上市公司股份回购的同群效应及其经济后果  

The Peer Effect of Share Repurchase Behavior of Listed Firms and Its Economic Consequences

作　　者：王君宜 赵秀云 WANG Jun-yi;ZHAO Xiu-yun(Tianjin University of Finance and Economics,Tianjin 300222,China)

机构地区：[1]天津财经大学会计学院,天津300222

出　　处：《当代财经》2024年第1期75-85,共11页Contemporary Finance and Economics

基　　金：天津市教委社会科学重大项目“加快打造世界一流智慧港口、绿色港口研究——双循环下供应链信用机制与天津智能风控优化研究”(2020JWZD04);天津市财政局重点会计科研项目“智慧供应链下中小企业融资风险管控研究”(Y210802);天津市研究生科研创新项目“客户债务违约与企业风险承担”(2021YJSB355)。

摘　　要：股份回购属于股票市场供给调节行为,其具有价格稳定器的优势。现有研究主要从企业自身的因素探究公司股份回购的动因。那么,公司的股份回购决策是否会受同行业其他公司的影响?影响机制是什么?利用2005—2021年中国上市公司的数据,从行业层面探讨了股份回购的同群效应及其影响机制。研究发现,中国上市公司股份回购行为存在显著的同群效应,且股份回购金额和股份回购频率也存在同群效应。机制分析表明,上市公司股份回购的同群效应是因同行业企业间的学习模仿和竞争压力而产生的。调节效应分析发现,企业现金柔性储备越充沛、同群公司受媒体关注度越高,越能增强股份回购的同群效应。经济后果分析发现,基于同群效应的股份回购对企业价值有提高作用。为此,要引导企业制定符合自身实质需求的股份回购决策,同时也要加强对上市公司股份回购行为的监管。Share repurchase is a kind of supply adjustment behavior in stock markets and has the advantage of being a price stabilizer.The existing researches mainly explore the motivations for cor-porate share repurchase from their own factors of the enterprises.Then,will the company's stock re-purchase decision be influenced by other companies in the same industry?What is the mechanism of this impact?By making use of the data from Chinese listed companies from 2005 to 2021,this study explores the peer effect and its impacting mechanism of share repurchase at the industry level.The findings show that there is a significant peer effect in the share repurchase behaviors of China's list-ed firms,and there is also a peer effect in the amount and the frequency of share repurchases.The mechanism analysis reveals that the peer effect of share repurchase in listed companies is generated by the learning and imitating behaviors and the competitive pressure among the companies in the same industry.The moderating effect analysis reveals that the more abundant a company's cash flexi-bility reserve is,the higher the media attention received by the peer companies,and the stronger the peer effect of share repurchase.The findings of the economic consequence analysis show that the share repurchases based on the peer effect have an increasing effect on corporate value.To this end,it is necessary to guide enterprises to make stock repurchase decisions that meet their substantive needs,while at the same time strengthening the supervision of the share repurchase behavior of the listed companies.

关 键 词：股份回购 同群效应 学习模仿 竞争压力 

分 类 号：F275.5[经济管理—企业管理]