本文選題：股份回購(gòu)　切入點(diǎn)：財(cái)務(wù)效應(yīng)　出處：《江蘇大學(xué)》2017年碩士論文

【摘要】：股份回購(gòu)是起源于西方資本市場(chǎng)的一種常見(jiàn)的資本運(yùn)作方式。相較于西方國(guó)家,我國(guó)的股份回購(gòu)起步較晚、底子薄、發(fā)展慢,而且因?yàn)橹形鞣皆谡�、�?jīng)濟(jì)、法律等方面存在較大差異,使得我國(guó)股份回購(gòu)具有鮮明的“中國(guó)特色”,具體表現(xiàn)為我國(guó)上市公司股份回購(gòu)的財(cái)務(wù)效應(yīng)和動(dòng)因有其獨(dú)特性。因此對(duì)我國(guó)上市公司股份回購(gòu)財(cái)務(wù)效應(yīng)和動(dòng)因的研究既有助于企業(yè)更加充分利用股份回購(gòu)這一資本運(yùn)作工具來(lái)提升企業(yè)價(jià)值,也有助于政府監(jiān)管機(jī)構(gòu)對(duì)股份回購(gòu)有更加深入的了解,及時(shí)跟進(jìn)相關(guān)監(jiān)管領(lǐng)域,維護(hù)資本市場(chǎng)的穩(wěn)定。本文通過(guò)案例研究的方法,對(duì)國(guó)元證券股份回購(gòu)產(chǎn)生的財(cái)務(wù)效應(yīng)和實(shí)施股份回購(gòu)的動(dòng)因進(jìn)行深入研究,對(duì)案例研究中發(fā)現(xiàn)的問(wèn)題與啟示進(jìn)行推廣,以期發(fā)現(xiàn)我國(guó)股份回購(gòu)實(shí)踐中的普遍問(wèn)題,并提出政策建議。首先,介紹了研究背景和研究意義,以及國(guó)內(nèi)外股份回購(gòu)的相關(guān)理論并進(jìn)行評(píng)述,為本文的研究提供理論線索與依據(jù)。其次,介紹了國(guó)元證券的基本情況和股份回購(gòu)的過(guò)程。再次,通過(guò)對(duì)國(guó)元證券股份回購(gòu)財(cái)務(wù)效應(yīng)的研究,發(fā)現(xiàn)國(guó)元證券在股份回購(gòu)預(yù)案公布時(shí)點(diǎn)出現(xiàn)了積極的市場(chǎng)反應(yīng),產(chǎn)生的超常收益致使股價(jià)快速上漲;在國(guó)元證券股份回購(gòu)實(shí)施的過(guò)程中,總體上股價(jià)的上漲超過(guò)同期的深證成指;與同行業(yè)證券公司相比,在面對(duì)證券市場(chǎng)震蕩引起的系統(tǒng)性風(fēng)險(xiǎn)時(shí),國(guó)元證券的股份回購(gòu)產(chǎn)生的積極財(cái)務(wù)效應(yīng)有限,主要起到了穩(wěn)定股價(jià)的作用,但是用于股份回購(gòu)的資金流出加大了短期償債壓力,造成短期償債能力下降的負(fù)面財(cái)務(wù)效應(yīng)。國(guó)元證券股份回購(gòu)的動(dòng)因主要分為外部動(dòng)因和內(nèi)部動(dòng)因,外部動(dòng)因包括來(lái)自政府的政策動(dòng)因和來(lái)自社會(huì)的社會(huì)動(dòng)因;內(nèi)部動(dòng)因主要是股權(quán)激勵(lì)動(dòng)因和向市場(chǎng)傳遞積極信號(hào)、穩(wěn)定股價(jià)。本次國(guó)元證券股份回購(gòu)基本上實(shí)現(xiàn)了其預(yù)期目的,在一定程度上起到穩(wěn)定了股價(jià)、增強(qiáng)投資者的信心的作用,同時(shí)也對(duì)整個(gè)證券市場(chǎng)的穩(wěn)定起到了一定的促進(jìn)作用,既響應(yīng)了政府的號(hào)召,也承擔(dān)起了社會(huì)責(zé)任、利國(guó)利民;另外也實(shí)現(xiàn)了回購(gòu)公司股份用于員工持股計(jì)劃的目的。在對(duì)國(guó)元證券股份回購(gòu)的研究中發(fā)現(xiàn)存在股份回購(gòu)制度不健全、上市公司的股份回購(gòu)計(jì)劃實(shí)際完成度低、存在虛假股份回購(gòu)漏洞等問(wèn)題,針對(duì)性的提出完善股份回購(gòu)法律法規(guī)、積極推廣以進(jìn)行員工持股計(jì)劃為目的的股份回購(gòu)等建議。
[Abstract]:Share repurchase is a common mode of capital operation originating from the western capital market. Compared with the western countries, the share repurchase in our country started relatively late, had a weak foundation, and developed slowly. Moreover, because of the political and economic situation between China and the West, There are great differences in law, This makes the share repurchase in our country have distinct "Chinese characteristics", which is embodied in the unique financial effect and motivation of the share repurchase of Chinese listed companies. Therefore, the study on the financial effect and motivation of the share repurchase of listed companies in our country. It is helpful for enterprises to make full use of share repurchase as a capital operation tool to enhance the value of enterprises. It is also helpful for government regulators to have a deeper understanding of share buybacks, to follow up on relevant regulatory areas in time, and to maintain the stability of the capital market. This paper makes a deep study on the financial effect of the share repurchase of Guoyuan Securities and the motivation of implementing the share repurchase, and popularizes the problems and revelations found in the case study, in order to find the common problems in the practice of share repurchase in China. First of all, it introduces the background and significance of the research, as well as the relevant theories of share repurchase at home and abroad and comments, which provides theoretical clues and basis for the research of this paper. This paper introduces the basic situation of Guoyuan Securities and the process of share repurchase. Thirdly, through the study of the financial effect of Guoyuan Securities share buyback, it is found that Guoyuan Securities has a positive market reaction at the time of the announcement of the stock repurchase plan. The resulting extraordinary returns have led to a rapid rise in the share price; during the implementation of the share buyback of Guoyuan Securities, the overall rise in the share price was higher than that of the Shenzhen Stock Exchange Index in the same period; compared with the securities companies of the same industry, In the face of systemic risks caused by shocks in the securities market, the positive financial effects of the share repurchase of Guoyuan Securities are limited, mainly playing a role in stabilizing the stock price, but the outflow of funds for share repurchase has increased the pressure on short-term repayment of debt. The motivation of share repurchase of Guoyuan Securities is mainly divided into external motivation and internal motivation, including the policy motivation from the government and the social motivation from the society. The internal motivation is mainly equity incentive motivation and transmission of positive signals to the market to stabilize the stock price. This share buyback of Guoyuan Securities has basically achieved its expected purpose, to a certain extent, it has stabilized the stock price and enhanced the confidence of investors. At the same time, it also plays a certain role in promoting the stability of the whole securities market, which not only responds to the call of the government, but also takes on social responsibility and benefits the country and the people. In addition, the purpose of repurchase company shares for employee stock ownership plan is realized. In the research on Guoyuan Securities share repurchase, it is found that the stock repurchase system is not perfect, and the actual completion degree of the stock repurchase plan of listed companies is low. There are some problems such as false share repurchase loophole and so on. Some suggestions such as perfecting the laws and regulations of share repurchase and actively popularizing the stock repurchase aiming at employee stock ownership plan are put forward.
【學(xué)位授予單位】：江蘇大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.39;F830.42

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 李穎;;中國(guó)股民投資收益結(jié)構(gòu)分析[J];會(huì)計(jì)師;2017年01期

2 ;關(guān)于鼓勵(lì)上市公司兼并重組、現(xiàn)金分紅及回購(gòu)股份的通知[J];會(huì)計(jì)師;2015年18期

3 譚洪益;;我國(guó)上市公司股票回購(gòu)效應(yīng)研究——以寶鋼股份為例[J];廣西財(cái)經(jīng)學(xué)院學(xué)報(bào);2015年02期

4 龔俊瓊;;我國(guó)上市公司股份回購(gòu)的動(dòng)機(jī)和財(cái)務(wù)效應(yīng)分析[J];當(dāng)代會(huì)計(jì);2015年04期

5 何瑛;黃潔;李嬌;;中國(guó)上市公司股份回購(gòu)的經(jīng)濟(jì)后果研究——來(lái)自A股市場(chǎng)2005—2013年的經(jīng)驗(yàn)數(shù)據(jù)[J];經(jīng)濟(jì)管理;2014年10期

6 李曉春;;論股份回購(gòu)中股東之間利益的沖突與平衡[J];福建江夏學(xué)院學(xué)報(bào);2014年01期

7 王健偉;;上市公司股份回購(gòu)問(wèn)題研究[J];財(cái)會(huì)通訊;2013年23期

8 張素青;;淺談我國(guó)上市公司股票回購(gòu)問(wèn)題[J];河北企業(yè);2013年02期

9 雷淑琴;;基于股份回購(gòu)的反并購(gòu)分析[J];商業(yè)會(huì)計(jì);2011年22期

10 石濤;;股份回購(gòu)的市場(chǎng)效應(yīng)和財(cái)務(wù)效應(yīng)——基于華海藥業(yè)、九芝堂和天音控股的案例研究[J];財(cái)務(wù)與會(huì)計(jì)(理財(cái)版);2011年04期

相關(guān)重要報(bào)紙文章 前2條

1 左永剛;;上市公司股權(quán)激勵(lì)辦法出爐 獨(dú)董等三類人不屬激勵(lì)對(duì)象[N];證券日?qǐng)?bào);2016年

2 陳燕青;;魯泰回購(gòu)逾1100萬(wàn)股B股[N];深圳商報(bào);2016年

相關(guān)碩士學(xué)位論文 前5條

1 劉敏;我國(guó)上市公司股票回購(gòu)財(cái)務(wù)效應(yīng)分析[D];云南大學(xué);2016年

2 陳文強(qiáng);我國(guó)上市公司股份回購(gòu)動(dòng)機(jī)及市場(chǎng)效應(yīng)分析[D];蘭州商學(xué)院;2014年

3 王暢;我國(guó)上市公司股份回購(gòu)動(dòng)機(jī)及回購(gòu)公告市場(chǎng)反應(yīng)研究[D];山東大學(xué);2012年

4 周建余;我國(guó)上市公司股份回購(gòu)動(dòng)因的比較研究[D];浙江大學(xué);2006年

5 張?chǎng)?我國(guó)上市公司股份回購(gòu)問(wèn)題研究[D];東北林業(yè)大學(xué);2005年

，

本文編號(hào)：1656702