중국주식시장에서 자사주 매입이 주가에 미치는 영향에 관한 실증분석

Title
중국주식시장에서 자사주 매입이 주가에 미치는 영향에 관한 실증분석
Other Titles
An Empirical Study on Influence of Share Repurchases on Share Price in Chinese Stock Market
Author(s)
박정윤옥영경이성진
Keywords
중국주식시장; 자사주매입; 사건연구; Chinese Stock Market; share repurchase; event study
Issue Date
201509
Publisher
한국로고스경영학회
Citation
로고스경영연구, v.13, no.3, pp.17 - 36
Abstract
The number of firms that had repurchased their own stock increased sharply in the Chinese Stock Market. We focused on firms with announcements of share repurchase in the Chinese Stock Market. We investigated the relationship between the announcements and their firm value and causal relation between the characteristics of corporate and business performances by measuring AAR and CAAR during 2009-2013. We found that share repurchase announcements have a positive impact on the share price. To verify the small firm effect, we divided the samples into 10 large firms and 10 small firms. We found that the group of large firms has higher long- term returns than that of small firms. So this result did not support the “small firm effect” hypothesis. According to the results of the regression analysis, we found that stock repurchase rate and leverage have positive impacts on the stock returns. But we found that FCF has a negative impact on the stock returns. The result did not support the “Free cash flow” hypothesis.
URI
http://hdl.handle.net/YU.REPOSITORY/30946
ISSN
1598-8813
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경영대학 > 경영학과 > Articles
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