股份回购对公司资本结构的财务杠杆作用

The Financial Leverage of Share Repurchase on the Capital Structure of a Company

从公司资本结构的宏观角度入手,找准股份回购在公司资本结构中的位置,从而明确股份回购对公司资本融通的作用。梳理股份回购制度的历史演变,并通过比较法看到我国股份回购制度中的不足,对股份回购的具体运用提出建议。股份回购对公司资本结构的财务杠杆作用是多方面的,正确运用和看待股份回购的财务杠杆作用是文章的落脚点。

From the macro point of view of the capital structure of a company, this paper finds out the position of share repurchase in the capital structure of a company, so as to clarify the role of share repurchase in the capital accommodation of a company. This paper combs the historical evolution of share repurchase system, and finds out some shortcomings of share repurchase system in our country through comparative method, and puts forward some enlightenment for the concrete application of share repurchase system. The financial leverage of share repurchase on the capital structure of a company is multifaceted. To correctly use and treat the financial leverage of share repurchase is the foothold of this paper.