上市公司股份回购的财务效应分析摘要目前,我国股票回购的对象已经由减持国有股、非流通股向社会公众股转变,它作为股权分置改革时代的历史使命也已经完成。由于股票回购在我国尚属新兴事物,没有任何操作和监管经验可以借鉴,因此,通过对我国上市公司股票回购的动机和财务效应的探讨,结合我国的特色国情,推动股票回购在我国资本市场的发展和成熟,使其发挥真正的效果和作用。股份回购是指上市公司用盈余资金以一定价格回收本公司股票的行为，其目的是调整企业内部的股本结构。股份回购兴起于西方发达国家，而随着我国经济不断的发展，我国的资本市场也愈发繁荣，越来越多的上市公司会进行股份回购，其管理者也逐渐认识到股份回购带来的好处。在2005年，中国证监会发布的《上市公司回购社会公众股份管理办法(试行)》是我国关于股票回购的第一部法律条例，自此我国上市公司运用股票回购这一资本运作手段将有章可循有理可依。本文以宝钢股份为样本，采用财务指标分析法进行研究，通过对案例公司股票回购前后的财务状况和经营业绩的对比分析，总结了股票回购的财务效应。关键词：股份回购，回购方式，财务效应SharerepurchaseoflistedcompaniesfinancialeffectanalysisABSTRACTAtpresent,theobjectofstockrepurchaseinourcountryhasbeenchangedfromthereductionofstate-ownedsharesandnontradablesharestothepublicshares.Duetothestockrepurchaseinourcountryisstillanewthing,thereisnooperationandsupervisionexperience,therefore,throughthediscussionofChina'slistedcompaniesstockrepurchaseandthefinancialeffect,combinedwiththecharacteristicsofChina'snationalconditions,topromotethestockrepurchaseinChina'scapitalmarketdevelopmentandmature,andputitintoeffecttheroleofthereal.Sharerepurchasereferstothebehaviorofthelistedcompanytorecoverthestockofthecompanywiththesurplusfundsatacertainprice.Repurchasesharesriseinwesterndevelopedcountries,butwiththeeconomicdevelopmentofourcountry,thecapitalmarketofourcountryhasbecomemoreprosperous,moreandmorelistedcompanieswillrepurchaseshares,itsmanagershavegraduallyrealizedthebenefitsofstockrepurchase.In2005,theCommissionissuedthe"Chinesepubliclistedcompaniestorepurchasesharesmanagementapproach(Trial)"isChina'sfirstlawonthestockrepurchaseregulations,sincethestockrepurchaseofListedCompaniesinChinabythismeansofcapitaloperationwillberule-basedrationalcandependon.Inthispaper,Baosteelasthesample,thefinancialindexanalysis,throughtheanalysisandcomparisonofbeforeandafterthestockrepurchasecasecompany'sfinancialconditionandresultsofoperations,summarizesthefinancialeffectofstockrepurchase.KEYWORDS：sharerepurchase,repurchasemethod,financialeffect目录1绪论..............................................................11.1研究背景....................................................11.2研究意义....................................................21.3国内外研究现状..............................................31.3.1国外研究现状...........................................31.3.2国内研究现状...........................................41.4研究方法....................................................51.5研究内容和论文结构..........................................52财务效应相关理论..................................................62.1EPS假说.....................................................62.2财务杠杆假说................................................62.3财务灵活性假说..............................................62.4税差假说....................................................73上市公司股份回购财务效应分析......................................83.1股份回购正财务效应...................
