【作者】 韩晖；

【导师】 谢获宝；

【作者基本信息】 武汉大学 ， 会计学， 2004， 硕士

【摘要】 股份回购是西方成熟的资本市场上普遍的一种资本运作方式，是指上市公司购回其本身发行在外的股份，以达到减资和调整股本结构等目的的一种公司理财行为。股份回购作为一种股本收缩方式涉及上市公司的资本结构与股利分配政策，因此是上市公司用以提高股票内在价值的重要手段之一。对我国而言，随着经济改革的深化，国有股比重过高已成为股市进一步发展和公司完善法人治理结构的严重障碍，国有股减持成为国有经济退出竞争性领域，从而实现战略性转移的重要目标。股份回购作为一种公司所有权结构和控制权结构变更类型的公司重组形式，对我国上市公司具有战略性的运用价值。因此，研究和探讨有关上市公司股份回购的理论和实践问题，对推动我国资本市场和上市公司的发展与创新有着积极的意义。 本文共分五章进行论述：第一章介绍股份回购的概念、分类以及国内外研究的现状，为下文的论述做好铺垫的同时提出本文的研究重点；第二章主要阐述了西方股份回购的模型和理论假说，从不同的角度探讨公司回购股份的动机以及股份回购创造股东财富的内在机理，为本文的写作构建基本的理论分析框架；第三章在介绍各国股份回购财务决策的法律背景的基础上，具体讨论了股份回购财务决策中的相关影响因素以及股份回购的时机、回购的方式、回购资金来源、回购的定价以及支付方式的选择等，以期为各种条件下股份回购的具体操作提供可行的方案；第四章以我国上市公司“申能股份”的国有法人股回购事件为案例，详细分析了我国特有的制度背景下股份回购的真正动机、市场影响、信息披露等相关问题，以对我国现阶段股份回购的实践提出一定的参考意见；第五章在前文论述的基础上，总结出我国上市公司股份回购存在的诸多亟需解决的问题，并为之提出相应的政策建议。更多还原

【Abstract】 Share repurchase is a common capital operating method in the western capital market, which is a way to reduce capital and adjust the equity structure of listed corporations through buying back its own stock. As a way of equity contraction, share repurchase involves capital structure and dividend policies of listed corporations, thus it can improve their internal stock value. With the economic reform deepened in our country, the excessive proportion of state-owned equity has become a large obstacle to further development of our stock market as well as making our listed corporate governance perfect, then state-owned stock lessening has become an important aim, under which state-owned economy quits from competitive fields in order to attain its strategic transfer. As a way of corporate restructuring, share repurchase has strategic value for our listed corporations. Therefore, studying related theories and practice on share repurchase of listed corporations has active meaning, which promotes the development and innovation of our capital market and listed corporations.In this thesis, five chapters are divided. In chapter one, the author introduces notions and classifications of share repurchase as well as current researches, and then gives the emphasis of the study. In chapter two, the author mainly describes the model and theoretical hypothesis on share repurchase, and explains motivations of share repurchase as well as internal mechanism of stockholders’ value creation from different perspectives. In chapter three, the author discusses related influencing factors, timing, way, capital sources, pricing, and payment methods of share repurchase under legal environments of share repurchase in different countries, thus giving available schemes for our practices. In chapter four, the author analyses such problems as the real motivations, market impact, information disclosure of share repurchase through a case study on state-owned corporate share repurchase of the listed corporation "shenneng" in order to give some ideas for our practices. In chapter five, the author summaries some problems which desiderate solutions, and put forward some related suggestions for them.更多还原