[论文解读] The Great Deception: A Comprehensive Study of Execution Strategies in Corporate Share Buy-Backs

Michael Seigne, Joerg Osterrieder|arXiv (Cornell University)|Jul 18, 2023

Private Equity and Venture CapitalBusiness, Management and Accounting被引用 3

一句话总结

本文研究了企业股票回购的执行策略，揭示了其相对于结果而言存在显著的低效性与高昂费用，尤其与机构投资者和零售投资者相比更为明显。文章主张在回购执行中提升透明度、成本效率与监管公平性，以增强市场诚信与股东价值。

ABSTRACT

We delve into the intricate world of share buy-backs, a strategic corporate capital allocation tool that has gained significant prominence over the past few decades. Despite being the subject of extensive research and debate, the execution phase of these transactions remains an underexplored area. This lack of research into the execution phase is surprising, especially when compared to the extensive literature on other capital allocation decisions, such as acquisition pricing. We aim to shed light on the execution practices of share buy-backs, highlighting challenges and opportunities that arise and presenting a comparative analysis with other aspects of capital allocation. From an outsider's perspective, this paper analyses the seemingly disparate practices and aims to uncover the "dark arts" of execution. The intention is to assist corporations, investors, and regulators in better understanding the intricacies of executing share buy-backs, emphasizing the need for a cost-efficient and regulatory compliant service for corporations trading their own listed securities. We question the seemingly disproportionate fees charged to corporations for similar or even inferior outcomes, compared to retail and institutional investors. We illustrate potential inefficiencies and frictional costs in the current execution phase. The examples highlight the need for greater transparency and fairness in share buy-back executions, advocating for more equitable processes that benefit all stakeholders in the capital markets ecosystem. With the surge in regulatory attention and political pressure fueled by the rising prominence of buy-backs and evolving ESG considerations, it is crucial that we enhance understanding of this key area. This paper seeks to foster dialogue and encourage transparency, thus promoting the efficient use of resources in capital markets, and ultimately, benefiting shareholders.

研究动机与目标

• 调查企业股票回购中尚未被充分研究的执行阶段，尽管其具有战略重要性，但该阶段仍不透明。
• 识别企业在回购执行中面临的系统性低效与摩擦性成本，这些成本对企业的负担尤为严重。
• 将企业回购执行的费用与结果与零售及机构投资者进行比较，突出其中的不平等现象。
• 倡导推动成本高效、透明且公平的执行实践的监管与市场改革。
• 促进企业、投资者与监管机构之间的对话，以提升公开市场中资本配置的整体效率。

提出的方法

• 对企业和机构投资者及零售投资者在股票回购中的执行实践进行比较分析。
• 分析真实世界的执行数据与费用结构，以量化费用差异与低效性。
• 采用定性与定量相结合的方法，研究回购执行中的‘暗箱操作’，重点关注隐藏成本与信息不对称。
• 将回购执行与其它资本配置决策（如并购定价）进行类比，以揭示研究空白。
• 评估监管与 ESG 压力对回购的影响，以明确改革的紧迫性。
• 提出一个基于结果与成本比率的框架，用于评估回购执行的公平性与效率。

实验结果

研究问题

• RQ1 为何企业股票回购的执行阶段相较于其他资本配置决策，研究仍显著不足？
• RQ2 企业在股票回购执行中的关键低效性与摩擦性成本是什么？与机构及零售投资者相比如何？
• RQ3 企业为回购执行服务支付的费用是否远高于其获得的实际成果？程度如何？
• RQ4 监管与 ESG 考量如何影响回购的设计与执行？
• RQ5 哪些结构性改革可提升企业股票回购执行的透明度、公平性与成本效率？

主要发现

• 尽管具有战略与财务上的重要性，企业股票回购的执行阶段仍显著缺乏研究。
• 企业在回购执行中被收取了不成比例的高额费用，且其执行结果往往劣于机构与零售投资者。
• 执行实践中的系统性低效与缺乏透明度，表明存在隐藏成本与信息不对称。
• 当前的执行模式缺乏成本效率，企业支付的溢价费用缺乏明确依据。
• 监管审查与 ESG 考量正增加对回购实践的压力，凸显改革的迫切性。
• 提升透明度与建立公平的执行模式，可显著提高资本市场的效率，并使所有利益相关方受益。