本文選題：股份回購 + 產能過剩　； 參考：《安徽財經大學》2014年碩士論文

【摘要】：寶鋼集團有限公司,為中國最大的鋼鐵公司,寶鋼股份是其自子公司,上海證交所上市。寶鋼集團于2012年8月公布了一份上限為50億元股份回購預案,引發(fā)資本市場參與者的廣泛關注。 2012年的國內資本市場,股份回購如同雨后春筍,層出不窮,洋和股份、用友軟件、興森科技紛紛拋出方案加入回購行列。尚屬新型事物的股份回購,讓此前對此沒有太多概念的廣大中小投資們陷入一頭霧水。 因此筆者考慮,在市場缺乏相關經驗的前提下,有必要從中小投資者的利益點出發(fā),為其闡述股份回購的含義,以及分析股份回購現象之下的潛在原因,并適當提供風險注釋。 本文重點關注股份回購是什么、什么用以及為什么。筆者認為,此次寶鋼的回購事件,并非單純的金融行為,而是行業(yè)環(huán)境與資本市場雙重作用之下的產物；同時,筆者探討了股份回購的含義,及其在我國現行行業(yè)、法律背景下可能存在的潛在問題,并認同其存在道德風險。 本文旨在為資本市場中處于信息不對稱下的中小投資者提供必要的信息與提示,全文分為五個部分,第一部分為對股份回購概念的介紹,羅列出學術界現有的若干假說,同時簡要探討了股份回購在我國的法律處境以及潛在的道德風險。第二部是筆者對寶鋼所處的鋼鐵產業(yè)的行業(yè)分析,并得出行業(yè)的整體行情不景氣是導致其采取股份回購的外部動因之一。第三部分是筆者對寶鋼集團運營狀況分析,分為宏觀與微觀兩個角度,并且得出其運營狀況也是其采取股份回購行動的內部動因。第四部分是對寶鋼此次回購行動的描述與分析,追蹤了其回購進展,研究了其回購產生的效果,并進一步深入了解其回購的原因。第五部分是筆者對這次回購行為的整體解讀,并總結出對市場參與者特別是中小投資者的風險提示以及經驗建議。
[Abstract]:Baosteel, China's largest steel company, is a subsidiary of Baosteel, listed on the Shanghai Stock Exchange.Baosteel Group in August 2012 announced a cap of 5 billion yuan share repurchase plan, attracting the attention of capital market participants.In the domestic capital market in 2012, share buybacks have sprung up in an endless stream, with shares and shares, friends software, and Xingsen Technology throwing out plans to join the buyback.Share buy-backs, which are still new, have thrown into disarray the vast majority of small and medium-sized investments that had not had much idea about them.Therefore, on the premise of the lack of relevant experience in the market, it is necessary to explain the meaning of share repurchase for the small and medium-sized investors, analyze the potential reasons under the phenomenon of share repurchase, and provide appropriate risk annotations.This article focuses on what share repurchase is, what to use and why.The author believes that the repurchase incident at Baosteel is not a simple financial act, but a product of the dual role of the industry environment and the capital market. At the same time, the author discusses the meaning of the share buyback and its current industry in China.Potential problems that may exist in the legal context and identify with the existence of moral hazard.The purpose of this paper is to provide necessary information and hints for the small and medium-sized investors in the capital market under asymmetric information. The paper is divided into five parts. The first part is the introduction of the concept of share repurchase, and lists some existing hypotheses in academia.At the same time, it discusses the legal situation and potential moral hazard of share repurchase in China.The second part is the author's industry analysis of Baosteel's steel industry, and concludes that the overall market downturn is one of the external reasons leading to the adoption of share repurchase.The third part is the author of Baosteel Group operating situation analysis, divided into macro and micro perspectives, and found that its operating conditions are also the internal reasons for its share repurchase action.The fourth part is the description and analysis of Baosteel's repurchase activity, tracking its repurchase progress, studying the effect of its repurchase, and further understanding the reasons of its repurchase.The fifth part is the author's overall interpretation of the repo behavior, and summarizes the market participants, especially the small and medium investors risk tips and experience suggestions.
【學位授予單位】：安徽財經大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F426.31;F406.7

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