| 摘要: |
| 通过测度宝钢股份2012年50亿股票回购公告的市场反应发现,股票回购有显著为正的公告异常收益。以回购理论为基础,结合宝钢股份股票回购公告之前以及回购之后几年的财务业绩分析,进一步探讨公告异常收益的真正来源。研究表明,市场的积极反应并不是对宝钢股价被低估的认同,公司自由现金流减少和财务杠杆提升所导致的代理成本降低才是公告收益为正的主要原因。 |
| 关键词: 宝钢股份 股票回购 公告异常收益 代理成本 |
| DOI：10.13216/j.cnki.upcjess.2017.05.0004 |
| 分类号:F832.51 |
| 基金项目: |
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| An Analysis of Stock Repurchases Based on Agency Cost ——A Case of Baosteel |
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HAO Hong, LIU Yujie
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(School of Business Administration, China University of Petroleum, Beijing 102249, China)
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| Abstract: |
| This paper measures the market reaction to the 5 billion yuan stock repurchase announcement of Baosteel in 2012. Based on the theories of stock repurchase, this paper analyzes the Baosteel 's financial performance before and after the stock repurchase, and discusses the true source of the abnormal return. We find that the positive reaction of capital market is not from the undervaluation of the firm, but from the reduction in agency costs because of the decreasing of free cash flow and increasing of financial leverage. |
| Key words: Baosteel stock repurchase abnormal return of announcement agency cost |
