摘要
在成熟的资本市场上,上市公司股份回购是一种很普遍的现象。股份回购的动因主要有:财务杠杆假说、信息不对称假说、经理人股票期权、企业股价市值低估、控制权假说、企业融资弹性假说等。解决股权分置过程中我国推行股份回购有着特殊的动因。由于法律不完善,我国推行股份回购政策要避免出现“市场操纵”。
Buyback is quite papular in mature markets and is usually driven by financial leverage hypothesis,information asymmetry, hypothesis, stock options, discount of corporate market capitalization,controlling power hypothesis and corporate finance resilience hypothesis, etc. Buyback has great value in handling ongoing non-tradable share reform.Due to existing loopholes in legal framework,market manipulation shall be closely watched over during actual implementation process.
出处
《证券市场导报》
北大核心
2005年第12期40-47,共8页
Securities Market Herald
关键词
股份回购
市场操纵
上市公司
equity buyback
market manipulation
listed companies
