The persistence and consequences of share repurchases
研究发现企业主要用现金流进行日益持续的股票回购，这种内部融资伴随留存收益在资本结构中逐渐增加，并导致回购对现金流敏感而投资不敏感，尤其体现在财务成熟企业中。
Abstract Firms use cash flow primarily to finance increasingly persistent share repurchases. Such internal financing is accompanied by gradual increases in retained earnings in the capital structure, and results in high (low) repurchase (investment) sensitivity to cash flow. These effects are particularly pronounced among financially mature firms. The repurchase–cash flow sensitivity of US firms has increased steadily in recent decades, with steeper increases for financially mature firms. We find that repurchases are not generally associated with underinvestment. Moreover, a nontrivial number of firms would have depleted their retained earnings if they paid dividends instead of repurchased shares.