论文部分内容阅读
股票回购的产生与发展股票回购(stock repurchase)是指上市公司通过一定的途径购回本公司已发行在外的一定数额的股票的行为。股票回购最早产生于20世纪30年代的美国,但真正兴起却是在半个世纪以后。1973～1974年,美国政府对公司支付现金股利开始实施高税管制,许多公司为规避此种管制,便纷纷采用股票回购的方式向股东分配股利。进入80年代以后,由于资本市场上敌意收购愈演愈烈,为积极有效地防止被其他公司收购,许多上市公司不惜斥巨资回购本公司股票,以此维持对
The emergence and development of stock repurchase Stock repurchase (stock repurchase) refers to the listed company by some means to repurchase the company has issued a certain amount of shares of the behavior. Stock repurchases were first produced in the 1930s in the United States, but the real rise was over half a century later. From 1973 to 1974, the U.S. government started to impose high tax control over the company’s cash dividends. To avoid this kind of control, many companies successively adopted the method of share repurchase to distribute dividends to their shareholders. Since the 1980s, hostile takeovers in the capital markets have intensified. In order to prevent the acquisition by other companies actively and effectively, many listed companies did not hesitate to repurchase the shares of the Company in large amounts to maintain their position.