| Share repurchase.listed companies use the surplus resulting accumulation of capital or debt financing at a certain price by a certain percentage and repurchase the company itself has issued and outstanding common shares will be repurchased ordinary shares as treasury stock or cancellation in order to achieve capital reduction or adjust the capital structure purposes.Between 1973 to 1974.the US government listed companies dividend policy introduced restrictive clauses.in order to circumvent the majority of listed government restrictions on dividend policy.dividend policy in the planning of an alternative program in the process of the birth of the stock repurchase.Meanwhile.the Chinese market is still of the impact of the Cultural Revolution is in a standstill.no market at all.despite the share repurchase is a new thing.but not to be of concern to workers in the domestic economy.1999 "small Yu Yuan garden merges into big Yu Yuan garden" is considered to be a merger of the stock repurchase case the first example.after this.the domestic capital market more than 70 listed companies after another has implemented a stock repurchase.Share repurchases in the capital markets is the use of a wide range of far-reaching capital works.not only for the company’s capital structure adjustment and improvement can play the role of capital also improved the efficiency of the action;In addition.the Socialism with Chinese characteristics in the construction market.for China equity division reform can play a positive role in promoting.Our company has recently listed shares repurchased as a new method to adjust the ownership structure will be.Therefore,this article will focus on the financial effect of the company’s focus on research and discussion share repurchase generated according to the flow theory,case,conclusions,measures to verify in practice whether the stock repurchase shares real help enterprises to enhance and improve the company structure;and resolve to repurchase shares on the financial effects of various aspects of the company can produce,find gaps in China’s listed companies to repurchase shares,as well as the development prospects of China’s stock repurchase,according to China’s specific conditions,to make a few paper shares repurchase development,the proposed reform.This paper is divided into five chapters.The first chapter describes the significance in this background,research status in china or abroad,the main research methods and ideas.The second chapter is theoretical,the financial effect on the share repurchasetheoretical exposition,including the repurchase of meaning,motivation,and financial effects of the type of approach,the theoretical basis.The third chapter introduces the company to disclose the background,change the company’s ownership structure,the specific repurchase process and major issues.The fourth chapter,the use of index analysis method detailed analysis of the case’s corporate status,the main business,the main financial indicators,and by comparing the results of operations and financial condition of the business before and after the share repurchase analysis,the Share Repurchase financial effects lift.Chapter V,through the first few chapters of bedding,inspiration and advice Repurchase of articles ending.Research through case study,this paper describes in detail the case of Livzon Group share repurchase and repurchase the influence brought about by the company,in addition,to analyze the reasons Buyback financial effects of different changes.Finally,according to the results of the case study,a simple prediction share repurchase in the future prospects for the development of our country.Can not be ignored is that when China’s listed companies during the share repurchase,there are still many problems now want a more effective use of the financial means of share repurchases,we need to recognize our share repurchase status quo,for already problems,study and explore a more suitable for China’s stock repurchase operation of ideas,to guide China’s listed companies to make better use Buyback raise capital levels to effectively play a variety of financial effect of share repurchase,improve the company’s capital structure capital structure,the ultimate goal of maximizing shareholder wealth. |
