北京邮电大学学报（社会科学版）
北京郵電大學學報（社會科學版）
북경유전대학학보（사회과학판）
JOURNAL OF BEIJING UNIVERSITY OF POSTS AND TELECOMMUNICATIONS(SOCIAL SCIENCES EDITION)
2015年
2期
67-72
,共6页
股份回购%经济后果%市场效应%财务效应%中美比较
股份迴購%經濟後果%市場效應%財務效應%中美比較
고빈회구%경제후과%시장효응%재무효응%중미비교
share repurchase%economic consequence%market effect%financial effect%comparison between Chi-na and the United States
上市公司股份回购的经济后果通常表现在市场效应、财务效应等方面，一般会导致公司股票价格和财务指标产生不同程度的波动和变化，并且向外界投资者传递一定的信号。中美两国资本市场环境、企业内部环境等方面的不同，导致股份回购在经济后果表现上不尽相同。文章拟对中美上市公司股份回购经济后果进行比较研究及差异原因探析，旨在对中国上市公司的股份回购实践提供借鉴和经验指导。
上市公司股份迴購的經濟後果通常錶現在市場效應、財務效應等方麵，一般會導緻公司股票價格和財務指標產生不同程度的波動和變化，併且嚮外界投資者傳遞一定的信號。中美兩國資本市場環境、企業內部環境等方麵的不同，導緻股份迴購在經濟後果錶現上不儘相同。文章擬對中美上市公司股份迴購經濟後果進行比較研究及差異原因探析，旨在對中國上市公司的股份迴購實踐提供藉鑒和經驗指導。
상시공사고빈회구적경제후과통상표현재시장효응、재무효응등방면，일반회도치공사고표개격화재무지표산생불동정도적파동화변화，병차향외계투자자전체일정적신호。중미량국자본시장배경、기업내부배경등방면적불동，도치고빈회구재경제후과표현상불진상동。문장의대중미상시공사고빈회구경제후과진행비교연구급차이원인탐석，지재대중국상시공사적고빈회구실천제공차감화경험지도。
The economic consequences of share repurchase by the listed companies mainly focus on its market effects and the financial effects.By share repurchasing, listed companies send a signal to the outside investors, and make different degrees of changes on the stock price and financial indicators.With different development histories of the capital market of China and the United States, the economic consequences of share repurchase of these two countries also show differences.The similarities and the differences between China and the United State with comparative analysis of the economic consequences of share repurchase are revealed, for the purpose of providing theoretical references and experiential guidance for share repurchase practice of China’ s listed com-panies.
