| In the mature capital market,stock repurchase is a method of operation adjusting the company capital structure,which is introduced into China's capital market is a behavioral innovation.Although the stock repurchase of listed companies in China is just getting started compared with Western countries,stock repurchase has shown its unique role in optimizing the capital structure and stabilizing the company's stock price.With the development of China's social economy and the gradual improvement and development of China's securities market,stock repurchase has become a common capital operation behavior of listed companies in China.Therefore,in-depth study and discussion of the theoretical and practical issues of stock repurchase has positive and practical significance for promoting the innovation and development of China's capital market.Taking JDF as an example,this paper mainly discusses the motives and effects of stock repurchase.Firstly,it introduces the research background,the significance,research contents and the methods.And what the current situation is in our country and abroad.Secondly,it expounds the concept and method of stock repurchase,sorts out the motivation hypothesis of stock repurchase,and summarizes the market effect theory and financial effect theory of stock repurchase.Thirdly,it introduces the relevant situation of JDF,including the company's base situation,plan and process of stock repurchase,it analyzes the internal motivation and external motivation of JDF stock repurchase,and then it verifies the stock repurchase hypothesis mentioned above.Then based on the stock price changes before and after the repurchase of JDF shares,the market announcement effect of stock repurchase is analyzed.Based on the financial situation before and after the repurchase of JDF shares,mainly using comparative research method analyzes the solvency,operational ability and profitability of stock repurchase before and after,Including the company's vertical comparative analysis and horizontal comparative analysis of the same industry,To achieve the comprehensive financial effect of stock repurchase.Finally,based on the previous analysis,it summarizes and discusses the enlightenment gained throughout the research process. |
