文章基本信息

标题：The Impact of Share Repurchase on R&D Expenditure: An Empirical Study from High-tech industry
本地全文：下载
作者：Hongwei Cheng ; Liang Yin ; Xinwei Luo 等
期刊名称：E3S Web of Conferences
印刷版ISSN：2267-1242
电子版ISSN：2267-1242
出版年度：2020
卷号：214
页码：1-4
DOI：10.1051/e3sconf/202021402018
出版社：EDP Sciences
摘要：After the policy was released in 2018, listed companies increased the frequency and amount of repurchases. Some studies believe that managers will give up long-term investment which is beneficial to the sustainable development of enterprises due to the short-term performance response caused by share repurchases. This paper took the repurchase firms in the high-tech industry from 2008 to 2018 as samples, it is found that the company’s share repurchase promotes R&D expenditure and will not reduce expenditure in R&D for short-term stock price reaction. Furthermore, the heterogeneity study found that in state-owned firms, the company’s share buybacks have a more significant role in promoting R&D expenditure.