股份回购的动机及经济后果研究——以黑芝麻为例

A Study on the Motivation and Economic Consequences of Share Repurchase:An example of Southern Black Sesame Group Co.,Ltd.

2018年公司法修订,做出完善股份回购制度、丰富股份回购情形、简化股份回购决策程序及建立库存股制度安排以来,A股上市公司的股份回购行为逐渐活跃起来。但是,不同公司在回购动机、回购能力、业绩表现和市场表现等方面有所差异。动机决定行为,进而产生不同的经济效果。本文基于“动机―行为―效果”的分析框架,以黑芝麻股份回购事件为例,从回购能力分析股份回购的真实动机,从真实动机剖析股份回购的经济后果,以期为促使股份回购发挥其正向效用提供政策建议,给保护外部投资者及中小股东的权益带来一定启发。

Since the revision of the Company Law in 2018,the stock repurchase system of A-share listed companies has been improved,the situation of stock repurchase has been enriched,the decision-making process for implementing repurchase has been simplified,and the arrangement of treasury stock system has been established.The stock repurchase behavior of A-share listed companies has gradually become active.However,there are differences in the repurchase motivation,repurchase ability,performance,and market performance among different companies.Motivation determines behavior,leading to different economic effects.This article is based on the analysis framework of "motivation-behavior-effect",taking the share repurchase event of "Black Sesame" company as an example,analyzing the real motivation of share repurchase from the perspective of repurchase ability,and analyzing the economic consequences of share repurchase from the perspective of real motivation,in order to provide policy suggestions for promoting the positive effect of share repurchase and provide some inspiration for protecting the rights and interests of external investors and small and medium-sized shareholders.