基于代理成本视角的股票回购分析——以宝钢股份为例  

An Analysis of Stock Repurchases Based on Agency Cost——A Case of Baosteel

作　　者：郝洪[1] 刘玉洁 

机构地区：[1]中国石油大学工商管理学院,北京102249

出　　处：《中国石油大学学报（社会科学版）》2017年第5期19-23,共5页Journal of China University of Petroleum (Edition of Social Sciences)

摘　　要：通过测度宝钢股份2012年50亿股票回购公告的市场反应发现,股票回购有显著为正的公告异常收益。以回购理论为基础,结合宝钢股份股票回购公告之前以及回购之后几年的财务业绩分析,进一步探讨公告异常收益的真正来源。研究表明,市场的积极反应并不是对宝钢股价被低估的认同,公司自由现金流减少和财务杠杆提升所导致的代理成本降低才是公告收益为正的主要原因。This paper measures the market reaction to the 5 billion yuan stock repurchase announcement of Baosteel in 2012. Based on the theories of stock repurchase, this paper analyzes the Baosteel＇s financial peiformance before and after the stock repurchase, and discusses the true source of the abnormal return. We find that the positive reaction of capital market is not from the undervaluation of the firm, but from the reduction in agency costs because of the decreasing of free cash flow and increasing of financial leverage.

关 键 词：宝钢股份 股票回购 公告异常收益 代理成本 

分 类 号：F832.51[经济管理—金融学]