江中药业股票回购对公司财务影响研究

发布时间：2018-01-13 04:00

本文关键词：江中药业股票回购对公司财务影响研究　出处：《深圳大学》2017年硕士论文　论文类型：学位论文

【摘要】：股票回购最早兴起于西方国家资本市场,其发展较为成熟。我国资本市场股票回购起步较晚,尚处于发展阶段。我国自1992年产生第一起股票回购事件后,由于资本市场发展约束以及相关法律法规的限制,加之上市公司对股票回购的认识不深,使得我国资本市场股票回购活动并不十分活跃。近些年,随着资本市场的发展完善与上市公司认识的提高,我国资本市场股票回购活动日趋频繁。股票回购会给上市公司带来何种财务影响,也就成为了财务理论界研究的重点课题。本文以江中药业股票回购案例为研究对象,深入分析股票回购所产生的财务影响,为我国股票回购理论与实践提供参考。本文通过运用事件研究法、杜邦分析、EVA模型等研究方法体系,以江中药业股票回购案例为研究对象,深入分析了江中药业股票回购财务效果、对经营绩效影响及股票回购事件的市场反应等问题。本文主要分为七个部分:第一部分绪论。主要介绍研究背景和研究意义等内容；第二部分股票回购的基本理论基础和文献综述。主要阐述股票回购的相关基础理论及国内外研究现状:第三部分简要介绍江中药业股票回购案例情况,分析了股票回购动因:第四部分江中药业股票回购对公司财务活动的影响。深入分析股票回购对公司筹资、投资及盈余分配活动影响:第五部分江中药业股票回购对公司财务状况及经营绩效的影响。主要分析股票回购对综合绩效EVA影响及股票回购事件的市场反应:第六部分江中药业股票回购对公司股权结构以及股东财富的影响:第七部分结论与建议。通过上述研究,本文得出如下结论:(一)股票回购进一步优化了公司资本结构,扩大了财务杠杆,向市场传递了积极信号,进一步改善了公司生产经营环境:(二)股票回购对公司财务活动产生了积极正面影响,有效促进了公司经营业绩的提高:(三)资本市场对股票回购做出了积极反应,股票回购得到了投资者的认可,提升了公司价值。
[Abstract]:Stock repurchase first arose in the western countries the capital market, its development is more mature. China's capital market stock repurchase started late, is still in the development stage in China. Since 1992 the stock repurchase events, due to the development of the capital market constraints as well as relevant laws and regulations, and understanding of the stock repurchase of listed companies is not deep China's capital market, the stock repurchase activity is not very active. In recent years, with the development of the capital market and improve the listed companies improve the understanding of China's capital market, stock repurchase activities have become more frequent. The stock repurchase will bring listed companies the financial impact, has become the focus of research in financial theory research. In this paper, the River Pharmaceutical Stock Repurchase case as the object of study, in-depth analysis of the financial effects of stock repurchase arising, provide a reference for the theory and practice of stock repurchase in China. In this paper, by using the event study method, DuPont analysis system, EVA model and other research methods, the River Pharmaceutical Stock Repurchase case as the object of study, in-depth analysis of the River Pharmaceutical Stock Repurchase financial effect, impact on business performance and market reaction of stock repurchase events and other issues. This paper is divided into seven parts: the first part is the introduction. Introduces the research background and research significance of the content; the second part of the stock repurchase basic theory and literature review. Research status at home and abroad mainly expounds the basic theory of Stock Repurchase: the third part is a brief introduction of the River Pharmaceutical Stock Repurchase case, analyzes the stock repurchase motivation: fourth part of the River Pharmaceutical Stock Repurchase of the company's financial activities. In-depth analysis of stock repurchase of company financing, investment and profit distribution activities. The fifth part of the River Pharmaceutical Stock Repurchase Effect of financial condition and operating performance of a company. The main analysis of the market reaction of stock repurchase on the comprehensive performance of EVA and effect of stock repurchase events: the sixth part of the River Pharmaceutical stock repurchase on the ownership structure and the impact of shareholder wealth: the seventh part is conclusions and suggestions. Through the research, this paper draws the following conclusions: (a) the stock repurchase further optimize the company's capital structure, expand financial leverage, transfer a positive signal to the market, to further improve the company's production and operation environment: (two) the stock repurchase has positive impact on the company's financial activities, effectively promote the companies improve business performance: (three) the capital market to make a positive response to the stock repurchase. Stock repurchase has been recognized by investors, enhance the value of the company.

【学位授予单位】：深圳大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.72;F832.51;F406.7

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