CAJ | 학술논문

以中国A股市场发生股票回购的上市公司为对象，对上市公司股票回购市场反应的影响因素进行了理论与实证分析。研究发现，不同的回购对象，其市场反应有着显著差异；回购规模、回购时机、财务杠杆、公司治理结构等影响因素对股票回购的市场反应有正向影响。基于此，上市公司在进行股票回购行为时需要强化对相关影响因素的考虑，确保股票回购产生良性、正向反应；监管部门需要加强对信息披露的全方位监管；投资者则要树立较为理性、稳健的投资原则，避免盲目投机。
이중국A고시장발생고표회구적상시공사위대상，대상시공사고표회구시장반응적영향인소진행료이론여실증분석。연구발현，불동적회구대상，기시장반응유착현저차이；회구규모、회구시궤、재무강간、공사치리결구등영향인소대고표회구적시장반응유정향영향。기우차，상시공사재진행고표회구행위시수요강화대상관영향인소적고필，학보고표회구산생량성、정향반응；감관부문수요가강대신식피로적전방위감관；투자자칙요수립교위이성、은건적투자원칙，피면맹목투궤。
Taking stock repurchases by listed companies occurring in A-share market as the object of survey, we have made a theoretical and empirical study on affecting factors of the reaction of stock repurchase market of listed companies. The research has revealed that there are significant differences in the market reaction for disperse repurchase objects. Repurchase scale, repurchase time, financial leverage and corporate governance structure have positive effects on the reaction on the stock repurchase market. Based on the above, it is recommended that listed companies should strengthen the consideration of relevant affecting factors to ensure the benign and positive reaction of stock repurchase when making the stock repurchase; the supervising departments should intensify all-sided supervision and regulation over the informa- tion disclosure; the investors should set up relatively rational and sound investing principles but avert blind speculation.