基于财务角度的上市公司库藏股制度研究
发布时间：2019-03-30 19:44
【摘要】：上市公司库藏股制度是围绕上市公司库藏股的取得和使用而形成的一套制度安排。库藏股制度在美国、英国、德国和日本等国家已实施多年,它对证券市场的稳定,改善公司的财务状况都起到了积极的作用。我国在2005年以前是不允许库藏股存在的,2005年我国《公司法》进行了重大修改,规定公司可以为开展员工持股计划、满足异议股东的退出请求而回购股份,并在一定时间内持有购回的本公司股票,这实际上就认可了库藏股的存在。法律政策的松动为我国库藏股制度的研究打开了空间,使国内从单纯对股份回购的研究转移到对库藏股的取得和使用的研究上来。 本文首先是对库藏股的涵义进行了简要介绍,分析了库藏股区别于普通流通股的三个法律特征:非公司资产、不具备普通流通股的特性、一般须在特定时间内作相应处理,并从国内和国外的角度对库藏股制度的发展历程作了简要的描述。其后,重点介绍了库藏股制度得以建立和发展的经济学理论假设,同时简要分析了库藏股制度可能引发的潜在风险。库藏股就好比一个“蓄水池”,它通过股份回购形成库藏股和库藏股的使用两个方向对证券市场和公司的财务状况进行双向的调节。因此本文的主体部分将库藏股制度分为股份回购和股份回购后两个阶段,从财务角度对这两个阶段具体的财务决策以及决策之后的财务效应进行了详细的分析和研究。结合前文从财务角度对库藏股的研究,文章最后对我国目前的库藏股制度进行了分析评价,并且对完善我国库藏股制度提出了若干建议。
[Abstract]:The stock system of listed company is a set of system arrangement which is formed around the acquisition and use of the stock of listed company. The treasury stock system has been implemented in the United States, Britain, Germany and Japan for many years. It has played a positive role in the stability of the securities market and the improvement of the company's financial situation. Before 2005, our country did not allow the existence of treasury shares, and in 2005, the Company Law of our country made a major amendment, stipulating that companies can buy back shares in order to carry out the employee ownership plan and satisfy the withdrawal request of dissenting shareholders. And in a certain period of time to hold the purchase of the shares of the Company, which in fact recognized the existence of treasury stocks. The loosening of law and policy has opened up the space for the study of stock system in our country, which makes the study of stock repurchase transferred from the study of stock repurchase to the study of the acquisition and use of stock in our country. First of all, this paper briefly introduces the meaning of the treasury stock, analyzes the three legal characteristics of the treasury stock which are different from the common circulation stock: non-corporate assets, which do not possess the characteristics of the common circulating shares, and generally need to be dealt with within a certain period of time. The paper also gives a brief description of the development of the stock system both at home and abroad. Then, this paper mainly introduces the economic theory hypothesis of the establishment and development of the stock system, and briefly analyzes the potential risks caused by the system. The treasury stock is like a "reservoir", which regulates the stock market and the financial situation of the company in two directions: the stock repurchase and the use of the stock. Therefore, the main part of this paper divides the stock system into two stages: share repurchase and share repurchase. From the financial point of view, the paper makes a detailed analysis and research on the specific financial decision-making and the financial effects after the decision-making. Combined with the previous research on the stock from the financial point of view, the paper finally analyzes and evaluates the current stock system in our country, and puts forward some suggestions to improve the system of the stock in our country.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2010
【分类号】：F275;F832.51
[Abstract]:The stock system of listed company is a set of system arrangement which is formed around the acquisition and use of the stock of listed company. The treasury stock system has been implemented in the United States, Britain, Germany and Japan for many years. It has played a positive role in the stability of the securities market and the improvement of the company's financial situation. Before 2005, our country did not allow the existence of treasury shares, and in 2005, the Company Law of our country made a major amendment, stipulating that companies can buy back shares in order to carry out the employee ownership plan and satisfy the withdrawal request of dissenting shareholders. And in a certain period of time to hold the purchase of the shares of the Company, which in fact recognized the existence of treasury stocks. The loosening of law and policy has opened up the space for the study of stock system in our country, which makes the study of stock repurchase transferred from the study of stock repurchase to the study of the acquisition and use of stock in our country. First of all, this paper briefly introduces the meaning of the treasury stock, analyzes the three legal characteristics of the treasury stock which are different from the common circulation stock: non-corporate assets, which do not possess the characteristics of the common circulating shares, and generally need to be dealt with within a certain period of time. The paper also gives a brief description of the development of the stock system both at home and abroad. Then, this paper mainly introduces the economic theory hypothesis of the establishment and development of the stock system, and briefly analyzes the potential risks caused by the system. The treasury stock is like a "reservoir", which regulates the stock market and the financial situation of the company in two directions: the stock repurchase and the use of the stock. Therefore, the main part of this paper divides the stock system into two stages: share repurchase and share repurchase. From the financial point of view, the paper makes a detailed analysis and research on the specific financial decision-making and the financial effects after the decision-making. Combined with the previous research on the stock from the financial point of view, the paper finally analyzes and evaluates the current stock system in our country, and puts forward some suggestions to improve the system of the stock in our country.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2010
【分类号】：F275;F832.51
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