上市公司股票回购的财务效应分析

内容摘要

股票回购是指上市公司从股票市场上购回本公司一定数额发行在外股票的行为。股票回购既是一项重要的股利政策，也是完善公司治理结构、优化企业资本结构的重要方法。股票回购作为成熟证券市场上一项常见的公司理财行为，不仅对市场参与各方产生一定的影响，而且为上市公司本身带来显著的正财务效应与负财务效应。通过对上市公司股票回购的财务效应分析及研究，结合所学过的财务和会计知识，采用理论结合实际的方法，从中得出，负财务效应是不可避免的，虽然不要求使之最小化，但应当适当的调节其与正财务效应之间的关系。因此，公司可以通过合理运用股票回购策略，权衡利弊，成功实现股票回购目的。

关键词：股票回购   正财务效应   负财务效应   资本结构
Analyzed financial effect of Share repurchases
In the Listed Company

Abstract

Share repurchase refers to the listed companies from the stock market to bring the company a certain amount of the outstanding shares. Stock buyback is an important dividend policy, improve the corporate governance structure, optimize capital structure is the important method. Stock buyback as mature securities market in a common financing behavior, not only to the market participants to produce certain effect, but also for the listed company itself brings significantly positive effects and negative effects of financial accounting. Through the listed company stock repurchase of financial analysis and research, combined effect of financial and accounting learned knowledge, using the method of combining theory with practice, it is concluded that negative financial effect is inevitable, although not required, but should minimize the appropriate adjustment and the relationship between financial effects. Therefore, the company can reasonable use of stock repurchases strategy, weigh the pros and cons, achieve the stock repurchase purpose.

Key Words: share repurchase   financial effects   Negative financial
Effect Capital structure

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