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

高买低卖：股票回购和持续信息不对称

作者：Philip Bond, Hongda Zhong

摘要：常规情况下，上市公司宣布进行常规的股权再融资(Seasoned Equity Offering)后，往往要面临一次股票价格下跌。其原因在于，公司进行SEO即意味着经营状况不好，SEO向投资者传递了负面信息。本文证实，如果资本市场的重复交易可行，公司和投资者之间的信息不对称会使市场均衡时同时产生股票回购和SEO行为。这些进行股票回购的公司当中一些是为了通过回购交易直接获取利益，另一些公司则是为了在回购交易之后的SEO中获得较高的增发价格。同时，回购行为发生的可能性会降低市场上SEO和投资的数量。总而言之，本文想要强调的重点是，应该在统一框架下分析公司的SEO和股票回购行为。

关键词：股票发行，信息不对称，动态信号

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

原文链接：

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

翻译：张琳