股票回购及其市场效应研究

Research on Stock Repurchase and Its Market Effect

我国股票回购的历史很短,且前期仅限于非流通股的回购,直到2005年6月才开放流通股的回购,从这十多年间发生的股票回购案例来看,我国上市公司尚不能成熟有效地运用股票回购这一工具,这一层面还有很大的发展空间。文章分析了我国股票回购的动因和市场效应的影响因素,并结合杰瑞集团股票回购的实际案例进行财务分析,论证其回购动因和市场效应,提出一定建议。

In China, the history of stock repurchase is short, and in early, there are only the non-tradable stocks can be repurchased. Until June 2005, the circulation stocks can be repurchased. During the past ten years, the listed companies in China still can＇t maturely and effectively use stock repurchase as a tool. There is a large space in the use of stock repurchase in our country. This paper analyzes the causes of the stock repur-chase in China and the influencing factors of the market effect. Combining with the case of Jerry Group＇ s stock repurchase, this paper analyzes the reasons of its repurchase and the market effect, and puts forward some sug-gestions.