上市公司股份回购与股东财富创造
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摘要
股份回购是西方成熟的资本市场上普遍的一种资本运作方式，是指上市公司购回其本身发行在外的股份，以达到减资和调整股本结构等目的的一种公司理财行为。股份回购作为一种股本收缩方式涉及上市公司的资本结构与股利分配政策，因此是上市公司用以提高股票内在价值的重要手段之一。对我国而言，随着经济改革的深化，国有股比重过高已成为股市进一步发展和公司完善法人治理结构的严重障碍，国有股减持成为国有经济退出竞争性领域，从而实现战略性转移的重要目标。股份回购作为一种公司所有权结构和控制权结构变更类型的公司重组形式，对我国上市公司具有战略性的运用价值。因此，研究和探讨有关上市公司股份回购的理论和实践问题，对推动我国资本市场和上市公司的发展与创新有着积极的意义。
本文共分五章进行论述：第一章介绍股份回购的概念、分类以及国内外研究的现状，为下文的论述做好铺垫的同时提出本文的研究重点；第二章主要阐述了西方股份回购的模型和理论假说，从不同的角度探讨公司回购股份的动机以及股份回购创造股东财富的内在机理，为本文的写作构建基本的理论分析框架；第三章在介绍各国股份回购财务决策的法律背景的基础上，具体讨论了股份回购财务决策中的相关影响因素以及股份回购的时机、回购的方式、回购资金来源、回购的定价以及支付方式的选择等，以期为各种条件下股份回购的具体操作提供可行的方案；第四章以我国上市公司“申能股份”的国有法人股回购事件为案例，详细分析了我国特有的制度背景下股份回购的真正动机、市场影响、信息披露等相关问题，以对我国现阶段股份回购的实践提出一定的参考意见；第五章在前文论述的基础上，总结出我国上市公司股份回购存在的诸多亟需解决的问题，并为之提出相应的政策建议。
Share repurchase is a common capital operating method in the western capital market, which is a way to reduce capital and adjust the equity structure of listed corporations through buying back its own stock. As a way of equity contraction, share repurchase involves capital structure and dividend policies of listed corporations, thus it can improve their internal stock value. With the economic reform deepened in our country, the excessive proportion of state-owned equity has become a large obstacle to further development of our stock market as well as making our listed corporate governance perfect, then state-owned stock lessening has become an important aim, under which state-owned economy quits from competitive fields in order to attain its strategic transfer. As a way of corporate restructuring, share repurchase has strategic value for our listed corporations. Therefore, studying related theories and practice on share repurchase of listed corporations has active meaning, which promotes the development and
innovation of our capital market and listed corporations.
In this thesis, five chapters are divided. In chapter one, the author introduces notions and classifications of share repurchase as well as current researches, and then gives the emphasis of the study. In chapter two, the author mainly describes the model and theoretical hypothesis on share repurchase, and explains motivations of share repurchase as well as internal mechanism of stockholders' value creation from different perspectives. In chapter three, the author discusses related influencing factors, timing, way, capital sources, pricing, and payment methods of share repurchase under legal environments of share repurchase in different countries, thus giving available schemes for our practices. In chapter four, the author analyses such problems as the real motivations, market impact, information disclosure of share repurchase through a case study on state-owned corporate share repurchase of the listed corporation "shenneng" in order to give some ideas for our practices. In chapter five, the author summaries
some problems which desiderate solutions, and put forward some related suggestions for them.
本文共分五章进行论述：第一章介绍股份回购的概念、分类以及国内外研究的现状，为下文的论述做好铺垫的同时提出本文的研究重点；第二章主要阐述了西方股份回购的模型和理论假说，从不同的角度探讨公司回购股份的动机以及股份回购创造股东财富的内在机理，为本文的写作构建基本的理论分析框架；第三章在介绍各国股份回购财务决策的法律背景的基础上，具体讨论了股份回购财务决策中的相关影响因素以及股份回购的时机、回购的方式、回购资金来源、回购的定价以及支付方式的选择等，以期为各种条件下股份回购的具体操作提供可行的方案；第四章以我国上市公司“申能股份”的国有法人股回购事件为案例，详细分析了我国特有的制度背景下股份回购的真正动机、市场影响、信息披露等相关问题，以对我国现阶段股份回购的实践提出一定的参考意见；第五章在前文论述的基础上，总结出我国上市公司股份回购存在的诸多亟需解决的问题，并为之提出相应的政策建议。
Share repurchase is a common capital operating method in the western capital market, which is a way to reduce capital and adjust the equity structure of listed corporations through buying back its own stock. As a way of equity contraction, share repurchase involves capital structure and dividend policies of listed corporations, thus it can improve their internal stock value. With the economic reform deepened in our country, the excessive proportion of state-owned equity has become a large obstacle to further development of our stock market as well as making our listed corporate governance perfect, then state-owned stock lessening has become an important aim, under which state-owned economy quits from competitive fields in order to attain its strategic transfer. As a way of corporate restructuring, share repurchase has strategic value for our listed corporations. Therefore, studying related theories and practice on share repurchase of listed corporations has active meaning, which promotes the development and
innovation of our capital market and listed corporations.
In this thesis, five chapters are divided. In chapter one, the author introduces notions and classifications of share repurchase as well as current researches, and then gives the emphasis of the study. In chapter two, the author mainly describes the model and theoretical hypothesis on share repurchase, and explains motivations of share repurchase as well as internal mechanism of stockholders' value creation from different perspectives. In chapter three, the author discusses related influencing factors, timing, way, capital sources, pricing, and payment methods of share repurchase under legal environments of share repurchase in different countries, thus giving available schemes for our practices. In chapter four, the author analyses such problems as the real motivations, market impact, information disclosure of share repurchase through a case study on state-owned corporate share repurchase of the listed corporation "shenneng" in order to give some ideas for our practices. In chapter five, the author summaries
some problems which desiderate solutions, and put forward some related suggestions for them.
引文
1、[美] J·弗雷德·威斯通、[韩] S·郑光、[美] 苏珊·E·候格著，唐旭等译：兼并、重组与公司控制[M]，经济科学出版社，1998／02
2、孙文军、粟建国、薛莲著：上市公司股份回购——理论与实务[M]，西南财经大学出版社，2002／07
4、王伟：国有法人股回购的信息内涵及市场识别——“云天化”和“中能股份”公司回购国有法人股的实证研究，管理世界[J]，2002／06
5、周莉、卞琳：我国资本市场上股票回购理论及实证分析，北京工商大学学报(社科版)[J]，2003／02
6、罗宏、陈燕：上市公司股票回购的财务效应分析，上海会计[J]，2001／05
7、邹树平：中美股票回购的比较与启示，辽宁财税[J]，2002／06
8、孙一秀：股份回购：提升公司内在价值的新思路，中央财经大学学报[J]，2002／05
9、陈学峰：美国股票回购理论的历史演变，证券市场导报[J]，2002／08
10、谢获宝、韩晖：库藏股和我国民营高科技企业的股权激励问题研究，科技进步与对策[J]，2003／03
11、谢获宝、韩晖：试论股份回购的财务效应及对相关问题的政策建议，财会通讯[J]，2003／10
12、李青原、王永海、韩晖：分拆上市与股东价值创造，经济管理·新管理[J]，2004／8
13、何承锋：股份回购：对公司股权价值和价格的影响分析，投资研究[J]，2000／09
14、肖兵：国有股回购和股票市场监控效率的提高，投资研究[J]，1999／08
15、俞铁成：股份回购研究及其在中国的运用，证券市场导报[J]，1999／06
16、欧阳勇：对我国股份回购的分析，陕西经贸学院学报[J]，2000／06
17、张鸿：股份有限公司股份回购适用范围的法律规制，决策借鉴[J]，2000／10
18、储诚忠、刘为民：论股份回购及其市场效应，经济评论[J]，1999／06
19、陈志超：论股份回购的法律问题，上海财经大学学报[J]，2001／10
20、王荣康：股份回购及对债权人和中小股东的保护，现代法学[J]，2002／06
21、华国庆：股份回购若干问题探析，政法论坛[J] (中国政法大学学报)，2001／04
22、任小明、阎海：股份回购制度研究，石家庄经济学院学报[J] 2002／02
23、胡晓鹏：股票回购对我国证券市场的现实意义，决策借鉴[J]，2000／08
24、许正荣：股票回购：理论实质和现实意义，经济理论与经济管理[J]，1999／05
25、魏斌，黄英：股票回购：一种可行的制度安排，投资研究[J]，1999／08
26、龚佳：股票回购中的小股东利益保护机制，上海金融[J]，2001／12
27、王小哈：股票回购：中国与国际的对比，决策借鉴，[J]，2002／06
28、白蔚秋：库藏股制度评析，中央财经大学学报[J]，2002／03
29、寿迪永、孙二平：中外股份回购现状研究及启示，经济问题探索[J]，2000／11
30、柏满迎、邱克：上市公司低负债与股份回购关系研究，郑州航空工业管理学院学报[J]．2001／06
31、刘葆：上市公司股份回购研究，深圳大学学报(人文社会科学版)[J]，2001／03
32、宋颂兴、金伟根：上海证券市场有效性实证研究，经济学家，[J]，1995／04
33、陈小悦、陈晓、顾斌：中国股市弱型效率的实证研究，会计研究[J]，1997／09
34、俞乔：市场有效、周期异常与股价波动—对上海、深圳股票市场的实证分析，经济研究[11]，1994／09
35、吴世农：我国证券市场效率的分析，经济研究[J]，1996／04
36、陈玉荣：对国有股减持问题的探讨，现代管理科学[J]，2003／08
37、郭延淳：股份回购与国有股减持，中央财经大学学报[J]，2001／04
38、曹红辉：股票市场对国有股减持的过度反应分析，中央财经大学学报[J]，2002／03
39、许翰升：关于国有股减持的战略思考，经济学动态[J]，2002／02
40、叶祥松：国有股减持的理论研究综述，生产力研究[J]，2003／01
41、张成廉：治理结构·股权结构·国有股减持，工会理沦与实践[J]，2002／10
42、同济大学、上海证券(联合)课题组：我国上市公司股权制衡研究，上证联合研究计划第四期课题报告
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2、孙文军、粟建国、薛莲著：上市公司股份回购——理论与实务[M]，西南财经大学出版社，2002／07
4、王伟：国有法人股回购的信息内涵及市场识别——“云天化”和“中能股份”公司回购国有法人股的实证研究，管理世界[J]，2002／06
5、周莉、卞琳：我国资本市场上股票回购理论及实证分析，北京工商大学学报(社科版)[J]，2003／02
6、罗宏、陈燕：上市公司股票回购的财务效应分析，上海会计[J]，2001／05
7、邹树平：中美股票回购的比较与启示，辽宁财税[J]，2002／06
8、孙一秀：股份回购：提升公司内在价值的新思路，中央财经大学学报[J]，2002／05
9、陈学峰：美国股票回购理论的历史演变，证券市场导报[J]，2002／08
10、谢获宝、韩晖：库藏股和我国民营高科技企业的股权激励问题研究，科技进步与对策[J]，2003／03
11、谢获宝、韩晖：试论股份回购的财务效应及对相关问题的政策建议，财会通讯[J]，2003／10
12、李青原、王永海、韩晖：分拆上市与股东价值创造，经济管理·新管理[J]，2004／8
13、何承锋：股份回购：对公司股权价值和价格的影响分析，投资研究[J]，2000／09
14、肖兵：国有股回购和股票市场监控效率的提高，投资研究[J]，1999／08
15、俞铁成：股份回购研究及其在中国的运用，证券市场导报[J]，1999／06
16、欧阳勇：对我国股份回购的分析，陕西经贸学院学报[J]，2000／06
17、张鸿：股份有限公司股份回购适用范围的法律规制，决策借鉴[J]，2000／10
18、储诚忠、刘为民：论股份回购及其市场效应，经济评论[J]，1999／06
19、陈志超：论股份回购的法律问题，上海财经大学学报[J]，2001／10
20、王荣康：股份回购及对债权人和中小股东的保护，现代法学[J]，2002／06
21、华国庆：股份回购若干问题探析，政法论坛[J] (中国政法大学学报)，2001／04
22、任小明、阎海：股份回购制度研究，石家庄经济学院学报[J] 2002／02
23、胡晓鹏：股票回购对我国证券市场的现实意义，决策借鉴[J]，2000／08
24、许正荣：股票回购：理论实质和现实意义，经济理论与经济管理[J]，1999／05
25、魏斌，黄英：股票回购：一种可行的制度安排，投资研究[J]，1999／08
26、龚佳：股票回购中的小股东利益保护机制，上海金融[J]，2001／12
27、王小哈：股票回购：中国与国际的对比，决策借鉴，[J]，2002／06
28、白蔚秋：库藏股制度评析，中央财经大学学报[J]，2002／03
29、寿迪永、孙二平：中外股份回购现状研究及启示，经济问题探索[J]，2000／11
30、柏满迎、邱克：上市公司低负债与股份回购关系研究，郑州航空工业管理学院学报[J]．2001／06
31、刘葆：上市公司股份回购研究，深圳大学学报(人文社会科学版)[J]，2001／03
32、宋颂兴、金伟根：上海证券市场有效性实证研究，经济学家，[J]，1995／04
33、陈小悦、陈晓、顾斌：中国股市弱型效率的实证研究，会计研究[J]，1997／09
34、俞乔：市场有效、周期异常与股价波动—对上海、深圳股票市场的实证分析，经济研究[11]，1994／09
35、吴世农：我国证券市场效率的分析，经济研究[J]，1996／04
36、陈玉荣：对国有股减持问题的探讨，现代管理科学[J]，2003／08
37、郭延淳：股份回购与国有股减持，中央财经大学学报[J]，2001／04
38、曹红辉：股票市场对国有股减持的过度反应分析，中央财经大学学报[J]，2002／03
39、许翰升：关于国有股减持的战略思考，经济学动态[J]，2002／02
40、叶祥松：国有股减持的理论研究综述，生产力研究[J]，2003／01
41、张成廉：治理结构·股权结构·国有股减持，工会理沦与实践[J]，2002／10
42、同济大学、上海证券(联合)课题组：我国上市公司股权制衡研究，上证联合研究计划第四期课题报告
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