| Stock repurchase is the behavior of listed companies to repurchase the stocks issued by companies in the securities market for the purpose of implementing equity incentives and stimulating stock prices.Stock repurchase was originally born in the United States and has been widely used in the capital markets all over the world.After China's reform and opening up,with the continuous development of the capital market and the continuous enhancement of economic strength,stock repurchase,as an important financial instrument,has been widely used.On August 23,2005,the China Securities Regulatory Commission(CSRC),the State-owned Assets Supervision and Administration Commission(SASAC),the Ministry of Finance(MOF),the People's Bank of China(PBOC)and the Ministry of Commerce(MOC)jointly issued the “Guiding Opinions on The Reform of Non-tradable Stocks of Listed Companies”.On September 4,2005,the China Securities Regulatory Commission(CSRC)issued “Administrative Measures on The Reform of Non-tradable Stocks of Listed Companies”.Since then,China's reform of non-tradable stocks has entered a stage of comprehensive development.The phenomenon of “the same stock but different rights” in China's stock market has been reversed.Then,on September 21,2008,the China Securities Regulatory Commission(CSRC)published “Supplementary Provisions on Listed Companies' Stock Repurchase through Centralized Bidding(Draft for Comments)”.At this point,share repurchase has gradually become a very important capital operation mode for listed companies to stabilize stock price,enhance investor confidence,optimize equity structure and increase company value.However,due to China's unique economic development process,compared with the background of western perfect capital market,stock repurchase still has some problems in China.Therefore,an in-depth study of the relevant issues of stock repurchase is of practical guiding significance to promote the listed company to make more reasonable use of stock repurchase and promote the development of the company.The influence of stock repurchase intensity and management ability on the growth of companies are the main issue to be studied in this paper.This paper takes the research samples of A-stock listed companies in Shanghai and Shenzhen stock markets that have conducted stock repurchase from 2013 to 2016.In this paper,research methods,including principal component analysis(PCA),data envelopment analysis(DEA),multiple linear regression(MLR)and so on,are used to explore the influence of stock repurchase intensity,management ability and their combined effect on the growth of an enterprise.This paper is composed of five parts: the first part is the introduction,which mainly introduces the relevant research background and significance,research content and method,as well as the innovation points of this paper;the second part is the theoretical basis and literature review,mainly setting the research foundation of this paper and introduce the research status at home and abroad;the third part is research design,including research hypothesis,sample selection,variable definition and model design;the fourth part is empirical analysis,which mainly carries out empirical analysis on the selected research samples to test whether the research hypothesis is valid;the fifth part is the conclusion and suggestion.Through relevant research,this paper mainly comes to the following conclusions.(1)The stock repurchase intensity is negatively correlated with the company's growth.That is,the greater the intensity of stock repurchase,the worse the company's growth.(2)Management ability is positively correlated with the company's positive growth.That is,the stronger the ability of management,the better the growth of the company.(3)The joint effect of stock repurchase intensity and management ability is negatively correlated with the company's growth.That is,the greater the intensity of stock repurchase,the more it will weaken the positive impact of management's ability on the company's growth. |
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