中小投资者视角下的宝钢股份回购案例

发布时间：2018-04-13 19:11

本文选题：股份回购 + 产能过剩　；参考：《安徽财经大学》2014年硕士论文

【摘要】：宝钢集团有限公司,为中国最大的钢铁公司,宝钢股份是其自子公司,上海证交所上市。宝钢集团于2012年8月公布了一份上限为50亿元股份回购预案,引发资本市场参与者的广泛关注。 2012年的国内资本市场,股份回购如同雨后春笋,层出不穷,洋和股份、用友软件、兴森科技纷纷抛出方案加入回购行列。尚属新型事物的股份回购,让此前对此没有太多概念的广大中小投资们陷入一头雾水。因此笔者考虑,在市场缺乏相关经验的前提下,有必要从中小投资者的利益点出发,为其阐述股份回购的含义,以及分析股份回购现象之下的潜在原因,并适当提供风险注释。本文重点关注股份回购是什么、什么用以及为什么。笔者认为,此次宝钢的回购事件,并非单纯的金融行为,而是行业环境与资本市场双重作用之下的产物；同时,笔者探讨了股份回购的含义,及其在我国现行行业、法律背景下可能存在的潜在问题,并认同其存在道德风险。本文旨在为资本市场中处于信息不对称下的中小投资者提供必要的信息与提示,全文分为五个部分,第一部分为对股份回购概念的介绍,罗列出学术界现有的若干假说,同时简要探讨了股份回购在我国的法律处境以及潜在的道德风险。第二部是笔者对宝钢所处的钢铁产业的行业分析,并得出行业的整体行情不景气是导致其采取股份回购的外部动因之一。第三部分是笔者对宝钢集团运营状况分析,分为宏观与微观两个角度,并且得出其运营状况也是其采取股份回购行动的内部动因。第四部分是对宝钢此次回购行动的描述与分析,追踪了其回购进展,研究了其回购产生的效果,并进一步深入了解其回购的原因。第五部分是笔者对这次回购行为的整体解读,并总结出对市场参与者特别是中小投资者的风险提示以及经验建议。
[Abstract]:Baosteel, China's largest steel company, is a subsidiary of Baosteel, listed on the Shanghai Stock Exchange.Baosteel Group in August 2012 announced a cap of 5 billion yuan share repurchase plan, attracting the attention of capital market participants.In the domestic capital market in 2012, share buybacks have sprung up in an endless stream, with shares and shares, friends software, and Xingsen Technology throwing out plans to join the buyback.Share buy-backs, which are still new, have thrown into disarray the vast majority of small and medium-sized investments that had not had much idea about them.Therefore, on the premise of the lack of relevant experience in the market, it is necessary to explain the meaning of share repurchase for the small and medium-sized investors, analyze the potential reasons under the phenomenon of share repurchase, and provide appropriate risk annotations.This article focuses on what share repurchase is, what to use and why.The author believes that the repurchase incident at Baosteel is not a simple financial act, but a product of the dual role of the industry environment and the capital market. At the same time, the author discusses the meaning of the share buyback and its current industry in China.Potential problems that may exist in the legal context and identify with the existence of moral hazard.The purpose of this paper is to provide necessary information and hints for the small and medium-sized investors in the capital market under asymmetric information. The paper is divided into five parts. The first part is the introduction of the concept of share repurchase, and lists some existing hypotheses in academia.At the same time, it discusses the legal situation and potential moral hazard of share repurchase in China.The second part is the author's industry analysis of Baosteel's steel industry, and concludes that the overall market downturn is one of the external reasons leading to the adoption of share repurchase.The third part is the author of Baosteel Group operating situation analysis, divided into macro and micro perspectives, and found that its operating conditions are also the internal reasons for its share repurchase action.The fourth part is the description and analysis of Baosteel's repurchase activity, tracking its repurchase progress, studying the effect of its repurchase, and further understanding the reasons of its repurchase.The fifth part is the author's overall interpretation of the repo behavior, and summarizes the market participants, especially the small and medium investors risk tips and experience suggestions.
【学位授予单位】：安徽财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F426.31;F406.7

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