Listed Companies In China Share Buyback Market Effect Inspection

The stock repurchase as a dividend alternative policy for the first time in western capitalist countries arises at the historic moment, then, its various functions are further excavated, through stock buyback, a listed company may adjust the irrational equity structure, capital structure, deviating from the practice of share price, can prevent hostile takeover, still can to company management or employees adopt equity incentives etc, with the function of increasing perfection, share repurchase in capital market abroad received widespread concern. While in our country, equity repurchase trudged in explore and try stage, there are few listed company makes repurchase operation, according to this problem, this paper conduct a study about the listed companies on China's ownership repurchase market effects. Through the study found that our country market of share repurchase of reaction do a little deviation rational.This article from the market of equity repurchase reaction angles to study the equity repurchase of China's listed firms significance, the article are divided into six parts:the first part is the introduction, mainly introduced this paper to choose a background, research objectives, the research significance, the research situation, research methods and research content, innovation points; etc. The second part is the basic theory of the buyback equity, this paper introduces the concept, equity repurchase motivation and repurchase of the main pattern, and describes the detailed equity repurchase of the six theoretical hypotheses, The third part is the listed companies in China equity repurchase market effect theory and case analysis, in addition to listed companies on China's ownership repurchase market effect and the influence factors are briefly explain outside, still enumerated the sounds of heaven controlling stake repurchase case to explain the listed companies in China equity repurchase market effect. The fourth part is listed companies on China's ownership repurchase market effect, but also the empirical test, this paper focuses on paragraphs with concrete statistics shows that the Chinese market reaction about listed company shares the buyback condition; The fifth part for empirical research conclusion, out our equity repurchase market enough rational reason and put forward related Suggestions. The sixth divided into conclusion, after reviewing full-text was put forward on the basis of this paper the deficiencies and outlook for the future.