宝钢股份股票回购问题探讨

发布时间：2018-05-24 23:44

本文选题：股票回购 + 公司业绩　；参考：《江西财经大学》2017年硕士论文

【摘要】：股票回购是指上市公司从股票市场上购回本公司一定数额发行在外股票的行为。它是一项重要的股利政策,也是公司完善治理结构、优化资本结构的一种有效方法。是证券市场上非常常见的公司理财活动,不但会影响到市场上各个参与方,并且对公司本身的财务状况有深远的影响。本文分析了宝钢股份成功回购的经验以及宝钢股票回购的主要关注点并分析出成功回购背后的原因,包括时机选择、过程控制以及回购后应该重视的问题,旨在为需要进行回购的上市公司提供理论上的支持和实践上的指导。本文共分为五大部分,分别是引言、上市公司股票回购的理论概述、宝钢回购的背景、宝钢回购的主要关注点、案例经验及政策建议。本文最主要的部分为公司股票回购的主要关注点,股票回购的主要关注点包括时机选择、过程控制以及回购后的保护措施三个方面。在我国,由于资本市场的起步时间较晚且股票回购的应用不是非常成熟,投资者和公司管理者对回购的认识也不够深入。在实际回购时,上市公司会按照回购时机和市场环境的不同,来制定不同的回购方式和定价策略。一般来说,需要进行股票回购的公司主要有以下四种:一是当公司的股价被低估的时候,公司希望能通过回购向市场传递被低估的消息,从而提升股价;二是公司存在大量闲置资金,回购一部分股票并注销,通过减少流通股以降低公司分红的压力,提高资本杠杆;三是通过回购提升持股比例以增强对公司的控制权;四是借助回购推动上市公司实施股权激励。最后,对宝钢股份成功回购的经验进行分析后,本文得出如下结论:上市公司想要保证回购能够顺利实施,首先需要在回购时机上进行选择,有利于减少回购成本,降低财务风险;其次确保合适的出资形式及资金来源,通过每日的市场行情进行分析以制定合理的当日回购价格和数量以增厚每股收益;回购完毕后紧接着注销所回购的股票,促使公司股价上升;最后在保证回购资金充足为前提的条件下,建立多层次融资渠道,以防资金链断裂。同时需注意回购后的短期效应以及财务风险的应对。
[Abstract]:Stock repurchase refers to the behavior of a listed company buying back a certain amount of the company from the stock market. It is an important dividend policy. It is also an effective method for the company to improve the governance structure and optimize the capital structure. It is a very common corporate financial activity in the stock market, which not only affects the market participation. It has a profound influence on the financial situation of the company itself. This paper analyzes the experience of the successful buyback of Baosteel and the main concerns of Baosteel's stock repurchase, and analyzes the reasons behind the successful repurchase, including the choice of timing, process control and the problems that should be paid attention to after the repurchase, aiming at the listed companies that need to be repurchased. It provides theoretical support and practical guidance. This article is divided into five parts: introduction, stock repurchase theory of listed companies, background of Baosteel repurchase, main concern of Baoshan Steel repurchase, case experience and policy suggestions. The main part of this paper is the main concern of stock repurchase, the main point of stock repurchase. The point of view includes three aspects: time selection, process control and protection measures after repurchase. In China, since the beginning of the capital market is late and the application of stock repurchase is not very mature, investors and corporate managers are not deeply aware of the repurchase. In actual repurchase, the listed companies will follow the time of repurchase and market ring. In general, there are four main types of repurchase companies that need to be repurchased: first, when the company's stock price is undervalued, the company wants to transfer undervalued information to the market through repurchase to improve the stock price; and the two is that the company has a large number of idle funds to buy back one. Share the stock and write off, by reducing the circulation stock to reduce the pressure of the dividend of the company and raising the capital lever; three is to enhance the control right of the company through the repurchase to enhance the shareholding ratio; the four is to push the listed companies to carry out the equity incentive by repurchase. Finally, the following conclusions are drawn: The city company wants to ensure the successful implementation of the repurchase. First of all, it is necessary to choose the time of repurchase, to reduce the cost of repurchase and to reduce the financial risk; secondly, to ensure the appropriate form of capital contribution and the source of funds, to analyze the reasonable daily repurchase price and quantity to increase the earnings per share through the daily market market and to increase the earnings per share; After the completion of the stock repurchase, the stock price of the company is increased. In the end, the multilevel financing channel is established under the condition of guaranteeing the adequacy of the repurchase fund to break the gold chain. At the same time, we should pay attention to the short-term effect of repurchase and the response of the financial risk.
【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F426.31

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