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论文编号：	11975
作者编号：	2320180831
上传时间：	2020/12/8 18:54:37
中文题目：	美的集团股份回购动机及其经济后果研究
英文题目：	Study on motivation and economic consequences of Midea Group''''s share repurchase
指导老师：	刘志远
中文关键字：	股份回购；动机；市场效应；财务效应
英文关键字：	share repurchase; motivation; market effect; financial effect
中文摘要：	股份回购是指上市公司利用现金等方式从证券市场上购回本公司一定数额发行在外的股票的行为。2018年《公司法》的修订、相关政策的松绑等为股份回购扫清了许多实施障碍，使股份回购这一资本运营工具更好地发挥效用。近些年我国学者对股份回购的理论研究也在不断深化，研究回购的动机、方案设计与回购后的效应对帮助企业提高价值与实现未来发展战略目标具有重要意义。 本文以美的集团实施的四次股份回购为研究对象，基于信号传递假说和委托代理等理论，运用文献研究及案例研究等方法，对美的集团股份回购的动机和回购所产生的市场效应及财务效应进行了分析，发现存在的问题，并有针对性地提出完善建议。 美的集团股份回购主要动机为进行市值管理，还存在为股权质押标的物保值及提高资金使用效率的潜在动机，四次股份回购取得了短期的市场效应，但是反应强弱不同，通过比较相同动机下不同市场效应的股份回购方案设计，建议如果以传递信号为主要动机实施的股份回购，应尽量选择在外部市场环境低迷时或者企业价值被低估但又具有成长潜力时进行，确定合理的回购价格，同时资金来源选择上注意防范财务风险。从长期来看，美的集团股份回购的市值管理效果持续度较差，管理者应正确认识股份回购的市值管理作用，在未来的经营管理活动中应当充分考虑公司的长远利益，重视公司的成长性和可持续性。
英文摘要：	Share repurchase refers to the behavior of listed companies to buy back a certain amount of shares issued from the securities market by means of cash or other means. The amendment of the Company Law in 2018 and the loosening of relevant policies have cleared many obstacles for the implementation of share repurchase, making share repurchase, a capital operation tool, play a more effective role. In recent years, the theoretical research on share repurchase by Chinese scholars has been continuously deepened. It is of great significance to study the motivation, scheme design and effect of share repurchase to help enterprises improve their value and realize their strategic goals of the future development. Taking the four share buybacks implemented by Midea Group as the research object, and based on the signal transmission hypothesis and principal-agent theory, this paper analyzes the motivation of Midea Group's share repurchase and the market as well as financial effects, using the method of literature research and case study, finding the existing problems, and put forward improvement suggestions. The main motivation of Midea Group's share repurchase is to manage the market value through the official announcement, and there are also potential motives to maintain the value of the subject matter pledged by the equity and improve the efficiency of capital utilization. The four share repurchases have achieved short-term market effects, but the reaction strength is different. By comparing the design of share repurchase schemes with different market effects under the same motivation, it is suggested that if the listed companies implement share repurchase with the main motivation of transmitting signals, should try to choose the time point when the external market environment is low or the enterprise value is undervalued but with high growth potential. At the same time, attention should be paid to guard against financial risks in the selection of capital sources. In the long run, the market value management effect duration of Midea Group's stock repurchase is so poor that managers should correctly understand the market value management role of share repurchase, fully consider the long-term interests of the company in future operation and management activities, and attach great importance to the growth and sustainability of the company.
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