑制股价崩盘风险。政府决策部门应该警惕虚假股份回购可能引发的不良后果,健全股份回购制度;上市公司应该合理使用股份回购缓解代理问题,改善内外部信息不对称;投资者应该适当解读上市公司股份回购行为,切实保护自身利益。
This article takes A-share listed companies from 2009 to 2020 as samples to empirical analyze the impact of share repurchase on the stock price crash risk.It is found that the implementation of share repurchase can significantly reduce the stock price crash risk and effectively play the role of stabilizing the capital market.Based on the perspective of signal transmission analysis,share repurchase suppresses the stock price crash risk more significantly for companies with low valuations,companies that actively repurchase.From the perspective of the enterprise life cycle,the implementation of share repurchase by growth stage and mature stage enterprises can effectively reduce the stock price crash risk.If a company fails to successfully implement share repurchase,it may increase the stock price crash risk and trigger fluctuations in the capital market.Share repurchase reduce the stock price crash risk by reducing agency costs and improving information transparency.Government departments should be vigilant about the potential negative consequences of share repurchase and improve the share repurchase system.Listed companies should reasonably use share repurchases to alleviate agency issues and improve internal and external information asymmetry.Investors should appropriately interpret the share repurchase behavior of listed companies and effectively protect their interests.
作者
万立全
陈峻博
Wan Liquan;Chen Junbo(Shanghai Maritime University,Shanghai 201306,China)
出处
《河南师范大学学报（哲学社会科学版）》
北大核心
2023年第6期14-20,共7页
Journal of Henan Normal University(Philosophy and Social Sciences)
基金
河南省教育厅人文社会科学研究一般项目(2018-ZZJH-015)。
关键词
股份回购
股价崩盘风险
信号传递
企业生命周期
share repurchase
stock price crash risk
signal transmission
enterprise life cycle
