摘要
随着我国资本市场的不断发展,股份回购这一金融工具开始逐渐被国内上市公司接受并使用。2018年,有关部门对《公司法》中与股份回购制度有关的第142条规定进行了专门重修,进一步放开对股份回购的限制。国内资本市场掀起股份回购的浪潮,并开始出现连续股份回购的现象。上市公司进行连续股份回购,究竟是想要加强信号传递的强度,还是在欲盖弥彰、混淆视听?对巨人网络2018年至2021年间连续三次股份回购的研究发现,其连续股份回购存在一定程度的混淆视听的目的,公司在试图掩盖回购动因。研究可对公司、投资者、监管机构利用和管理连续股份回购行为起到一定的积极作用。
With the continuous development of capital market in China,the financial tool of share repurchase has gradually been accepted and used by domestic listed companies.In 2018,Article 142 of the Company Law related to the share repurchase system was specially revised to further loosen restrictions on share repurchase.The domestic capital market set off a wave of share repurchase,and the phenomenon appears to go on.Is the continuous share repurchase of listed companies trying to strengthen the signal transmission,or is it trying to hide the truth and confuse the public?Taking Giant Network's three consecutive share repurchases from 2018 to 2021 as the example,this study finds that its continuous share repurchase is confusing to a certain extent and conceals the motivation for the repurchase.The research findings play a positive role for companies,investors,and regulators in using and managing continuous share repurchases.
作者
毕茜
康昊然
BI Qian;KANG Hao-ran(School of Economics and Management,Southwest University,Chongqing 400715,China;PwC Zhongtian Certified Public Accountants(Special General Partnership)Chongqing Branch,Chongqing 400010,China)
出处
《管理案例研究与评论》
CSSCI
北大核心
2023年第5期627-638,共12页
Journal of Management Case Studies
关键词
连续股份回购
巨人网络
回购动因
continuous share repurchase
Giant Network
repurchase motivation
