本文關(guān)鍵詞：江中藥業(yè)股票回購對公司財務(wù)影響研究　出處：《深圳大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 江中藥業(yè) 股票回購 杜邦分析 事件研究法

【摘要】：股票回購最早興起于西方國家資本市場,其發(fā)展較為成熟。我國資本市場股票回購起步較晚,尚處于發(fā)展階段。我國自1992年產(chǎn)生第一起股票回購事件后,由于資本市場發(fā)展約束以及相關(guān)法律法規(guī)的限制,加之上市公司對股票回購的認識不深,使得我國資本市場股票回購活動并不十分活躍。近些年,隨著資本市場的發(fā)展完善與上市公司認識的提高,我國資本市場股票回購活動日趨頻繁。股票回購會給上市公司帶來何種財務(wù)影響,也就成為了財務(wù)理論界研究的重點課題。本文以江中藥業(yè)股票回購案例為研究對象,深入分析股票回購所產(chǎn)生的財務(wù)影響,為我國股票回購理論與實踐提供參考。本文通過運用事件研究法、杜邦分析、EVA模型等研究方法體系,以江中藥業(yè)股票回購案例為研究對象,深入分析了江中藥業(yè)股票回購財務(wù)效果、對經(jīng)營績效影響及股票回購事件的市場反應(yīng)等問題。本文主要分為七個部分:第一部分緒論。主要介紹研究背景和研究意義等內(nèi)容；第二部分股票回購的基本理論基礎(chǔ)和文獻綜述。主要闡述股票回購的相關(guān)基礎(chǔ)理論及國內(nèi)外研究現(xiàn)狀:第三部分簡要介紹江中藥業(yè)股票回購案例情況,分析了股票回購動因:第四部分江中藥業(yè)股票回購對公司財務(wù)活動的影響。深入分析股票回購對公司籌資、投資及盈余分配活動影響:第五部分江中藥業(yè)股票回購對公司財務(wù)狀況及經(jīng)營績效的影響。主要分析股票回購對綜合績效EVA影響及股票回購事件的市場反應(yīng):第六部分江中藥業(yè)股票回購對公司股權(quán)結(jié)構(gòu)以及股東財富的影響:第七部分結(jié)論與建議。通過上述研究,本文得出如下結(jié)論:(一)股票回購進一步優(yōu)化了公司資本結(jié)構(gòu),擴大了財務(wù)杠桿,向市場傳遞了積極信號,進一步改善了公司生產(chǎn)經(jīng)營環(huán)境:(二)股票回購對公司財務(wù)活動產(chǎn)生了積極正面影響,有效促進了公司經(jīng)營業(yè)績的提高:(三)資本市場對股票回購做出了積極反應(yīng),股票回購得到了投資者的認可,提升了公司價值。
[Abstract]:Stock repurchase first arose in the western countries the capital market, its development is more mature. China's capital market stock repurchase started late, is still in the development stage in China. Since 1992 the stock repurchase events, due to the development of the capital market constraints as well as relevant laws and regulations, and understanding of the stock repurchase of listed companies is not deep China's capital market, the stock repurchase activity is not very active. In recent years, with the development of the capital market and improve the listed companies improve the understanding of China's capital market, stock repurchase activities have become more frequent. The stock repurchase will bring listed companies the financial impact, has become the focus of research in financial theory research. In this paper, the River Pharmaceutical Stock Repurchase case as the object of study, in-depth analysis of the financial effects of stock repurchase arising, provide a reference for the theory and practice of stock repurchase in China. In this paper, by using the event study method, DuPont analysis system, EVA model and other research methods, the River Pharmaceutical Stock Repurchase case as the object of study, in-depth analysis of the River Pharmaceutical Stock Repurchase financial effect, impact on business performance and market reaction of stock repurchase events and other issues. This paper is divided into seven parts: the first part is the introduction. Introduces the research background and research significance of the content; the second part of the stock repurchase basic theory and literature review. Research status at home and abroad mainly expounds the basic theory of Stock Repurchase: the third part is a brief introduction of the River Pharmaceutical Stock Repurchase case, analyzes the stock repurchase motivation: fourth part of the River Pharmaceutical Stock Repurchase of the company's financial activities. In-depth analysis of stock repurchase of company financing, investment and profit distribution activities. The fifth part of the River Pharmaceutical Stock Repurchase Effect of financial condition and operating performance of a company. The main analysis of the market reaction of stock repurchase on the comprehensive performance of EVA and effect of stock repurchase events: the sixth part of the River Pharmaceutical stock repurchase on the ownership structure and the impact of shareholder wealth: the seventh part is conclusions and suggestions. Through the research, this paper draws the following conclusions: (a) the stock repurchase further optimize the company's capital structure, expand financial leverage, transfer a positive signal to the market, to further improve the company's production and operation environment: (two) the stock repurchase has positive impact on the company's financial activities, effectively promote the companies improve business performance: (three) the capital market to make a positive response to the stock repurchase. Stock repurchase has been recognized by investors, enhance the value of the company.

【學(xué)位授予單位】：深圳大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F426.72;F832.51;F406.7

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