Rev. Financ. Stud. (2016) 29 (6): 1409-1452.

高買低賣：股票回購和持續信息不對稱

作者：Philip Bond, Hongda Zhong

摘要：常規情況下，上市公司宣布進行常規的股權再融資(Seasoned Equity Offering)後，往往要面臨一次股票價格下跌。其原因在于，公司進行SEO即意味着經營狀況不好，SEO向投資者傳遞了負面信息。本文證實，如果資本市場的重複交易可行，公司和投資者之間的信息不對稱會使市場均衡時同時産生股票回購和SEO行為。這些進行股票回購的公司當中一些是為了通過回購交易直接獲取利益，另一些公司則是為了在回購交易之後的SEO中獲得較高的增發價格。同時，回購行為發生的可能性會降低市場上SEO和投資的數量。總而言之，本文想要強調的重點是，應該在統一框架下分析公司的SEO和股票回購行為。

關鍵詞：股票發行，信息不對稱，動态信号

Buying High and Selling Low: Stock Repurchases and Persistent Asymmetric Information

Philip Bond, Hongda Zhong

Abstract：Share prices generally fall when a firm announces a seasoned equity (SEO). A standard explanation of this fact is that an SEO communicates negative information to investors. We show that if repeated capital market transactions are possible, this same asymmetry of information between firms and investors implies that some firms also repurchase shares in equilibrium. A subset of these firms directly profit from the repurchase transaction, while other firms repurchase in order to improve the terms of a subsequent SEO. The possibility of repurchases reduces both SEOs and investment. Overall, our analysis highlights the importance of analyzing SEOs and repurchases in a unified framework.

Keywords：Share Issuance, Information Asymmetry，Dynamic Signaling

原文鍊接：

https://www.researchgate.net/publication/272246529_Buying_High_and_Selling_Low_Stock_Repurchases_and_Persistent_Asymmetric_Information

翻譯：張琳