美的集团股份回购案例研究
研究生姓名：葛颖
导师姓名：高安荣
学科名称：金融
研究方向：金融市场与金融证券
年级：2020级
摘要
股份回购是上市公司通常用来稳定股价、改善资本结构和提升价值的一个重要手
段。在 2018年，《公司法》被完善，上市公司可以进一步扩大回购规模上限，实施
股份回购的程序也更加简单化。《公司法》祛除了一些限制后，上市公司开始重新重
用股份回购，我国资本市场迎来了新一轮的“回购潮”。
目前，股份回购的研究在我国主要是案例研究，但对连续多期实施股份回购的案
例研究较少。2018年至 2021年美的集团进行了五期股份回购，回购总金额达 240亿
元，美的集团被称为“A股市场最大的回购公司”。证券市场和公司财务状况对此做
出了相应的反应，因此美的集团股份回购案例是具有代表性的股份回购案例。
本文分析了美的集团从 2018年至 2021年实施的五期股份回购案例，并从回购历
程、回购动机、回购效应等角度对每期股份回购计划进行了分析和评价。在动因方面，
分析出每一期股份回购的动因略有差异。在回购效应方面，从财务效应、市场反应以
及研发创新能力三方面分别对回购效应进行了研究和总结。研究发现，美的集团实施
股份回购后，对于市场效应，采用事件研究法得出每一期股份回购的超额累计收益率
均为负值，超额收益均在 2%以下，说明每一期的短期市场效应不明显。对于财务效
应，每一期带来的财务效应均不相同，有时起到促进作用，有时并没有。对于研发创
新能力，来判断股权激励计划实施的效果，研究发现，第二期股权激励得到的效果不
明显，第三期股权激励效果明显。为了找出影响美的集团股份回购市场效应不明显的
因素，采取了从 2015年至 2021年所有属于家电行业宣告并完成了股份回购的公司为
样本，收集了 61个样本做实证分析，以超额累计收益率反映股份回购市场效应，并
以其为被解释变量。结果发现，影响股份回购市场效应的显著因素有资产负债率、回
购比例和净资产收益率，回购目的、市净率、分红比例与股份回购市场效应没有显著
关系。根据实证结果结合相关的理论基础，联系美的集团的具体情况，进一步具体说
明在这些因素影响下美的集团五期股份回购市场效应不明显的具体原因。另外，对于
财务效应影响因素也分为了宏观和微观两个角度说明。最后，在实证结果的基础上，
针对其问题给出建议，并对全文进行总结，提出本文存在的不足与对未来的展望。
关键词:美的集团；股份回购；事件研究法；市场效应
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Midea Group Share Repurchase Case Study
Graduate student: Ying Ge
Supervisor: Anrong Gao
Major：Finance
Research direction: Financial market and Securities
Grate: Class 2020
Abstract
Share repurchases are an important tool commonly used by listed companies to
stabilize share prices, improve capital structure and enhance value. In 2018, the Company
Law was improved to allow listed companies to further expand the cap on the size of share
repurchases and to make the process of implementing share repurchases simpler. After the
Company Law removed some restrictions, listed companies began to reuse share
repurchases, and a new wave of "buybacks" was ushered in by China's capital markets.
At present, the study of share repurchases in China is mainly a case study, but there
are fewer case studies on the implementation of share repurchases in multiple consecutive
periods. 2018 to 2021, Midea Group conducted five share repurchases, with a total
repurchase amount of 24 billion yuan, and Midea Group is known as "the largest
repurchase company in the A-share market". The securities market and the company's
financial situation have responded accordingly, so the case of share repurchase of Midea
Group is a representative case of share repurchase.
This paper analyzes the five phases of share repurchases implemented by Midea
Group from 2018 to 2021, and analyzes and evaluates each phase of the share repurchase
program from the perspective of repurchase history, repurchase motives, and repurchase
effects. In terms of motivation, it was analyzed that the motivation of each share
repurchase period was different. In terms of repurchase effect, the repurchase effect was
studied and summarized from three aspects: financial effect, market response, and R&D
and innovation capability. The study found that after the implementation of share
repurchases by Midea, for the market effect, the excess cumulative return of each share
repurchase was negative using the event study method, and the excess return was below
2%, indicating that the short-term market effect was not obvious in each period. For the
financial effect, the financial effect brought by each period was different, sometimes
played a facilitating role, and sometimes did not. For the R&D innovation ability, to judge
II

the effect of the implementation of the equity incentive plan, the study found that the
second period of equity incentive got an insignificant effect, and the third period of equity
incentive had an obvious effect. In order to find out the factors affecting the insignificant
effect of share repurchase market of Midea Group, all companies belonging to home
appliance industry that declared and completed share repurchase from 2015 to 2021 were
taken as samples, and 61 samples were collected for empirical analysis to reflect the share
repurchase market effect with excess cumulative return as the explanatory variable. The
results found that the significant factors affecting the share repurchase market effect are
gearing ratio, repurchase ratio and return on net assets, and there is no significant
relationship between repurchase purpose, P/E ratio and dividend ratio and share repurchase
market effect. Based on the empirical results combined with the relevant theoretical basis,
and in relation to the specific situation of Midea Group, it further specifies why the market
effect of five share repurchases of Midea Group is not significant under the influence of
these factors. In addition, the factors affecting the financial effect are also divided into
macro and micro perspectives. Finally, on the basis of the empirical results, suggestions are
given for its problems, and the whole paper is summarized with the shortcomings and the
outlook for the future.
Keywords:Midea Group; share repurchase; event study method; market effect
III
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