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The impact of government-led monetary incentives on share buybacks: evidence from China’s 2024 reform
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Resumo(s)
Share buyback is the behavior of publicly traded companies that use their own or self-financed
funds to purchase company shares on the stock market. Listed companies tend to adopt this
strategy when they are undervalued and is usually used to enhance investor confidence.
This study analyzes the impact that the Chinese government-led reform has on share buybacks
of companies listed on the Shanghai (SSE) and Shenzhen (SZE) Stock Exchanges. It assesses
how the market responded to the policy and whether it perceived the buybacks as value-driven
or as a response to favorable policy conditions, introduced to support the buyback mechanism.
Descrição
Palavras-chave
Share buyback Government policy People’s Bank of China Abnormal returns Stock market reaction Chinese capital market Shanghai Stock Exchange Shenzhen Stock Exchange Monetary policy