| 摘要: |
| 摘要：随着资本市场的发展与国有企业改革的深入，市值管理已成为衡量企业综合竞争力和资本运作水平的重要指标。基于2014－2024年沪深A股国有上市公司数据，探究国有上市公司实施股份回购对其市值管理的影响效应及作用机理。研究发现，国有企业股份回购能够显著提升市值管理水平，这一结论在进行一系列稳健性检验和内生性分析后依然成立；机制分析显示，降低代理成本与提升管理层激励是国有企业股份回购推动市值管理的重要机制。本研究可为推动国有企业提升治理水平及实现高质量发展提供一定参考。 |
| 关键词: 关键词：股份回购；国有企业；市值管理；代理成本；管理层激励 |
| DOI： |
| 分类号:F832.5 |
| 基金项目:基金项目：国家社会科学基金一般项目“金融风险传递共振机理与早期纠正机制研究”（24BJL114）。 |
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| Research on the Market Value Management Effect and Mechanism of Share Repurchases in State-Owned Enterprise |
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SHEN Bing，WANG Yuan
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（School of Economics and Management，Southwest University）
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| Abstract: |
| Abstract：With the development of the capital market and the deepening of state-owned enterprise (SOE) reforms，market value management has become an important indicator for measuring a firm’s overall competitiveness and capital operation capability.Based on data from state-owned listed companies in the Shanghai and Shenzhen A-share markets from 2014 to 2024，this paper examines the impact and underlying mechanisms of share repurchases on market value management.The results show that SOE share repurchases can significantly enhance the level of market value management，and this conclusion remains robust after a series of robustness checks and endogeneity analyses.Mechanism analysis reveals that reducing agency costs and strengthening managerial incentives are key channels through which share repurchases promote market value management.This study provides important implications for promoting SOEs to improve governance and achieve high-quality development. |
| Key words: Key words：Stock Repurchase；State-owned Enterprise；Market Value Management；Agency Costs；Management Incentives |
