上市公司股票回购对公司内在价值的探究

内容摘要：随着资本市场的快速发展，证券市场特别是股票交易市场的地位越来越重要，对国民经济的稳定发展起到至关重要的作用，那么上市公司作为股票交易的中最要主体，其活动对整个经济的作用也就不言而喻了。在此背景之下，上市公司的股票回购在一定程度上必然会影响到社会经济的发展，而我国的证券市场是非有效市场，各种政策法规都不健全，因此很有必要根据我国实际及国外的回购实践经验、在有关理论研究研究基础之上，根据有关文献和数据资料来分析股份回购的发展状况，国内外有关回购的文献综述，回购的理论基础及有关理论，股份回购对公司股价、股本结构、财务数据、经营业绩等方面的影响，并通过数据分析得出相关结论，并提出相关的政策建议。以此来推进我国证券市场的功能多样化，交易方式的复杂化，市场信息的有效化，促进社会经济的全球化。

关键词：股票回购，上市公司，库存股，影响
The Research of listed company’s stock repurchase for the intrinsic value

Abstract：With the rapid development of capital market,the stock market,especially the NASDAQ,is occupying a more and more important position.It has a crucial influence on national economy’s steady development.So as the most important subject of stock transaction,it is very clear that the Listed company’s activity has a great importance on the whole economy.In this background,the listd company’s stock repurchase will certainly affect social economy’s development to some degree.However,in our country the stock market is uneffective,what’s worse,all kinds of policies and regulations are also not perfect.Therefore,it’s very essential that we should base on our country’s practical condition and foreign experience of stock repurchase,with the related theory research,and according to the relational literatures and date,the effection that stock repurchase on company’s share prices,capital structure,financial date and business performace which is reviewed on the basis of the related literature review for repurchase, to analyse the development of stock repurchase.and then reached the related conclusion,what’s more,which can make us promote some related policy suggestion to impel the function diversity,trade complication and market information’s effection in our country’s stock market,what’s more,it promotes the social economic’s globalization.

Key words：share repurchase，listed company ，treasury shares ，influence

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