Влияют ли постоянные и временные денежные потоки на выкуп компанией своих акций?

   Решение о выкупе акций является важнейшим обязательством, зависящим от денежного положения компании.

   Цель данного исследования — изучить влияние волатильности денежного потока на решения о выкупе акций индийских корпоративных компаний.

   В выборку вошли 132 индийские компании, зарегистрированные на Бомбейской фондовой бирже в период с 2012 по 2019 г. Выбранные компании имели незначительную аномальную доходность (после объявлений о выкупе), что вызвало желание изучить реальную мотивацию обратного выкупа в компаниях с постоянными и волатильными денежными потоками. Результаты регрессии по методу наименьших квадратов показали, что крупные денежные активы не связаны с выкупом акций с коэффициентами –0,02 и 0,01 для компаний с постоянными и волатильными операционными денежными потоками, соответственно. Фирмы со значительными денежными потоками проявляли низкую склонность к выкупу своих акций. Выкуп акций в основном служил сигналом, призванным повысить стоимость акций, которые могли быть недооценены. Так, недооцененность акций (с бета-фактором –0,38), по-видимому, существенно повлияла на решение о выкупе в связи с постоянными или волатильными денежными потоками компаний. Кроме того, небольшие компании чаще участвовали в выкупе, учитывая их более низкий коэффициент соотношения рыночной и балансовой стоимости собственного капитала компании.

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