本文選題：股票回購 + 公司業(yè)績��； 參考：《江西財經(jīng)大學(xué)》2017年碩士論文

【摘要】：股票回購是指上市公司從股票市場上購回本公司一定數(shù)額發(fā)行在外股票的行為。它是一項重要的股利政策,也是公司完善治理結(jié)構(gòu)、優(yōu)化資本結(jié)構(gòu)的一種有效方法。是證券市場上非常常見的公司理財活動,不但會影響到市場上各個參與方,并且對公司本身的財務(wù)狀況有深遠(yuǎn)的影響。本文分析了寶鋼股份成功回購的經(jīng)驗以及寶鋼股票回購的主要關(guān)注點并分析出成功回購背后的原因,包括時機(jī)選擇、過程控制以及回購后應(yīng)該重視的問題,旨在為需要進(jìn)行回購的上市公司提供理論上的支持和實踐上的指導(dǎo)。本文共分為五大部分,分別是引言、上市公司股票回購的理論概述、寶鋼回購的背景、寶鋼回購的主要關(guān)注點、案例經(jīng)驗及政策建議。本文最主要的部分為公司股票回購的主要關(guān)注點,股票回購的主要關(guān)注點包括時機(jī)選擇、過程控制以及回購后的保護(hù)措施三個方面。在我國,由于資本市場的起步時間較晚且股票回購的應(yīng)用不是非常成熟,投資者和公司管理者對回購的認(rèn)識也不夠深入。在實際回購時,上市公司會按照回購時機(jī)和市場環(huán)境的不同,來制定不同的回購方式和定價策略。一般來說,需要進(jìn)行股票回購的公司主要有以下四種:一是當(dāng)公司的股價被低估的時候,公司希望能通過回購向市場傳遞被低估的消息,從而提升股價;二是公司存在大量閑置資金,回購一部分股票并注銷,通過減少流通股以降低公司分紅的壓力,提高資本杠桿;三是通過回購提升持股比例以增強(qiáng)對公司的控制權(quán);四是借助回購?fù)苿由鲜泄緦嵤┕蓹?quán)激勵。最后,對寶鋼股份成功回購的經(jīng)驗進(jìn)行分析后,本文得出如下結(jié)論:上市公司想要保證回購能夠順利實施,首先需要在回購時機(jī)上進(jìn)行選擇,有利于減少回購成本,降低財務(wù)風(fēng)險;其次確保合適的出資形式及資金來源,通過每日的市場行情進(jìn)行分析以制定合理的當(dāng)日回購價格和數(shù)量以增厚每股收益;回購?fù)戤吅缶o接著注銷所回購的股票,促使公司股價上升;最后在保證回購資金充足為前提的條件下,建立多層次融資渠道,以防資金鏈斷裂。同時需注意回購后的短期效應(yīng)以及財務(wù)風(fēng)險的應(yīng)對。
[Abstract]:Stock repurchase refers to the behavior of a listed company buying back a certain amount of the company from the stock market. It is an important dividend policy. It is also an effective method for the company to improve the governance structure and optimize the capital structure. It is a very common corporate financial activity in the stock market, which not only affects the market participation. It has a profound influence on the financial situation of the company itself. This paper analyzes the experience of the successful buyback of Baosteel and the main concerns of Baosteel's stock repurchase, and analyzes the reasons behind the successful repurchase, including the choice of timing, process control and the problems that should be paid attention to after the repurchase, aiming at the listed companies that need to be repurchased. It provides theoretical support and practical guidance. This article is divided into five parts: introduction, stock repurchase theory of listed companies, background of Baosteel repurchase, main concern of Baoshan Steel repurchase, case experience and policy suggestions. The main part of this paper is the main concern of stock repurchase, the main point of stock repurchase. The point of view includes three aspects: time selection, process control and protection measures after repurchase. In China, since the beginning of the capital market is late and the application of stock repurchase is not very mature, investors and corporate managers are not deeply aware of the repurchase. In actual repurchase, the listed companies will follow the time of repurchase and market ring. In general, there are four main types of repurchase companies that need to be repurchased: first, when the company's stock price is undervalued, the company wants to transfer undervalued information to the market through repurchase to improve the stock price; and the two is that the company has a large number of idle funds to buy back one. Share the stock and write off, by reducing the circulation stock to reduce the pressure of the dividend of the company and raising the capital lever; three is to enhance the control right of the company through the repurchase to enhance the shareholding ratio; the four is to push the listed companies to carry out the equity incentive by repurchase. Finally, the following conclusions are drawn: The city company wants to ensure the successful implementation of the repurchase. First of all, it is necessary to choose the time of repurchase, to reduce the cost of repurchase and to reduce the financial risk; secondly, to ensure the appropriate form of capital contribution and the source of funds, to analyze the reasonable daily repurchase price and quantity to increase the earnings per share through the daily market market and to increase the earnings per share; After the completion of the stock repurchase, the stock price of the company is increased. In the end, the multilevel financing channel is established under the condition of guaranteeing the adequacy of the repurchase fund to break the gold chain. At the same time, we should pay attention to the short-term effect of repurchase and the response of the financial risk.
【學(xué)位授予單位】：江西財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F832.51;F426.31

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