Research On Stock Repurchase Of HaiTong Securities

With the acceleration of the economic development process, China's stock repurchase cases are increasing. As a means of capital operation of listed companies and tools,stock repurchase have been gradually adopted by China's listed companies. According to existing studies,we find the research on stock repurchase is mainly focused on the successful companies, seldom scholar do research on unsuccessful companies. Therefore, this paper selects the representative HaiTong Securities Company as the study object.This paper uses the method of case analysis,event research,turnover ratio, volume ratio and corporate financial indicators to explore market reaction and the interests of small shareholders,bondholders changes.The process is divided into four phases, when Share Repurchase Scheme issued,when Shareholders' General Meeting held, when Bondholders' Meeting held and Termination of Repurchase. In the writing, the text is divided into five chapters, the first chapter is the introduction. The second chapter introduces the relevant definitions. The second chapter introduces the relevant definition. The third chapter is the introduction of HaiTong Securities stock repurchase background and the reasons for the repurchase, which is combined with the company's financial analysis. The fourth chapter explores the market reaction and the impact on the interests of minority shareholders and bond holders. The fifth chapter, summarizes and makes the suggestion.Through the research, it is found that the prudent behavior of listed companies will mislead the investment of small shareholders and bond holders, which will adversely affect the listed companies. In corporate governance, the absence of key creditors in the event will make the listed companies misjudge, which will damage the interest of minority shareholders and bondholders. In order to protect the interests of minority shareholders and bondholders, we puts forward some suggestions for the listed companies, which was from the aspects of corporate governance and legal level, the perspective of minority shareholders and creditors. hoping to promote the healthy development of China's capital market. Only in this way can we build a healthy capital market.