我国上市公司股票回购动因与经济后果分析

一、股票回购的基本方式（一）公开市场回购。

公开市场回购是指公司通过证券经营机构在公开的证券市场，依照集中竟价交易的方式购回自身发行的股票。

公开回购方式是国外资本市场一种较为流行的方式。

但是，这种回购方式很容易推高股价，从而增加回购成本，另外交易税和交易佣金方面的成本也很高。

而且受到日交易量的限制，公开市场回购无法使得公司在短期内完成回购方案。

因此，该方式最适合用来在股价处于低位时，小规模从二级市场上回购部分股票，用作员工福利计划，激励管理层的股票期权以及执行可转换证券转换权等。

（二）可转让出售权回购。

这种回购是指赋予股东在一定期限内以某一特定价格向公司出售其持有股票的权利。

此权利可在市场上自由买卖，同依附的股票分离那些想继续持有股票的股东可以单独出售该权利，从而满足了各类股东的需求。

此外，可转让出售权可以事先限制回购股份的数量，从而避免股东过度接受回购要约的情况。

（三）私下协议批量购买。

这种回购方式无法取代公司市场回购，但是可以作为公司市场回购的有效补充。

私下协议批量购买的股票价格一般小于当前的市场价格，当卖家主动卖出持有股票的状况更是如此，有时候公司也以超常溢价回购股票，这样做的目的是为了规避风险，因为有些非控股股东混乱交易，会对公司正常运转带来损害。

二、股票回购动因（一）稳定公司股价，维护股东利益。

过低的股价，不能反映公司的真正价值，使股东利益受损，投资者信心下降。

在这种情况下，上市公司可以通过回购股票来支撑股价，维护股东利益，改善公司形象，使投资者重新关注公司的经营业绩和未来发展状况，公司才有进一步融资的可能。

因此，在股价过低时回购股票，是稳定股价的有力途径。

（二）优化资本结构，增加股东价值。

通过股票回购来增加股东价值的途径有两点：一是运用债务融资回购股票，提高债务比例，有效利用财务杠杆达到资本结构最优化，使公司增值。

二是根据信息不对称理论，利用股票回购向投资传达负债比例越高的企业质量越好，从而改变投资者对公司未来收益的预期，导致股票价格上涨，增加股东财富。

（三）股权激励。

股票回购用于股权激励兴起于九十年代。

通过股票回购，一方面可以提供股权激励所需的股票，同时避免了因发行可转换公司债券或其他方式稀释每股盈余，而且股票回购可减少流通在外的股份数，增加每股收益；另一方面，相比其他增加公司总股本的方式，股票回购能够提高管理层的持股比例，使得管理层和公司的利益一致，降低代理成本，激励管理层。

三、股票回购的经济后果（一）正面经济效应1、股票回购符合国家的宏观经济战略。

通常在宏观经济面不好、市场资金紧张等情况下，股票市场容易进入低迷状态，若任其持续低迷将有可能导致市场抛压较重，进入价格下降、流动性更差的恶性循环。

此时.公司进行股票回购，将其闲置资产返回股东，在一定程度上增强市场的流动性，有利于公司合理股价的形成，保证国家的在宏观经济面不是非常好时，能够稳定二级市场情绪，有效避免金融危机乃至市场崩盘的潜在风险。

2、股票回购优化了上市公司的股权结构。

股票购通过减少发行在外的股份，可以提高资产负债率，发挥财务杠杆作用，优化股权结构。

根据《公司法》、《证券法》和《股票发行与交易管理暂行条例》的规定，上市公司必须满足向社会公众发行的部分不少于公司拟发行股本总额的25%，拟发行股本超过4亿元的，可酌情降低向社会公众发行部分的比例，但最低不得少于拟发行股本总额的15%。

这不仅降低了股权集中度，改变了一股独大的局面，规范了法人治理结构，而且也有利于股份制优势的发挥，降低经营风险。

此外流通股比例的上升，有利于扩大公司的融资金额，实现公司追求利润最大化的经营决策。

3、股票回购提高了股东价值。

公司财务管理的目标是股东财富最大化，而上市公司股东财富的大小体现在其所持有公司股票的市价上。

国外经验数据和研究表明，股份回购对股票超常收益有显著正向影响，可以使出让股东得到超出当时市场股价25%的溢价。

对股东而言，股票价格上扬，每股收益提高，最终可以让公司应付给股东的现金股利以资本利得（缴纳较低的资本利得税）的形式转让给股东，股东将股票股利抛售换成现金资产时不必缴纳较高的个人所得税，从而给股东带来节税效应，提高股东价值。

（二）负面效应1、股票回购增加了上市公司的财务风险。

股票回购会使企业资产负债率提高，企业债务负担增加，财务风险加大，尤其是当企业总资本报酬率小于借款利率时企业净资产收益率会低于总资本报酬率。

随着资产负债率的进一步提高，企业净资产收益率会逐步下降，企业为此承担财务风险，从而增加债务人的风险系数。

所以，优化资本结构，应是公司决定股票回购资金的重要依据。

2、股票回购加大了公司的支付风险。

由于股票回购需要大量的现金支出，因此不可避免地会对上市公司形成很大的支付压力。

虽然部分公司用于股票回购的资金相对公司经营活动产生的现金流人量所占比例较小，并且高于其可供分配利润和经营活动产生的现金净流量，即公司的流动比率和速动比率较高，但一次性支付巨额资金用于股票回购，仍将不可避免地会对公司的正常运营带来一定的影响，面临严峻的支付风险。

3、存在操纵利润、财务指标的问题。

我国一些上市公司为了能达到配股、增发等再融资的条件，操纵财务利润指标的情况相当严重。

一些上市公司利用股票回购操纵利润指标以达到圈钱目的。

因为无论是通过负债还是利用本公司现金回购股票，都会减少公司的净资产，在全年利润不变情况下，净资产收益率会大大提高，从而达到配股、增发等再融资条件。

所以，通过股票回购操纵利润比通过资产转移等方式更为简单。

四、结语综上所述，我们对资本市场上的股票回购应该用马克思主义的唯物辩证法和矛盾分析法来看待，任何事物都要一分为二的，股票回购有积极进步的一面，同时也有不可避免的缺陷和风险因素，为了使股票回购在资本市场运作中的优势和价值发挥到最大，我们就要制定完善的法律法规以及政策制度来予以保障，保证企业正向价值的同时，也要保护投资者尤其是中小投资者的合法权益，全面提升投资者尤其是中小投资者对企业内在价值的认可度。

First, the basic way of stock repurchase(a) open market repurchase. Open market repurchase is refers to the company through the securities operating agencies in public securities market, in accordance with the centralized actually trading price of the buy back their issuance of stock. Open buy back is a more popular way of foreign capital market. However, this repurchase is easy to push up the stock price, thereby increasing the cost of the repurchase, in addition to the cost of the transaction tax and transaction commission is also very high. But also by the daily limit of trading volume, open market repurchase can not make the company in the short term to complete the repurchase program. Therefore, the most suitable to when the share price is low, small scale from the secondary market to buy back some shares, used as a employee benefit plan, incentive management stock options and the implementation of convertible securities conversion rights and so on.(two) transfer of the right to repurchase. This repurchase refers to the rights of the shareholders to sell their holdings to the company at a certain price within a certain period of time. This right can be traded freely in the market, and the shareholders who want to continue to hold the stock can be sold separately, so as to meet the needs of all kinds of shareholders. In addition, the transfer of the right to sell shares in advance to limit the number of buy back, thereby avoiding excessive acceptance of shareholders to accept the offer.(three) batch purchase of private agreements. This kind of buy back can not replace the company market repurchase, but can be used as an effective complement to the company's market. Private agreement bulk purchase of the stock price is generally less than the current market price, sellers take the initiative to sell holdings of stock of the situation is even more so when companies sometimes also with super premium to buy back stock, this is in order to avoid the risk, because some of the non controlling shareholders confusion in trading, on the normal operation of the company to bring harm.Two, stock repurchase motivation(a) to stabilize the company's share price and safeguard the interests of shareholders. Share price is too low, can not reflect the true value of the company, so that shareholders' interests are damaged, investors' confidence is decreased. In this case, the listed company can through the repurchase of shares to prop up prices and safeguard the interests of the shareholders, to improve the company's image, so that investors pay attention to the company's operating performance and the future development, the company has further financing possible. Therefore, when the stock price is too low to buy back shares, is a powerful way to stabilize the stock price.(two) optimize the capital structure and increase shareholder value. There are two ways to increase the value of shareholders through Stock Repurchase: first, the use of debt financing to repurchase shares, improve the proportion of debt, the effective use of financial leverage to achieve the optimization of capital structure, the company value. Second, according to the theory of asymmetric information, by making use of stock repurchase to investment to convey the higher debt ratio of enterprise quality is better, thus changing the investors' expectations of future profits of the company, lead to rising stock prices, increase shareholder wealth.(three) equity incentive. Stock repurchase for equity incentive rise in the ninety's. By buying back shares, on the one hand can provide equity incentive stock, while avoiding the for theissuance of convertible corporate bonds or other way diluted earnings per share and stock repurchase can reduce the flow of the number of shares, increase earnings per share; on the other hand, compared to other ways to increase the company's total share capital, stock repurchase can improve the management's shareholding ratio, makes the management level and the company's interests are aligned, reduce agency costs, incentive management.Three, the economic consequences of the stock repurchase(a) positive economic effect1, the stock repurchase in line with the country's macroeconomic strategy. Usually in the macro economy is not good, market funds tension, stock market easy access to state in the doldrums, if the downturn will have may lead to heavy selling pressure in the market, enter the price decline, liquidity worse a vicious circle. At this time. The company stock repurchase, the return of its idle assets to shareholders, in a certain extent and enhance market liquidity, conducive to the formation of the company a reasonable price, ensure the country's macro economic surface is not very good to secondary market mood stability, effectively avoid the financial crisis and the crash of the potential risks.2, the stock repurchase optimization of the listing Corporation's equity structure. Share purchase by reducing the issue of shares in the outside, you can improve the asset liability ratio, play the role of financial leverage, optimize the ownership structure. According to the provisions of the company law, the securities law and the administration of the issuance and trading of stocks provisional regulations, listed companies must meet issued to the public not less than the company intends to issue 25% of the total share capital, the quasi issued share capital of more than 400 million yuan, where appropriate, to reduce the proportion to the social public issue, but a minimum of not less than intends to issue 15% of the total share capital. This not only reduces the ownership concentration, changing a dominant situation, regulate the corporate governance structure, but also conducive to the play of the advantages of joint-stock system, reduce operational risk. In addition, the rise in the proportion of tradable shares, is conducive to the expansion of the company's financing amount, to achieve the company's pursuit of profit maximization business decisions.3, the stock repurchase increased shareholder value. The goal of the company's financial management is to maximize the wealth of shareholders, and the size of the wealth of the shareholders of the listing Corporation is reflected in the market price of the shares held by the company. Empirical data and research abroad show that share repurchase has a significant positive impact on the abnormal returns, can be used to allow shareholders to get more than 25% of the market share price at the time of the premium. For shareholders, the stock price rise, earnings per share increased, and ultimately allow the company to meet the shareholders.。