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一、股票回购的理论分析自从上市公司大量采用股票回购这种方式,西方学术界便开始了对股票回购动机的研究,一般可分为以下几个假说:(一)每股盈利(EPS)假说每股盈利假说认为:公司的股份回购减少了流通在外的股份,因而提高了市场对公司每股收益(EPS)的预期,这种每股收益预期的提高会带来公司股价的上升,从而增加公司股东的财富。提高EPS是股份公司管理层的一个重要经营目标,也由此成为股票回购的重要动因。
First, the theory of stock repurchase Since the large number of listed companies to use repurchase this way, the Western academics began to study the motivation of the stock repurchase can be divided into the following general hypotheses: (a) earnings per share ( EPS) Hypothesis The EPS hypothesis suggests that a company’s share buy-back reduces its outstanding shares, raising the market’s expectation of the company’s earnings per share (EPS). This rise in expected earnings per share will result in a Rise, thus increasing the wealth of company shareholders. EPS is an important management goal of the stock company, which has become an important reason for stock repurchase.