上市公司股份回购的动因及问题分析

内 容 摘 要

股份回购，是上市公司资本运作的重要方式之一。通过股份回购的相关理论，包括基本概念、七个动机假说、经济后果三个方面对股份回购有了基本了解。也从股份回购的可回购的股票、操作方案、应该注意的问题等各方面对其进行相关问题分析。股份回购有利于证券市场的高效、有序运作，有利于形成上市公司和股东的“双赢”格局，但是同时也会产生上市公司操纵市场的行为。上市公司可以通过股份回购逐步提高流通股和社会公众股的比重，改善和优化股权结构，健全和完善上市公司的法人治理结构，形成有效的制衡和约束机制。这也是目前许多上市公司需要解决的现实而紧迫的问题。

关键词：股份回购   上市公司   动机假说   问题分析
Share Repurchase motives and problems of

Abstract

    Share repurchase, capital operation of listed companies is one important way.Share repurchase by the theory, including basic concepts, seven motivation hypothesis, the three aspects of the economic consequences have a basic understanding of the repurchased shares.Also available from Stock Repurchase repurchase shares, the operation, one should pay attention to the issue and other aspects of its associated problems.Repurchase the securities market is conducive to the efficient and orderly operation of the beneficial shareholders of listed companies and the formation of a "win-win" situation, but will also generate the behavior of listed companies to manipulate the market.Listed companies can gradually increase the flow through share repurchase shares and the proportion of the public sector, improve and optimize the ownership structure, improve and perfect the corporate governance structure of listed companies, an effective mechanism of checks and constraints.It is also present, many companies need to address the real and pressing issues.

Key words：Share repurchase   listed companies   motivation hypothesis   analysis

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