[Retracted] Study on Announcement Effect of Stock Repurchase from the Perspective of Configuration Analysis

Table 1

The development of stock repurchase of listed companies.

Development stage	Basic features
Before the split share reform (1992-2004)	Exception management is implemented, repurchase is limited to nontradable shares, and only “write-off repurchase for the purpose of reducing the company’s share capital” and “company merger repurchase” are allowed. Only agreement repurchase is allowed. A total of 15 share repurchases occurred during the period [8].
In the split share reform (2005-2007)	The repurchase has expanded from nontradable shares to tradable shares, and the scope of implementation has been expanded to four situations such as capital reduction, merger, share awards, and division objections. The repurchase agreement is mainly based on repurchase agreements, and there are fewer centralized auction repurchases in the open market. A total of 41 share repurchases occurred during the period.
After the split share reform (2008---)	Further relax the restrictions on repurchase, especially after the revision of the company law in 2018, promote the marketization of share repurchase, regulate information disclosure, and increase transparency. Stock repurchases are mainly based on centralized bidding in the open market, with less agreement repurchase. A total of 141 share repurchases occurred during the period from 2008 to 2017, and a total of 755 share repurchases occurred during the period from 2018 to 2019.