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摘要由于我国的资本市场起步时间比较晚，而且前期政府的干预又比较大，同时又具有特殊的股权分置历史问题,所以股票回购的应用在我国仍然是不够成熟,投资者与公司管理层对回购的认识与理解尚有欠缺。因此,加强对股票回购的理论研究与实证分析,对完善我国股票回购有着积极的推动作用。进入21世纪,国内资本市场上的全流通股占据了绝对的主导地位。因此本文选取我国股权改制后发布回购公告的两家上市公司作为样本,采用事件研究法,来分析股票回购产生的市场效应。结果显示:在国内，上市公司通过回购向市场传达利好消息,对公司的价值修复起到积极的作用；通过分析股权激励型股票样本,表明市场对于上市公司通过回购股份作为激励计划的股份是抱有乐观的态度，即认为通过回购股票的方式配合股权激励有利于公司的发展。同时,在检验超常收益率的过程中,发现有的公司在公告前就已经出现了正的超常收益,表明国内市场上的上市公司存在回购计划提前泄露的情况,市场存在内幕交易和操纵价格的现象。45768
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毕业论文关键词：股票回购； 回购的原因； 市场效应； 事件研究法；
Abstract
Because of China's capital market started relatively late, and early intervention of the government and relatively large, at the same time also has the special equity pision of historical issues, so the application of stock repurchase in China is still not mature enough, investors and corporate management knowledge and understanding of layer on the repurchase of defective. Therefore, to strengthen the theoretical study and empirical analysis of stock repurchase, to improve the stock repurchase in China has a positive role in promoting. Entered in twenty-first Century, the domestic capital market full circulation shares occupy the absolute dominant position. Therefore this article selects the equity restructuring after the release of the two listing Corporation repurchase announcements as samples, we use the event study method to analyze the market effect of stock repurchase, produce. The results showed: in domestic, listing Corporation to convey the good news to the market by buying back, to the positive effect on the value of the repair company; through the analysis of equity incentive stock sample, indicating that the market as an incentive scheme shares is optimistic for the listing Corporation through the repurchase of shares, that through share buybacks with equity incentive development the benefit of the company. At the same time, the inspection process of abnormal returns, found that some companies in the announcement has been positive abnormal returns on the domestic market, shows that the existence of a listing Corporation repurchase plan leaked ahead of the situation, the market insider trading and manipulating prices phenomenon.
Key words： Stock repurchase； Repurchase reason； Market effect；Event study；
目 录
摘 要Ⅰ
AbstractⅡ
一、股票回购的含义1
二、我国上市公司回购股票的发展历史1
三、上市公司回购股票的原因3
㈠ 提升公司股价，维护公司价值3
㈡ 回购社会流通股，实施股权激励 3
㈢ 作为公司进行反收购的工具3
㈣ 配合股权分置改革，解决大股东占用公司资金问题3
㈤ 提高公司自由资金的使用效率4
㈥ 替代现金股利的发放，进行合理避税4
㈦ 其它原因回购股票4
四、回购股票的方式4
㈠ 公开市场回购5
㈡ 私下协议回购 5
㈢ 固定价格要约回购5
㈣ 荷兰式拍卖回购5
五、国内上市公司回购股票的案例分析6
㈠ 样本案例的选择6
㈡ 申能股份回购股票的案例分析6
㈢ 三川股份回购股票的案例分析11