摘要
利用股票回购与每股收益变化之间的关系提供经济信号理论假设,随着美国公司股票回购的日益普遍,已经变得弱化或消失,股票回购的真正价值最终还是回归到股票价格与期望价值之间的经济利益。中国证卷市场上的股票回购开始于1992年,2005年成为市场新热点。在股权分置改革之时,股票回购将会成为中国资本市场新兴的金融工具。但要特别注意对于中小投资者利益的保护,完善股票回购的制度。
The signalling effect of the relationship between share buybacks and earnings per share has become weak or ever disappeared as the U. S. companies increasingly increasingly conducted share buybaeks. The significance of stock repurchase lies in value of the stock repurchase returing to balance between the value of stock prices and expectations among economic interests. Chinese stock buyback began in 1992 and became a new hot capital market in 2005. For young Chinese stock market, share buybacks could be a new means of capital allocation in the sub - owned shares reform plane. Share buybacks can benefit the small and medium - sized investors. To understand the stock repurchase shares of long - and short - term impact will be of great importance in practice.
出处
《商业研究》
北大核心
2007年第3期123-128,共6页
Commercial Research
基金
上海市教育科学研究项目资助
项目编号B05031
关键词
股票回购
动机
演变
启示
stock repurchase
motivation
evolvement
revelation
