我国上市公司股票回购的动因与问题分析

摘要

在成熟的证券市场中,回购公司股票是一种有效的资本运作模式,公司在适当的时机,进行合理的股本收缩,是上市公司面临外部市场环境变化进行自我调节和保护的一种有效的应对策略。近年来,随着我国股票市场的发展,股票回购的案例日渐增多,但与西方成熟的资本市场相比,在回购过程中还存在着许多问题和不足,文章结合国内证券市场发展的实践,对此进行分析。%In the mature stock market,to repurchase company stock capital is an effective mode of operation.To conduct a reasonable equity for a listed company at an appropriate time is an effective coping strategy of self-regulation and protection to face changes in the external market environment.In the recent years,with the development of China′s stock market,stock repurchase has increased.But there still exist many problems and deficiencies,compared with the mature capital market in the West in the buy-back process.This paper will make an analysis of this combining the development of the domestic securities market practice.