我国上市公司股份回购初探

The Preliminary Discussion of Stock Repurchases in China's Listed Company

股份回购产生于20世纪70年代的美国,当时许多公司为规避现金股利的高额税负开始尝试采用股份回购进行股利分配。目前股份回购在国外许多国家被广泛应用。股份回购对解决我国上市公司治理结构中存在的许多问题有积极的现实意义,但要充分发挥股份回购的作用还有很长的路要走。本文拟就我国上市公司实施股份回购的意义、存在的问题与解决对策加以探讨,以期对推进国有上市公司股份回购的进程有所裨益。

Stock repurchases was used in America in 1970s, it is considered as a very useful instrument to distribute dividends, to anti-takeover, to adjust share price and so on. There are a few companies that have already carried out stock repurchases in China. Although it is not the same between China and other countries for some reasons, stock repurchases has so much significance, such as improving corporate governance, to listed companies. This paper try to state some of my opinions about the problems and the solutions for conducting stock repurchases in China now.