国元证券股份回购财务效应及动因研究

发布时间：2018-03-24 04:23

本文选题：股份回购　切入点：财务效应　出处：《江苏大学》2017年硕士论文

【摘要】：股份回购是起源于西方资本市场的一种常见的资本运作方式。相较于西方国家,我国的股份回购起步较晚、底子薄、发展慢,而且因为中西方在政治、经济、法律等方面存在较大差异,使得我国股份回购具有鲜明的“中国特色”,具体表现为我国上市公司股份回购的财务效应和动因有其独特性。因此对我国上市公司股份回购财务效应和动因的研究既有助于企业更加充分利用股份回购这一资本运作工具来提升企业价值,也有助于政府监管机构对股份回购有更加深入的了解,及时跟进相关监管领域,维护资本市场的稳定。本文通过案例研究的方法,对国元证券股份回购产生的财务效应和实施股份回购的动因进行深入研究,对案例研究中发现的问题与启示进行推广,以期发现我国股份回购实践中的普遍问题,并提出政策建议。首先,介绍了研究背景和研究意义,以及国内外股份回购的相关理论并进行评述,为本文的研究提供理论线索与依据。其次,介绍了国元证券的基本情况和股份回购的过程。再次,通过对国元证券股份回购财务效应的研究,发现国元证券在股份回购预案公布时点出现了积极的市场反应,产生的超常收益致使股价快速上涨;在国元证券股份回购实施的过程中,总体上股价的上涨超过同期的深证成指;与同行业证券公司相比,在面对证券市场震荡引起的系统性风险时,国元证券的股份回购产生的积极财务效应有限,主要起到了稳定股价的作用,但是用于股份回购的资金流出加大了短期偿债压力,造成短期偿债能力下降的负面财务效应。国元证券股份回购的动因主要分为外部动因和内部动因,外部动因包括来自政府的政策动因和来自社会的社会动因;内部动因主要是股权激励动因和向市场传递积极信号、稳定股价。本次国元证券股份回购基本上实现了其预期目的,在一定程度上起到稳定了股价、增强投资者的信心的作用,同时也对整个证券市场的稳定起到了一定的促进作用,既响应了政府的号召,也承担起了社会责任、利国利民;另外也实现了回购公司股份用于员工持股计划的目的。在对国元证券股份回购的研究中发现存在股份回购制度不健全、上市公司的股份回购计划实际完成度低、存在虚假股份回购漏洞等问题,针对性的提出完善股份回购法律法规、积极推广以进行员工持股计划为目的的股份回购等建议。
[Abstract]:Share repurchase is a common mode of capital operation originating from the western capital market. Compared with the western countries, the share repurchase in our country started relatively late, had a weak foundation, and developed slowly. Moreover, because of the political and economic situation between China and the West, There are great differences in law, This makes the share repurchase in our country have distinct "Chinese characteristics", which is embodied in the unique financial effect and motivation of the share repurchase of Chinese listed companies. Therefore, the study on the financial effect and motivation of the share repurchase of listed companies in our country. It is helpful for enterprises to make full use of share repurchase as a capital operation tool to enhance the value of enterprises. It is also helpful for government regulators to have a deeper understanding of share buybacks, to follow up on relevant regulatory areas in time, and to maintain the stability of the capital market. This paper makes a deep study on the financial effect of the share repurchase of Guoyuan Securities and the motivation of implementing the share repurchase, and popularizes the problems and revelations found in the case study, in order to find the common problems in the practice of share repurchase in China. First of all, it introduces the background and significance of the research, as well as the relevant theories of share repurchase at home and abroad and comments, which provides theoretical clues and basis for the research of this paper. This paper introduces the basic situation of Guoyuan Securities and the process of share repurchase. Thirdly, through the study of the financial effect of Guoyuan Securities share buyback, it is found that Guoyuan Securities has a positive market reaction at the time of the announcement of the stock repurchase plan. The resulting extraordinary returns have led to a rapid rise in the share price; during the implementation of the share buyback of Guoyuan Securities, the overall rise in the share price was higher than that of the Shenzhen Stock Exchange Index in the same period; compared with the securities companies of the same industry, In the face of systemic risks caused by shocks in the securities market, the positive financial effects of the share repurchase of Guoyuan Securities are limited, mainly playing a role in stabilizing the stock price, but the outflow of funds for share repurchase has increased the pressure on short-term repayment of debt. The motivation of share repurchase of Guoyuan Securities is mainly divided into external motivation and internal motivation, including the policy motivation from the government and the social motivation from the society. The internal motivation is mainly equity incentive motivation and transmission of positive signals to the market to stabilize the stock price. This share buyback of Guoyuan Securities has basically achieved its expected purpose, to a certain extent, it has stabilized the stock price and enhanced the confidence of investors. At the same time, it also plays a certain role in promoting the stability of the whole securities market, which not only responds to the call of the government, but also takes on social responsibility and benefits the country and the people. In addition, the purpose of repurchase company shares for employee stock ownership plan is realized. In the research on Guoyuan Securities share repurchase, it is found that the stock repurchase system is not perfect, and the actual completion degree of the stock repurchase plan of listed companies is low. There are some problems such as false share repurchase loophole and so on. Some suggestions such as perfecting the laws and regulations of share repurchase and actively popularizing the stock repurchase aiming at employee stock ownership plan are put forward.
【学位授予单位】：江苏大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.39;F830.42

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