Study On The Voluntary Information Evaluation Of Listed Companies In Mining Industry:A Case Study Of Tong Petrotech Corp

Share repurchase is a common control measure in the stock market,which can realize efficient capital operation,So it’s widely admired in western markets.Compared with western countries,the characteristics of Chinese securities market are: Slower and less mature,and the use of share repurchase in the market is relatively late.In recent years,the use of share repurchase has become more and more common,and it has become the first choice for some listed companies to deal with the stock market crisis.In 2018,the overall trend of Chinese stock market was depressed,and the market value of some listed companies was weak,which could not truly reflect the real value of the company,so a large number of companies have chosen to adopt the share repurchase method to achieve the purpose of raising the stock price,so that the number of listed companies that conducted stock repurchases in 2018 has soared,becoming the largest year after the equity reform,Joyson Electronic issued a repurchase plan on May 3,2018.This paper selects the share repurchase event of Joyson Electronic in 2018 as the research object,and analyzes the main motivation and financial effect of Joyson Electronic repurchase.By studying the external environment and internal financial management before repurchase,it was found that Joyson Electronics’ share repurchase besides the two superficial motivations mentioned in the announcement,which are to enhance investor confidence and increase dividends.There are other potential motives,including reducing agency costs and implementing equity incentives.At the same time,Joyson Electronic is likely to take into account the use of repurchases to pay dividends,considering that repurchases have the effect of reducing tax burden.This paper divides the financial effects of Joyson Electronic into three levels: company value,financial performance,and capital structure.Among them,the value of the company mainly studied the changes of stock price and shareholder wealth in the same period between Joyson Electronics and Shanghai Stock Exchange Index,while the financial performance was reflected by the changes of four capability indexes before and after the implementation of Joyson Electronic Repurchase.In order to make the results more objective and comprehensive,this paper makes a comparative analysis of the industry average and the company’s situation,which is convenient to observe the extent of the effect of Joyson Electronic is affected by the industry environment;The analysis of capital structure starts with two parts: asset-liability ratio and financial leverage factor.After the above research,it is concluded that the share repurchase of Joyson Electronic has a positive financial effect in general,which makes its short-term stock price rise and it also has a certain effect on earnings per share;Some major financial indicators of Joyson Electronic have improved,especially during the implementation period,and the repurchase makes the capital structure more stable.However,the repurchase has little effect on long-term stock price and long-term debt ability,and its effect on promoting stock price increase is only a short-term effect.Finally,this article summarizes the repurchase event of Joyson Electronic and draws the corresponding enlightenment.