融资约束对股份回购市场反应的影响研究——兼论产权性质的调节作用  

A Study on the Impact of Financing Constraints on Market Reactions to Share Repurchases:Examining the Moderating Role of Property Right Nature

作　　者：张玉泽 张继松 段舒荣 ZHANG Yuze;ZHANG Jisong;DUAN Shurong

机构地区：[1]济南大学商学院 [2]山东省资本市场创新发展协同创新中心

出　　处：《当代经济》2025年第4期51-62,共12页Contemporary Economics

基　　金：国家社会科学基金项目,水资源集约配置约束下黄河流域产业布局优化研究,编号:21CJL031;山东省自然科学基金项目,山东省绿色金融发展对生态效率的影响机理及调控路径研究,编号:ZR2020QD006;山东省高等学校青创团队计划,区域水资源与产业协调发展创新,编号:2023RW091。

摘　　要：采用2012—2021年中国A股上市公司样本,基于信号传递理论,对股份回购的市场反应进行实证检验,在此基础上重点考察了融资约束对股份回购市场反应的影响效果,以及产权性质的调节作用。结果表明:中国公开市场股份回购能够显著提升股价,引发市场良性反应;与《中华人民共和国公司法》修订前相比,其修订后股份回购市场反应程度显著增强;融资约束程度越弱的上市公司进行股份回购所带来的市场良性反应越强;相比国有控股上市公司,非国有控股上市公司中融资约束对股份回购市场反应的负面影响更显著。Using samples of Chinese A-share listed companies from 2012 to 2021,this study empirically tested the market reaction to share repurchases based on signaling theory.On the basis,it delved into the impact of financing constraints on the market's reaction to share repurchases and the moderating effect of property rights.The findings reveal that share repurchases in China's public market significantly increase stock prices,triggering a positive market reaction.Following the revision of the Company Law of the People's Republic of China,the market reaction to share repurchases has become significantly stronger compared to before the revision.The weaker the financing constraints faced by listed companies,the stronger the positive market reaction to their share repurchases.Additionally,compared to state-owned listed companies,financing constraints have a more significant negative impact on the market reaction to share repurchases in non-stateowned listed companies.

关 键 词：股份回购市场反应 融资约束 产权异质性 事件研究法 

分 类 号：F830.9[经济管理—金融学]