Stock Repurchase Economic Effects Research Of China Listed Companies

Although stock repurchase has been through 14 years in China, there are still lots of problems during this exploring and attempting period. Thus researching stock repurchase economic effects of listed company and what is the active economic effects, has significant meanings for the development and innovation of China capital market and listed companies.By the methods of fix nature and ration, abstract research andconcrete case, this thesis adopt data of Handan Steel------the first listcompany which declared to stock repurchase, to do systemic research stock repurchase economic effects of China.Firstly, this thesis introduces conceptions, styles, manners and theoretical hypothesizes of stock repurchase, besides stock repurchase regulations of several main countries. Then, it does macro research of stock repurchase effects on China industry structure and capital structure, to discuss the characteristic of steel industry and stock repurchase effects on this industry. By the methods of event research and market model, this thesis validate stock repurchase market effects combining the practice of Handan Steel to repurchase public stocks. By using fortune effects model, it also does demonstration research of Handan Steel to repurchase public stocks, to validate fortune effects of stock repurchase. Lastly, by the method of comparative research, this thesis gives suggestions about legislation, market, monitor and finance, basing on stock repurchase regulation of several main countries, problems and status quo of stock repurchase in China.