A Study On Share Repurchase Behavior Of Listed Companies In China

The concept of share repurchase originated in the Western capitalist countries,to date has been a few hundred years of history.With the continuous development and improvement of the market,share repurchase of this capital operation means also gradually developed.In the 1990 s,China began to develop a socialist market economy,along with the rapid growth of the market economy,the capital market also showed a vigorous development trend.Listed companies as an independent corporate legal person,and gradually realized that in the fierce competition in the market to improve their own value,should use such as share repurchase and other different capital operation tools.Thus,in China,listed companies began to use the share repurchase of this capital operation tool.As of 2016,a total of 362 listed companies announced and implemented the share repurchase(excluding the repurchase but not implemented the company).Among them,39 companies in 2014 the successful implementation of the share repurchase,in 2015 there are 47 companies,2016,214 companies completed the share repurchase.So we can see that the stock repurchase of the capital operation of the tool by more and more companies of all ages.This paper is expected to study the stock repurchase behavior of listed companies in our country,study the case companies that focus on Vosges shares,analyze the motivations and economic consequences of stock repurchase of listed companies systematically,and have high theoretical and practical significance.This paper first uses the normative analysis method to sort out the relevant theoretical basis and institutional background of the share repurchase,and summarizes the relevant literatures on the stock repurchase in recent years at home and abroad,and summarizes it.And then began to introduce the status quo and development trend analysis of stock repurchase of listed companies in China.Then,according to the case of repurchase of Vosges Group,the motive of the stock repurchase of the listed company is analyzed by the incident research method,and the motive is verified.The Vancouver Share Repurchase is very good to realize the signal transmission hypothesis and EPS hypothesis,And the analysis of the economic consequences of the Vosges Group before and after the repurchase,the analysis of the share repurchase has a positive impact on it.Finally,the current issue of the repurchase of listed companies put forward the corresponding recommendations.