“回购新政”背景下上市公司股份回购动因研究  

Research on the Share Repurchase Motivation of Listed Companies Basedon the New Policy

作　　者：赵晴 兰俊涛[2] ZHAO Qing;LAN Juntao(School of Business,Zhengzhou University of Aeronautis,Zhengzhou,450046,China;Jining Medical University,Jining 272067,China)

机构地区：[1]郑州航空工业管理学院商学院,河南郑州450046 [2]济宁医学院,山东济宁272067

出　　处：《郑州航空工业管理学院学报》2023年第1期51-58,共8页Journal of Zhengzhou University of Aeronautics

基　　金：教育部青年基金项目(21YJC630096);河南省高校人文社科研究一般项目(2023-ZDJH-030)。

摘　　要：2018年股份回购新政的实施推动了我国资本市场“回购潮”的到来。运用2007—2020年沪深A股上市公司样本数据,实证检验了股份回购背后的真正动因。研究发现,公司进行股份回购的动因具有多元性,降低大股东股权质押风险、提升公司股价、实施股权激励、运用公司闲置资金以降低委托代理成本为其主要动因。研究结论为我国资本市场投资者更深层次地理解股份回购的动因以及政府监管部门的监管提供经验证据。The implementation of the new share repurchase policy in 2018 has promoted the arrival of the repurchase tide in China.This paper empirically tests the real motivation of share repurchase by using the sample data of A-share listed companies in Shanghai and Shenzhen Stock Exchange from 2007 to 2020.The results show that the motivations of share repurchase are diverse,and the main motivations of share repurchase are to alleviate the risk of large shareholder s equity pledge,improve the company s stock price,implement equity incentives and reduce the company s idle funds to reduce its agency costs.The results provide empirical evidence for Chinese capital market investors to have a deeper understanding of the motivations of share repurchase and the supervision of government regulatory departments.

关 键 词：公开股份回购 沪深A股上市公司 股权质押 公司股价 股权激励 

分 类 号：F830.9[经济管理—金融学]