| With the rapid development of China’s economy,China’s capital market is gradually becoming mature,and the number of listed companies is increasing every year.due to China’s long-term implementation of prudent monetary policy,the shares of listed companies in long-term investment depressions in the global market,coupled with zero point five years in2020 sudden outbreak of the new champions league,the Shanghai composite index the irrational value,and therefore wrong The killing of blue-chip stocks has led many public companies to opt for share repurchase programs,in which they use their own cash or raise capital to recoup their outstanding shares on the secondary market.Theoretically,when a company’s overall earnings remain unchanged and the number of shares in circulation in the market decreases,the value of the shares issued by the listed company will increase.However,there are many factors affecting the increase of stock price,so it is not clear whether share repurchase can increase the company’s stock price.According to previous academic research results,stock repurchase not only affects the stock price of a company,but also has market and financial effects on the company.The market effect is mainly reflected in the improvement of shareholders’ rights and interests and the response of the company’s return rate before and after repurchase.The financial effect is reflected in various financial indicators of listed companies,such as liquidity ratio,net working capital and quick ratio,which can directly reflect the company’s short-term solvency and long-term solvency.There are also a variety of indicators reflecting the profitability of the company and financial indicators of operating capacity.So study the consequences of a listed company’s share buyback and its motivation is of great significance to the entire capital market,not only that,the impact of stock repurchase also reflected in the investors,so the stock repurchase will let investors rational knowledge of interests,rational investment to buy the stock repurchase shares.Gree Electric Appliances is a leading enterprise in the home appliance industry,and its air conditioning industry accounts for half of the national air conditioning market.Gree Electric Appliances started its first share repurchase plan in the second quarter of 2020,and its second share repurchase plan in October of the same year,and its third share repurchase plan in September 2021.Such frequent stock repurchase has aroused hot discussion in the capital market.In addition,Gree Electric Appliances’ status in the home appliance industry makes gree Electric Appliances’ stock hot in the capital market.Therefore,the study of Gree Electric Appliances’ stock repurchase plan in this paper is of great significance to both investors and the capital market This paper mainly reviews the causes and consequences of share repurchase at home and abroad.Then,based on Gree Electric Appliance’s share repurchase plan,it gives a preliminary introduction to gree Electric Appliance’s basic situation and repurchase process,and makes a hypothesis and verification on the causes of Share repurchase of Gree Electric Appliance Group based on the motivation theory of share repurchase.Then it analyzes the consequences of gree Electric Appliance Group’s share buyback,which can be divided into financial consequences and market consequences.Financial consequences analysis on financial management of commonly used four indexes of transverse and longitudinal comparative analysis,and market effect is based on event study analysis of gree electric appliances group whether stock repurchase of shares and shareholder wealth effect,according to the above analysis,respectively,for investors and managers as well as third party giving advice and enlightenment... |
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