Share repurchase and cash holdings: Evidence from China

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance Pub Date : 2024-08-31 DOI:10.1016/j.iref.2024.103568

引用次数: 0

Abstract

This paper empirically examines the impact of share repurchase on corporate cash holding decisions by selecting A sample of stock repurchase of A-share listed companies in Shanghai and Shenzhen from 2007 to 2020. The results show that share repurchase can reduce the level of corporate cash holdings, and there is heterogeneity in financing constraints, dividend distribution and investment opportunities.

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股票回购与现金持有：来自中国的证据

本文通过选取 2007-2020 年沪深两市 A 股上市公司的股票回购样本，实证检验了股票回购对企业现金持有决策的影响。结果表明，股票回购会降低企业现金持有水平，并且在融资约束、股利分配和投资机会方面存在异质性。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

International Review of Economics & Finance Multiple-

CiteScore

7.30

自引率

2.20%

发文量

253

期刊介绍： The International Review of Economics & Finance (IREF) is a scholarly journal devoted to the publication of high quality theoretical and empirical articles in all areas of international economics, macroeconomics and financial economics. Contributions that facilitate the communications between the real and the financial sectors of the economy are of particular interest.