我国上市公司股份回购问题的研究

【作者】 李玉良；

【导师】 张晋生；

【作者基本信息】 首都经济贸易大学 ， 金融学， 2004， 硕士

【摘要】 在我国，随着经济体制改革的深入和国内外市场一体化进程的逐步加快，特别是中国加入WTO以后，企业面临的市场竞争将越来越激烈。尤其对上市公司，虽然我国上市公司的数量不是很多，但却集中了我国大多数大中型企业和“优秀”企业，对国民经济发展和人们生活的影响日益突出。但是上市公司在运营发展过程中也暴露出了许多问题，从而使其效益不断下降。因此，对上市公司的发展进行研究具有十分重要的意义。 正是基于以上考虑，本文选择了上市公司运作发展的核心问题之一——股份回购作为研究对象。本文首先分析了股份回购的动机与类型；提出了股份回购的理论基础及建立在此基础之上的基本模型；然后分析了股份回购与股东价值、股份回购与上市公司的经营效益、股份回购与公司资本结构的关系；将我国A股市场中的股份回购案例分时期、分类别进行剖析；最后分析了股份回购与资本市场之间的关系。更多还原

【Abstract】 In my country, with the development of the reformation of economic systems andthe quickening of the marketable integration at home and abroad, especially after joining WTO, the market competition of the corporations faced will be more and more furious. Especially for the listed companies, though their quantity is not large, but they involve most large-middle corporations and excellent corporations, which has great influence on the development of the national economic and the living of the people. But in the course of the operation, the listed companies show many problems, which leads to the decline of the benefit. So the research on the development of the listed companies is very important.Based on the above consideration, this article chooses stock repurchase as research object. Firstly, the article analyses the motive and types of stock repurchase and puts forward the theoretical basis of stock repurchase and the basic models. Then it analyses the relations between stock repurchase and the value of shareholders, stock repurchase and the benefit of the listed companies, stock repurchase and the capital construction of companies, market reaction and business performance of repurchase cases in China; Finally, it analyses stock repurchase and the capital market.更多还原