Stock Repurchase Of Chinese Listed Companies Motivation

Stock repurchase first emerged in the 1970 s the United States,the main purpose is to replace cash dividend payments,then a growing number of western capitalist countries begin to stock repurchase,the stock repurchase as a capital scheduling tools,as foreign scholars study of stock repurchase theory more and more perfect,until the 1990 s,our country of big yu garden to be annexed to repurchase the yuyuan garden time opens the stock repurchase in China.But because of the difference of the situation of our country,the research on the problem of the stock repurchase of our country,can't completely copy the western theory research results,but should be combined with China's specific national conditions and the market economy environment for further discussion.As the application of stock repurchase in the capital market is more and more widely,the stock repurchase inner motivation and economic consequences,and problems of research on Chinese capital market's healthy and orderly development of great significance.Motivation research can be of stock repurchase in China is divided into two stages before and after the reform of non-tradable shares,because before the reform of non-tradable shares of stock repurchase on non-tradable shares,repurchase motivations are mostly is the reduction of state-owned shares,optimize capital structure and implementing strategic adjustment,for the purpose of this with the policy of the country and the background of market economy,government intervention with obvious color;After the reform of non-tradable shares,the stock repurchase object is given priority to with outstanding shares,repurchase motivations are to maximize shareholder rights and interests for the purpose of stock repurchase,such as promoting the value of shares,transfer to be underestimated,this phase of the marketization of share repurchase has completely.In this paper,through literature research,case method and descriptive statistical analysis method,to 1994-2015 to repurchase motivations of share repurchase of listed companies to explore in depth,which also found some problems of stock repurchase in China's capital market and puts forward relevant policy Suggestions.This paper will be divided into six parts:the first part is introduction,mainly introduced the background of share repurchase,research purpose and significance,research methods and general situation of the research of stock repurchase both at home and abroad;The second part introduces the meaning of stock repurchase,types and methods,and research situation at home and abroad for carding,summarizes the stock repurchase motivations of financial motivation theory,signaling theory and principal-agent theory;The third part is in the details of share repurchase of listed companies in our country,on the basis of statistics and its stages of our country before and after the reform of non-tradable shares reform of non-tradable shares of stock repurchase motivations in two stages of in-depth discussion,and mines the hidden motivation;Fourth division is based on the above analysis of the stock repurchase motivations were found in the process of repurchase,or repo process after the fund operation risk and big shareholder cash,damage problem such as small and medium-sized shareholders' rights,and has carried on the thorough analysis to the cause.of the problem;The fifth part is the analysis of the causes,aiming at the above problems are given to perfect the related system,build system of Treasury stock,strengthen supervision over information disclosure of related solution,such as;The sixth part is the case part,this article selects a typical repurchase cases baosteel,and the background of its repurchased financial position descriptions,and the effect after the repurchase of baosteel is analyzed with the real reason of share repurchase shares,and gives relevant inspiration.