摘要
上市公司股份回购的经济后果通常表现在市场效应、财务效应等方面,一般会导致公司股票价格和财务指标产生不同程度的波动和变化,并且向外界投资者传递一定的信号。中美两国资本市场环境、企业内部环境等方面的不同,导致股份回购在经济后果表现上不尽相同。文章拟对中美上市公司股份回购经济后果进行比较研究及差异原因探析,旨在对中国上市公司的股份回购实践提供借鉴和经验指导。
The economic consequences of share repurchase by the listed companies mainly focus on its market effects and the financial effects.By share repurchasing, listed companies send a signal to the outside investors, and make different degrees of changes on the stock price and financial indicators.With different development histories of the capital market of China and the United States, the economic consequences of share repurchase of these two countries also show differences.The similarities and the differences between China and the United State with comparative analysis of the economic consequences of share repurchase are revealed, for the purpose of providing theoretical references and experiential guidance for share repurchase practice of China’ s listed com-panies.
出处
《北京邮电大学学报（社会科学版）》
CSSCI
2015年第2期67-72,共6页
Journal of Beijing University of Posts and Telecommunications(Social Sciences Edition)
基金
国家自然科学基金项目(71302124)
北京邮电大学青年科创重大项目(2014ZD02)
关键词
股份回购
经济后果
市场效应
财务效应
中美比较
share repurchase
economic consequence
market effect
financial effect
comparison between China and the United States
