Share repurchase and capital market pricing efficiency

被引：2
|
作者：
Ren, He [1 ]
Ye, Linlin [2 ]
Zheng, Shi [3 ]
机构：
[1] Tianjin Univ Finance & Econ, Sch Accounting, Tianjin 300221, Peoples R China
[2] Shanghai Univ, MBA & Management Educ Ctr, Shanghai 200072, Peoples R China
[3] Sichuan Univ, Jinjiang Coll, Meishan 620860, Peoples R China
来源：
FINANCE RESEARCH LETTERS | 2024年 / 60卷
关键词：
Share repurchase; Capital market pricing efficiency; Synchronicity;
D O I：
10.1016/j.frl.2023.104904
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Share repurchase has become essential to distribute dividends, optimize long-term incentive mechanisms and improve governance structure. This paper selects the sample data from 2007 to 2021 to investigate stock repurchase in promoting the pricing efficiency. Stock repurchase can reduce the synchronicity. The mechanism test points out that stock repurchase plays an inhibitory role by improving stock liquidity and the quality of information disclosure. The heterogeneity test shows that the mechanisms are significant in state-owned enterprises and enterprises with low internal and external governance efficiency due to the substitution effect of stock repurchase on governance to a certain extent.
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