The Analyses On The Financial Effect Of The Listed Companies' Stock Repurchase

A listed company stock buyback, using the accumulation of surplus income funds or debt financing for a price buying back the company itself has issued outer common stock, as the storage strands or on the cancellation of concealing or, in order to achieve the purpose of adjusting equity structure. Stock buyback produced in firms to avoid government restrictions on cash dividend.1973-1974, many American companies to adopt stock buyback means to shareholders, while in our country benefiting stock buyback is still in the new thing, the causes and stock buyback rise developed countries also have certain distinction, domestic companies listed on the stock buyback case much.1992 "small Yu Yuan garden merges into big Yu Yuan garden" is the Chinese stock market the first order to incorporate and examples of successful implementation of stock repurchases, after that, there are about a dozen cases of seven buyback. This has been on matured overseas securities markets commonplace capital operation mode, is beneficial not only to adjust and improve equity structure, raise capital operation efficiency, and it is helpful to the push for reform of non-tradable shares of add new momentum.Stock buyback as a can consider ways and means of has become China's recent listed companies, new idea of equity structure adjustment. Based on this, this paper mainly focus on the stock repurchase on basic theory and internal research and discussion, according to theory, case, after the final conclusion, again, verification measures in practice structure of stock buyback if it was enterprises to promote their share price, change is the effective means to the debt financing structure; Analysis of company stock buyback financial aspects will find out what impact the listed companies in China, stock buyback deficiency, explore the stock repurchase in our country development prospects in China, and put forward to promote the specific conditions of China's listed company stock buyback development Suggestions. This paper first chapter has expounded the development of stock buyback; The second chapter presents a stock repurchase stock buyback and reviewed the theory of financial effect; Chapter 3 is the theoretical analysis; stock buyback The fourth chapter, the fifth chapter presents two cases the company namely "the method can share and relevant situation and to group were analyzed and the respective The sixth chapter two cases of analyzed, four, five, six chapters in this paper is the key is also analyzed difficulties; Chapter 7 is stock buyback prospects prediction and policy Suggestions, belong to the ending part paper.China's listed companies in stock buyback at the same time, there are also many problems, to better use the stock buyback this financial means, we need to know and analyzes present situation of stock buyback, in view of the current existing problems, this paper will use on domestic stock buyback case concrete analysis, comparative analysis and induction analysis, research explores the suitable for China's national conditions of stock buyback operation ideas, so as to guide China's listed companies make better use of stock buyback this financial measures, improve the capital operation level, effectively play various financial effect stock buyback, perfecting corporate capital structure, equity structure and corporate governance structure, finally realizes the stockholder wealth maximization...