我国上市公司股票回购制度变迁分析.pdfVIP

Abstract Share buy-back is a kind of chowmatistic act in which a listed company buys back her own stock in the market at certain price by using accumulative fund from profit or by financing in order to have stock in storage or write them off. The act of share buy-back emerged first in U.S.A. and is applied widely in western capital market. Chinese stock market only lasts for just but a short several decades from being set up to setting up basic norm, and we are just in the enlighten stage as to the understanding of share buy-back. Only few companies carried out share buy-back and the institutional environment as well as practical operation was abnormal, which restricted the function of buy-back. This text finds out the factors which restrict the development of share buy-back by legislative analysis to the institution of Chinese share buy-back and case studies, then puts forward some policy suggestion and modification of relevant law, which provide the theoretical support for the development of Chinese share buy-back. This paper includes five chapters Chapter one sums up domestic and foreign theories of share buy-back. The foreign scholars analyzed the motive of share buy-back, the effect of share buy-back, the concrete change of proceedings rate before and after the share buy-back by using the method of the positive research. While domestic researches mainly introduce share buy-back theory, and analyze applicability in China of external experience share buy-back, or analyze domestic legislation of share buy-back and seldom carry on case studies. Chapter two mainly introduces foreign experience and current development situation of buy-back, among which mainly introduces the current development situations of U.S.A. and Japan. In 1990