股份回购宣告与企业的产权性质有关吗？

Is Share Repurchase Annunciation Related to the Nature of Property Right of Enterprise?

摘要: 2018年10月26日对《公司法》第142条关于股份回购相关要求的修订，以及后续颁布的各项规定，使得股份回购受到我国更多上市公司的广泛关注。然而，由于企业产权性质的不同，监管部门以及广大社会投资者对上市公司的风险、报酬以及所承担的社会责任等要求是有所不同的。本文以我国2012~2018年在公开市场宣告股份回购的A股上市公司为例，通过二元logistic回归与事件研究法研究发现，非国有企业更可能宣告进行股份回购。但由于内部控制水平与公司治理水平的差异，市场对于国有企业宣告股份回购的正向反应更显著。

Abstract: On October 26, 2018, the revision of Article 142 of the Company Law which is related to share repurchase and the subsequent promulgation of various provisions have made share repurchase widely concerned by more listed companies in China. However, due to the different nature of enterprise property rights, regulatory authorities and social investors have different requirements on risk, compensation and social responsibility of listed companies. This paper takes the A-share listed companies which announced share repurchase in the open market in China from 2012 to 2018 as an example. According to binary logistic regression and event study, we found that non-state-owned enterprises are more likely to announce share repurchase. However, due to the internal control level and corporate governance level differences between state-owned enterprises and non-state-owned enterprises, market positive reaction to share repurchase annunciation by state-owned enterprises is more significant to non-state-owned enterprises.