摘要
以2005—2022年沪深A股上市公司股份回购数据为样本,考察回购前后资金成本变化情况,发现股份回购后企业资金成本呈上升趋势,其中,对于财务风险大的公司,回购导致资金成本上升的情况更加明显。进一步研究也表明,财务风险大的公司,在回购宣告后,其长期市场反应也更差。研究从资金成本角度解释了当前中国股份回购长期价值缺失的原因,揭示出股份回购的长期价值效应受企业内部条件的作用。
Based on the sample of listed companies in China which have announced open market share repurchase in year 2005 to 2022,this paper examines the changes in the cost of capital after share repurchase.We find that the share repurchases significantly improve the cost of capital.Particularly,the improvement on cost of capital is more obvious for the companies with high financial risks.Further research also shows that companies with high financial risk have worse long-term market reactions after announcements of share repurchase.The article explains the lack of long-term value of share repurchase in China currently,from the perspective of the cost of capital,revealing that the long-term effect of share repurchase is subject to the internal conditions of companies.
作者
顾小龙
许紫薇
GU Xiaolong;XU Ziwei(School of Intelligent Finance and Accounting Management,Guangdong University of Finance and Economics,Guangzhou 510320,China;School of Accounting,Guangdong University of Finance and Economics,Guangzhou 510320,China)
出处
《南京审计大学学报》
CSSCI
北大核心
2024年第3期50-61,共12页
Journal of Nanjing Audit University
基金
广东省基础与应用基础研究基金(2021A1515012648)
广东省哲学社会科学规划2022年度“审计理论研究”项目(GD22SJZ05)
教育部人文社科研究项目-青年基金(23YJC790081)
广东省哲学社会科学规划项目(GD22CYJ06)。
关键词
股份回购
权益资金成本
债务资金成本
过度负债
融资约束
破产风险
长期市场反应
share repurchase
cost of equity capital
cost of debt capital
excessive indebtedness
financing constraint
bankrupt risk
long-term market reaction
作者简介
顾小龙(1980-),男,江苏邳州人,广东财经大学智能财会管理学院副院长,教授,硕士生导师,主要研究方向为公司治理与财务管理,邮箱:pawdragon@163.com;许紫薇(1999-),女,江西乐平人,广东财经大学会计学院硕士生,主要研究方向为财务管理理论与实务。
