股份回购与资本市场定价偏误——基于上市公司的经验证据  

Share Repurchase and Capital Market Pricing Errors:Evidence from the Listed Companies

作　　者：任鹤 赵秀云 李宇铭 REN He;ZHAO Xiu-yun;LI Yu-ming

机构地区：[1]天津财经大学会计学院

出　　处：《科学决策》2023年第9期77-95,共19页Scientific Decision Making

基　　金：天津市教委社会科学重大项目(项目编号:2020JWZD04);天津市财政局会计学会重点会计科研项目(项目编号:Y210802);天津市研究生科研创新项目(项目编号:2021YJSB344)。

摘　　要：通过选取2014-2021年上市公司实际进行股份回购的样本数据,实证检验了股份回购对于资本市场定价偏误的影响机制。研究发现,上市公司实施股份回购能够有效缓解资本市场定价偏误现象,其影响机制在内外部治理水平较高的企业中更显著,并且通过提高信息透明度和降低投资者异质信念水平两个渠道发挥作用。积极进行股份回购的企业在不同回购特征下均能有效缓解定价偏误,当回购股份被用于市值管理计划和股权激励计划时有效降低误定价水平。By selecting the sample data of actual share repurchase conducted by listed companies from 2014 to 2021,this paper empirically tests the influence mechanism of share repurchase on pricing bias in the capital market.The results show that the implementation of share repurchase by listed companies can effectively alleviate the pricing bias in the capital market,and its influence mechanism is more significant in enterprises with high internal and external governance level,and it plays a role through two channels:improving information transparency and reducing the heterogeneous belief level of investors.Enterprises that actively carry out repurchase can alleviate pricing bias under different buyback characteristics.When the repurchase are used in market value management plans and equity incentive plans,the mispricing level can be effectively reduced.

关 键 词：股份回购 股票误定价 信息透明度 投资者异质信念 

分 类 号：F275[经济管理—企业管理] F832.1[经济管理—国民经济]