Effect of Share Repurchase on Stock Price of Chinese Listed Companies

doi:10.1007/978-3-031-56677-6_13

	Effect of Share Repurchase on Stock Price of Chinese Listed Companies
	Guzikova, Liudmila A.1; Lyu, Lingli 1; Cai, Leyue2
	2024
发表期刊	Lecture Notes in Networks and Systems
卷号	951 页码:195-206
摘要	Share repurchase is the behaviour of listed companies using their own or self-funded funds to purchase their own company’s shares in the stock exchange market. Share repurchase is already a very mature financial instrument in the European and American capital markets, and the Chinese securities market develops later, so the research on share repurchase in the Chinese capital market still needs to be in-depth. The purpose of this essay is to analyse the impact of share buybacks on stock prices of Chinese listed companies. Using the event study method to analyse the selected data samples from 2020 to 2022, 3 years, the relationship between share buybacks and stock prices is determined by calculating the average daily excess return and average daily cumulative excess return, after conducting a t-test. Finally, an industry test is conducted to select the most representative industry and the representative companies in the industry to apply the event study method again for research and validation. It is finally concluded that share buybacks have a short-term positive uplift effect on the company’s stock price. © The Author(s), under exclusive license to Springer Nature Switzerland AG 2024.
关键词	Commerce Costs Affiliation Chinese listed companies Event study method Excess returns Price-performance Share buyback Share price Share price performance Stock exchange markets Stock price
DOI	10.1007/978-3-031-56677-6_13
收录类别	EI
ISSN	2367-3370
语种	英语
出版者	Springer Science and Business Media Deutschland GmbH
EI入藏号	20243216826778
EI主题词	Financial markets
EI分类号	911 Cost and Value Engineering ; Industrial Economics
原始文献类型	Book chapter (CH)
EISSN	2367-3389
文献类型	期刊论文
条目标识符	http://ir.lzufe.edu.cn/handle/39EH0E1M/37605
专题	国际教育学院（中亚商学院）
通讯作者	Guzikova, Liudmila A.
作者单位	1.Peter the Great Saint-Petersburg Polytechnic University, Saint-Petersburg, Russia; 2.Lanzhou University of Finance and Economics, Lanzhou, China
推荐引用方式 GB/T 7714	Guzikova, Liudmila A.,Lyu, Lingli,Cai, Leyue. Effect of Share Repurchase on Stock Price of Chinese Listed Companies[J]. Lecture Notes in Networks and Systems,2024,951:195-206.
APA	Guzikova, Liudmila A.,Lyu, Lingli,&Cai, Leyue.(2024).Effect of Share Repurchase on Stock Price of Chinese Listed Companies.Lecture Notes in Networks and Systems,951,195-206.
MLA	Guzikova, Liudmila A.,et al."Effect of Share Repurchase on Stock Price of Chinese Listed Companies".Lecture Notes in Networks and Systems 951(2024):195-206.