| Share repurchase is a listing Corporation use income from production or bossiness operation or through debt financing in the capital market, with certain quantity price repurchase has determined the enterprise outstanding common stock, and cancellation of in accordance with relevant national laws, so as to adjust the internal structure of the share capital or capital reduction purposes. The economic development of western developed countries earlier, in twentieth Century 80 time of change in the global wave of capital system, stock repurchase first rose in western developed countries. With the continuous development of China’s economy, China’s capital market is becoming more and more prosperous, our stock repurchase listing Corporation increasing, more and more huge benefits the listing Corporation management to realize the share repurchase can bring to the enterprise. Because of the particularity of our country economic system, our country law of share repurchase of China listing Corporation to do a lot of restrictions. Failure in the stock repurchase in China, It is often seen. adversely affect the development of enterprises of the case. Therefore, in China’s current economic system and market environment, in-depth research on the theory of stock repurchase, and carries on the thorough discussion and Research on some practical issues, which has positive guiding significance to solve China’s listing Corporation of various problems of Share repurchase is.This paper selects Joincare shares of the listing Corporation as a case study. Comparative analysis of Joincare shares repurchase shares in the situation before and after the stock repurchase status. The study can be found through the financial effect of stock repurchase to the enterprise produces is not necessarily positive effect for enterprise, market effect produced long term might be a negative effect. Therefore, enterprises in the share repurchase in particular the use of cash to buy back way, the various factors must be considered comprehensively.This paper is divided into four parts. The first part explains the background in the topic and illustrates the significance of the study, to determine the main research methods. The second part introduces the main stock repurchase motivation and stock repurchase, the related theories are explained, and the share buyback financial effect and market effect is the theoretical review. The third part mainly introduces the background of the share repurchase,repurchase health specific way, buy back scheme etc.. The fourth part is the analysis of health stock repurchase effect comparison before and after the stock repurchase, BVI financial index and financial effect on health Yuan stock repurchase analysis. Comparison of changes before and after the repurchase shares in the health of its market effect is analyzed, and from the external and internal factors analysis of the reason for this result. The fifth part according to the preceding case analysis conclusion, and illustrate the deficiencies of this paper, the last of the stock repurchase in China’s development prospects prospects.With the development of our national economy, and the development of China’s securities market more quickly, at the same time national constantly improve the relevant legal system, so the application more and share repurchase as a kind of financial instruments in the capital market more frequently. China’s listing Corporation repurchase shares compared with western developed countries, general relatively simple repurchase motivation, a single form of comparison, the efficacy of stock repurchase and didn’t play to the maximum level. We should deeply understand and Study on repurchase of shares in the specific status of our application, summarize the experience and lessons of the previous year the listing Corporation to implement the stock repurchase, to explore a suitable for China’s national conditions and the way of stock repurchase. It plays a guiding role for our future business of share repurchase. |
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