上市公司股份回购的财务效应分析
摘 要
目前,我国股票回购的对象已经由减持国有股、非流通股向社会公众股转变,它作为股权分置改革时代的历史使命也已经完成。由于股票回购在我国尚属新兴事物,没有任何操作和监管经验可以借鉴,因此,通过对我国上市公司股票回购的动机和财务效应的探讨,结合我国的特色国情,推动股票回购在我国资本市场的发展和成熟,使其发挥真正的效果和作用。股份回购是指上市公司用盈余资金以一定价格回收本公司股票的行为，其目的是调整企业内部的股本结构。股份回购兴起于西方发达国家，而随着我国经济不断的发展，我国的资本市场也愈发繁荣，越来越多的上市公司会进行股份回购，其管理者也逐渐认识到股份回购带来的好处。在2005年，中国证监会发布的《上市公司回购社会公众股份管理办法(试行)》是我国关于股票回购的第一部法律条例，自此我国上市公司运用股票回购这一资本运作手段将有章可循有理可依。本文以宝钢股份为样本，采用财务指标分析法进行研究，通过对案例公司股票回购前后的财务状况和经营业绩的对比分析，总结了股票回购的财务效应。
关键词： 股份回购，回购方式，财务效应
Share repurchase of listed companies financial effect analysis
ABSTRACT
At present, the object of stock repurchase in our country has been changed from the reduction of state-owned shares and non tradable shares to the public shares. Due to the stock repurchase in our country is still a new thing, there is no operation and supervision experience, therefore, through the discussion of China’s listed companies stock repurchase and the financial effect, combined with the characteristics of China’s national conditions, to promote the stock repurchase in China’s capital market development and mature, and put it into effect the role of the real. Share repurchase refers to the behavior of the listed company to recover the stock of the company with the surplus funds at a certain price. Repurchase shares rise in western developed countries, but with the economic development of our country, the capital market of our country has become more prosperous, more and more listed companies will repurchase shares, its managers have gradually realized the benefits of stock repurchase. In 2005, the Commission issued the “Chinese public listed companies to repurchase shares management approach (Trial)” is China’s first law on the stock repurchase regulations, since the stock repurchase of Listed Companies in China by this means of capital operation will be rule-based rational can depend on. In this paper, Baosteel as the sample, the financial index analysis, through the analysis and comparison of before and after the stock repurchase case company’s financial condition and results of operations, summarizes the financial effect of stock repurchase.
KEYWORDS：share repurchase, repurchase method, financial effect
目 录
3 上市公司股份回购财务效应分析…………………………….. 8
4 股份回购效应案例分析……………………………………. 10
4.2.1 宝钢股份股份回购方案……………………….. 10
4.2.2 宝钢股份股份回购方式及影响………………….. 11
4.3 宝钢股份股份回购的财务效应分析……………………. 11
