上市公司股票回购动因及财务效应分析

毕业论文

上市公司股票回购动因及财务效应

分析

姓名：专业：

班级：学号：

指导老师：职称：

指导老师：职称：

2019年月日

目录

一绪论 (5)

（一）研究背景与研究意义 (5)

1、研究背景 (5)

2、研究意义 (5)

（二）文献综述 (6)

1、国外文献综述 (6)

2、国内文献综述 (6)

二股票回购及其研究基础 (7)

（一）相关概念鉴定 (7)

1、股票回购的价格 (7)

2、股票回购的类型 (7)

3、股票回购的条件 (7)

三完善股票回购制度建设 (8)

（1）适度放松对股票回购的限制 (8)

（2）建立库存股制度 (8)

（3）建立健全相关法律法规 (8)

（4）加大信息披露和监管 (8)

四股票回购的政策建议 (9)

（一）加强投资人教育，提高股票回购意识 (9)

（二）加强公司对股票回购的认识，提高股票回购效率 (9)

致谢 (10)

苏州经贸职业技术学院

院级（优秀）毕业设计（论文）稿格式（A4纸张，单倍行距）

上市公司股票回购动因及财务效应分析

专业班级：xxxx（宋体小四号）

指导教师：xx职称（宋体小四号）

摘要（黑体小四号顶格排）：

股票回购的意思就是指一些上市公司使用企业自有的资金或其他的融资的渠道取得的资金之后再回购企业的股票，进而使得企业在外流通的股票会相应的减少，股票的价格上升。它最早是在西方的资本主义国家出现的。与西方的企业相比较，股票回购在我国有着不同的发展历程而且展现了我们鲜明的中国特色。和西方企业提升股票价格、完善企业的股利分配的方式是完全不同的，在我们中国股票回购的早期一般来说，主要是用来改变和完善国有企业的资本结构和骨架，改善企业管理者的治理方式。由于改革开放的政策加以实施，证券的市场也日益变得成熟，政府的一些职能也由管理变成了服务，开始缓慢的放松了对企业股票回购的限制的范围，而且相应的也出了很多相关的法律文件，慢慢走向规范、变得更加成熟。由于2015年证监会发布“五选一”的通知，大力的鼓励上市公司采用股票回购的措施。这一政策的发布让股票回购变得更加的规范化，对上市公司回购股票造成了很强烈的反应。相对来说2016年，熔断机制这个政策给股票市场造成的动荡让股票回购更加备受关注。

关键词：股票回购；证监会；融资

Stock repurchase motivation and financial effect of listed

companies,

Abstrac

Stock repurchase refers to the funds acquired by a listed company using its own funds or other financing channels to buy shares of the company from the stock market, so that the number of stocks that are out of stock will be reduced, so a to achieve the purpose of

raising share price or equity incentive. It first appeared in western capitalist countries, and it was an effective way of capital operation. Compared with the west, the stock repurchase is late in our country and the development is not perfect, and the relevant legal restrictions are more. However, this also makes the stock repurchase in the early stage of our country show a unique "one stock", "the same share of different rights" and other unique characteristics.Different from the western stock raising and dividend distribution, the early stage of stock repurchase in Chinais mainly used to improve the capital structure of state-owned enterprises and optimize the governance mode of enterprises. With the introduction of the policy of reform and opening to the outside world, the securities market is becoming more and more mature.Thefunction of the government has also shifted from management to service. The restriction on stock repurchase has been released slowly, and relevant legal documents have been promulgated to standardize and mature it. In 2015, the SFC issued a "five selection one" notice to encourage listed companies to take stock repurchase measures. The promulgation of these documents further regulate the behavior of stock repurchase, which has stimulated the enthusiasm of the stock repurchase of the listed companies.In 2016, the volatility of the stock market caused by the fusing mechanism caused the stock repurchase to attract more attention.

Key words: Stock Repurchase; China Securities Regulatory Commission; financing