上市公司股票回购动因及财务效应分析

上市公司股票回购动因及财务效应分析

摘要：从上世纪50年代以来，股份回购就受到了研究者们的关注。在80年代中期开始弥漫，随着法律的颁布，股份的回购在美国的市场中会受到热烈的。反应。纽约的股市开盘之后出现大幅度的下降，投资者们纷纷出售自己拥有的股票，为了稳定股价。有超过600家上市公司选择回购股票，来增加投资者们的信心，回购股票成为上市公司普遍使用的一种手段。我国证券市场发展相对比较缓慢。上世纪90年代，证券市场已经出现了好多案例。但回购对象都是国有股用来解决同股不同权利的问题。上市公司很少会进行股票的回购，因为对于他们来说，这没有吸引力，世界的经济联系越来越紧密，我国的证券市场也在不断的进步，旧的法律法规不能够适应现在的需求了。2005年政府颁布了新的。方法来放松对股票回购的。限制。允许企业在回购股票，上市公司采用这这个办法来释放公司未来的发展信号。以及调节资本结构。这种行为已经。非常普遍了，但是我们可以考虑到上市公司在回购股票的原因有很多种，产生的影响也有不同，所以上市公司回购股票的动因和影响需要进一步的研究。

本篇论文是在阅读大量的文献的基础上，结合各个案例进行分析了从股票回购，回购产生的影响以及财务效应三方面相互结合而写出来的。在2015年下半年，我国的股市发生了严重的大跌，很多上市公司纷纷采用了回购股票的方法，伊利集团也顺势回购股票，伊利集团通过不断的发展和优质的品质，成为了我国乳脂行业的巨头之一。此外，这个公司在国际上的影响也比较深远。他连续四次与荷兰进行合作，在全国的乳业排名上前十，所以选伊利集团具有比较高的代表性。

关键词：股份回购；财务效应；回购动因

Analysis on motivation and Financial effect of Stock

buyback in listed companies

Abstract: In the 1950s, share buybacks began to attract the attention of researchers and began to prevail in the mid to late 1980s. With the promulgation of the 10b-18 law, share repurchases began to be sought after by major companies in the U.S. capital market. On October 19, 1987, the New York stock market plunged and investors madly dumped stocks. In order to prevent the stock price from falling and stabilizing the stock market, more than 600 listed companies have chosen to repurchase company stocks in order to increase investor confidence. Share repurchasing has become a kind of regulation and control method commonly used by companies in the mature stock market, and is even known as the “rescue artifact”. The development of China's stock market is relatively late. Early share repurchases are generally used as a means of split share reform. There have been several cases of share repurchases in China's capital market before 1999, but they were all aimed at the repurchase of state-owned shares to resolve the issue of different rights of the same shares, and at that time our country’s “Company Law” restricted share repurchases. Quite a lot, share buybacks are not much attractive to listed companies. With the globalization of the economy, China’s stock market has gradually been brought into line with international standards. Previous laws and regulations have been unable to meet the economic development. In 2005, the government promulgated the “Measures for the Management of Listed Companies Repurchasing Social Public Shares (Trial)” to relax the share repurchase. With restrictions, listed companies can buy back tradable shares, and more and more listed companies use stock repurchase to adjust their capital structure, releasing investors with a good signal of future development prospects and raising stock prices. However, the motives and effects of the company's share repurchase in different stages of development are not the same. Therefore, it is of great academic and practical significance to study and analyze the motivation and financial effects of the repurchase of listed company shares.

This article mainly adopts the literature review and case study analysis ideas, and conducts literature review from three aspects: research on share repurchase behavior, research on the economic consequences of share repurchase, and research on the relationship between share repurchases and financial effects. After that, the relevant concepts and theoretical foundations are summarized. According to the way of repurchasing, repurchasing is divided into four major categories, which lists the various motivations for share repurchases and puts forward specific