| 上市公司股份回购的动因分析及政策建议 |
| |
| 引用本文： | 刘钊,赵耀. 上市公司股份回购的动因分析及政策建议[J]. 证券市场导报, 2005, 9(12): 40-47 |
| |
| 作者姓名： | 刘钊 赵耀 |
| |
| 作者单位： | 1. 南开大学金融系,天津,300071
2. 中国人民大学财金学院,北京,100872 |
| |
| 摘 要： | 在成熟的资本市场上,上市公司股份回购是一种很普遍的现象.股份回购的动因主要有:财务杠杆假说、信息不对称假说、经理人股票期权、企业股价市值低估、控制权假说、企业融资弹性假说等.解决股权分置过程中我国推行股份回购有着特殊的动因.由于法律不完善,我国推行股份回购政策要避免出现"市场操纵".
|
| 关 键 词： | 股份回购 市场操纵 上市公司 |
On Buyback Motivation of Listed Companies |
| |
| Liu Zhao,Zhao Yao. On Buyback Motivation of Listed Companies[J]. Securities Market Herald, 2005, 9(12): 40-47 |
| |
| Authors: | Liu Zhao Zhao Yao |
| |
| Abstract: | Buyback is quite papular in mature markets and is usually driven by financial leverage hypothesis,information asymmetry, hypothesis, stock options, discount of corporate market capitalization,controlling power hypothesis and corporate finance resilience hypothesis, etc. Buyback has great value in handling ongoing non-tradable share reform.Due to existing loopholes in legal framework,market manipulation shall be closely watched over during actual implementation process. |
| |
| Keywords: | equity buyback market manipulation listed companies |
| 本文献已被 维普 万方数据 等数据库收录！ |
|
