盈余管理、激励约束与股份回购——基于产权异质性视角  

Earnings Management,Incentive Restriction,and Share Repurchase:Based on the Perspective of Property Rights Heterogeneity

作　　者：张本照[1] 李国栋 ZHANG Benzhao;LI Guodong(School of Economics,Hefei University of Technology,Hefei 230000,China)

机构地区：[1]合肥工业大学经济学院,安徽合肥230000

出　　处：《华东经济管理》2021年第7期108-118,共11页East China Economic Management

基　　金：国家社会科学基金一般项目“机构投资者报价与创业板新股审慎定价研究”(14BJY181)。

摘　　要：随着新修订《公司法》的实施,许多上市公司开始将股份回购作为公司和股东利益调整的一种新手段。基于2015—2019年首次在公开市场进行股份回购的样本,文章研究了股份回购的市场反应及产权在股份回购中的作用机制,结果发现:中国公开市场股份回购存在正向的市场效应,且非国有控股上市公司会放大这一效应;产权性质通过盈余管理和激励约束对股份回购产生作用。因此,适度健全的法律制度、科学合理的薪酬激励体系以及真实有效的信息披露准则,有利于提高上市公司的回购积极性,进一步释放股份回购制度的活力。With the implementation of the newly revised"Company Law",many listed companies begin to take share repurchase as a new way to adjust the interests of the company and shareholders.Based on the sample of share repurchase in the A-share IPO market from 2015 to 2019,this paper studies the market reaction of share repurchase and the mechanism of property rights in share repurchase.The results show that there is a positive market effect of share repurchase in China’s open market,and non-state holding listed companies will amplify this effect;the nature of property rights has an effect on share repurchase through earnings management and incentive restriction.Therefore,a moderately sound legal system,a scientific and reasonable salary incentive system,and a real and effective information disclosure standard are conducive to improving the enthusiasm of listed companies for share repurchase and further releasing the vitality of the share repurchase system.

关 键 词：股份回购 产权异质性 盈余管理 高管薪酬 

分 类 号：F275[经济管理—企业管理] F830.91[经济管理—国民经济]