Managerial Characteristics,Stock Repurchase And Corporate Value

Stock repurchase refers to the act of a listed company using cash or other capital to buy back a certain amount of shares issued by the company at a certain price in the stock market.As an alternative form of cash dividends and the operation of capital,stock repurchases have been widely used in foreign capital markets.As the development of Chinese capital market is still not perfect,and the supporting policies and regulations are not very sound,stocks.Repurchase has gradually become active in Chinese capital market in recent years.At present,the domestic scholars' research on stock repurchase mainly studies the motives of stock repurchase and the market reaction after stock repurchase.This paper opens up a new research perspective,and studies the characteristics of managers and stock repurchases.The relationship,and further study the impact of different characteristics of managers on stock repurchase on corporate value,enriched the research on stock repurchase and corporate value,and also brought some inspiration to further study the stock repurchase behavior of listed companies in the future.In addition,the research in this paper can also strengthen the understanding of managers and investors on stock repurchase,understand the impact of different characteristics of managers on stock repurchase on corporate value,and also bring a new reference for enterprise practice.The research ideas of this paper are as follows: Firstly,the literatures related to manager characteristics,stock repurchase and enterprise value are sorted out,and the existing research results and deficiencies are summarized,which leads to the research theme of this paper.Secondly,the high-level echelon theory and principal-agent theory The theory of stock repurchase is the theoretical basis,analyzing the relationship between managerial characteristics and stock repurchase and corporate value,proposing the hypothesis of this paper and establishing the corresponding model;then taking stocks in Chinese Shanghai and Shenzhen A-share market in 2017 The repurchased listed companies are samples,conducting empirical tests,and drawing conclusions.Finally,the corresponding policy inspirations are proposed forthe research results of this paper.The main conclusions of this paper are as follows:(1)There is a significant positive correlation between managerial qualifications,overconfidence and stock repurchase;there is a significant negative correlation between managerial financial background,tenure and stock repurchase;There is no significant correlation between manager age,gender,and stock repurchase.(2)Stock repurchase has a significant positive impact on corporate value.(3)There are also differences in the probability that managers with different characteristics will enhance the value of the company when making stock repurchases.Managers with financial background,low education,short term,and non-overconfidence will implement stock repurchase to enhance corporate value.The probability is higher,and the influence of different age and gender characteristics of managers on stock repurchase has no significant difference.