基于持续派现上市公司的股票回购决策影响因素分析

摘要

鉴于我国股票回购发展历史较短、个案数量较少的原因，本文设计了一个既有回购股票又持续进行现金分红的上市公司作为研究样本，分析上市公司进行股票回购决策的影响因素。Logit模型的实证分析结果显示每股收益、财务杠杆、市盈率、托宾Q和股票期权激励等因素均显著影响上市公司对股票回购的决策，并一步证明了EPS假说、财务杠杆假说、价值低估假说、财务灵活性假说和股票期权激励假说在我国资本市场的适用性。%In view of the lack in both history and practices on the stock repurchase in China , this paper designs a specif-ic sample which operates stock repurchase and also has continuous cash dividends to study the factors affecting the stock repurchase decision .Through the empirical analysis under Logit model , the following factors have been observed to have great influence on the stock repurchase decision:EPS, financial leverage, PE ratio, Tobin Q value, and Stock Options Incentive .This results demonstrate that EPS , financial leverage , underestimate , financial flexibility and Stock Options Incentive , all these factors have applicability to China′s capital markets .