| Share repurchase is an act in which a company repurchases its outstanding shares to achieve the corresponding purpose.This kind of behavior first appeared in the western capital market represented by the United States.After more than half a century of development,this stage is slowly evolving into a mature capital operation mode.Listed companies often use the tool of share repurchase to convey the signal of good operation to the outside world,optimize the capital structure of the company,and establish a good image in the capital market on which they rely for survival.Due to the particularity of China's economic environment,the domestic capital market started relatively late,compared with the western developed capitalist countries,the practice of share repurchase started relatively late,coupled with China's lack of perfect laws and regulations,share repurchase in China is not mature.For China's listed companies,the real share repurchase is only gradually emerged after China securities regulatory commission officially promulgated the relevant management measures in 2005.With the enactment of the law,more and more listed companies begin to study share repurchase and gradually start the practice of share repurchase.This paper focuses on the causes and effects of share repurchase,conducts a comprehensive analysis of the share repurchase event of jiangzhong pharmaceutical,explores the causes,financial effects and market effects of share repurchase,draws conclusions and puts forward relevant Suggestions.In this paper,jiangzhong pharmaceutical share buyback event is selected as a case for analysis,and there are four chapters in the whole paper.First chapter is the introduction part,the paper introduces the research background and research significance of this paper,both at home and abroad are reviewed in this paper the research status of share repurchase motive and effect,expounds the classical theory of several related to the content of this paper,introduces the concept of share repurchase,types,methods,and share repurchase motivations and influence,and the research idea and method of this article briefly described.Case introduction,the second chapter introduces the practice status of share repurchase in China first,then introduces the basic situation of the river on the pharmaceutical industry,and share repurchase the relevant financial background,historical performance,earnings,etc.,and to the river on the pharmaceutical shares repurchase briefly elaborated the implementation of the path,in order to better understand the basic situation of river pharmaceutical share buybacks.The third chapter is a case study,which discusses in detail the motivation,financial effect and market effect of share buyback of jiangzhong pharmaceutical,which is the core content of this paper.Firstly,this paper analyzes the motivation of this share buyback from the aspects of the environment of the pharmaceutical industry and the operating conditions of the company.Secondly,this paper analyzes the financial effect of share buyback event of jiangzhong pharmaceutical from four aspects: financial index,capital structure,equity structure and cash flow.Finally,the event method is used to conduct a scientific and reasonable study on the market effect of share repurchase.In the process of analysis,economic formulas are used and a large number of charts are combined to obtain the market effect of share repurchase.The fourth chapter is the part of research conclusions and Suggestions.It mainly comes to the conclusion that share repurchase can optimize capital structure and adjust financial indicators,and puts forward Suggestions to improve the construction of share repurchase system and make full use of the positive effect of share repurchase on the company,so as to provide a reference for other companies to carry out share repurchase in the future. |
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