摘要
本文基于2018—2025年中国A股回购预案公告与公司季度财务数据,系统考察在政策驱动背景下不同回购形式对股东价值与公司基本面的影响。短期层面,总体回购能够引发显著为正的累计异常收益(CAR)。长期层面,采用日历时间组合法估算长期异常回报(Alpha),发现回购能够带来显著的长期超额收益,且2024年新政(强化市值管理)以来该效应有所加强。更为重要的是,回购的价值创造具有显著异质性:相较于使用自有资金的回购与保留式回购,杠杆化回购和注销式回购在短期CAR与长期Alpha上表现更为优越;公开市场回购比场外回购带来更为明确且显著的正向市场反应。此外,双向固定效应回归结果表明,整体回购行为对净资产收益率与托宾Q值存在一定的负面影响,但杠杆化、注销式与公开市场回购能显著削弱或消除该负面效应,表明合适的回购设计有助于在实现市值管理目标的同时避免对长期经营能力的侵蚀。
Drawing on A-share repurchase announcements and quarterly financial data from 2018 to 2025,this paper systematically examines the effects of different repurchase types on shareholder value and firm fundamentals under China's policy-driven buyback context.In the short term,overall repurchase activity generates significantly positive cumulative abnormal return(CAR).In the long term,using the calendar-time portfolio approach to estimate long-term abnormal return(Alpha),we find that share repurchases yield significant long-term excess return,and this effect has strengthened since the 2024 policy reform emphasizing market value management.More importantly,the value-creation effect of repurchases is highly heterogeneous:compared with self-funded and retention-type repurchases,leveraged and cancellation-type repurchases exhibit superior performance in both short-term CAR and long-term Alpha.Meanwhile,open-market repurchases elicit clearer and more pronounced positive market reactions than off-market ones.Furthermore,two-way fixed effects regressions reveal that overall repurchase activity exerts a negative effect on return on equity(ROE)and Tobin's Q.However,leveraged,cancellation-type,and open-market repurchases significantly mitigate or offset this adverse effect,suggesting that appropriately designed repurchase programs can help achieve market value management objectives without er oding firms'long-term operating performance.
作者
杨格
张尚荃
Yang Ge;Zhang Shangquan
出处
《管理会计研究》
2025年第6期34-51,共18页
MANAGEMENT ACCOUNTING STUDIES
基金
国家自然科学基金青年项目“地方政府绿色荣誉激励与企业绿色行为:基于政企合作的视角”(72302048)的资助。
关键词
股票回购
市值管理
回购异质性
Share Repurchase
Market Value Management
Repurchase Heterogeneity
