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2022 年 05 月 23 日
中原工学院
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2022 年 05 月 23 日

中原工学院硕士学位论文
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摘要
2018 年出台的新《公司法》具有里程碑的意义。不仅仅放宽了股票回购的门槛，
简化了相关流程等等，一方面拓宽了上市公司进行股票回购的资金渠道，另一方面法律
和制度的不断完善对上市公司和投资者都增加了新的市场契机。2018 年以来上市公司
进行股票回购的热情不断高涨，其动机也越来越多元化。所以研究股票回购，不仅对上
市公司、普通投资者、而且对二级市场和监管层来说都有好处。公司在维护企业价值、
保障股东利益、提高投资者信心等方面有了更多元化和更市场化的选择。
本文选取京东方 A 作为案例，主要从动因和效应两个方面进行分析。动因方面，
首先论述京东方股票回购的整个过程，结合京东方本身的财务报表数据进行综合分析；
其次对回购产生的效应进行分析。市场效应方面，利用事件研究法对公告日的超额累计
收益率进行分析；财务效应方面，选用财务指标法进行对比分析，得出回购对公司财务
影响的结论；企业价值效应方面，利用 DCF 模型对京东方不回购股票的情况下的企业
价值进行预测，利用 DDM模型对京东方在相同条件下股票回购和现金分红的差异。最
后得出结论，京东方本次股票回购的真实动因符合公告。另外，财务效应和市场效应正
向作用小于负面作用，但对企业价值有提高作用。本文从股票回购的动因、财务效应、
市场公告效应以及企业价值多个方面进行综合分析，分析更加注重全面性。
通过研究发现京东方股票回购最主要的动机是股权激励计划，另外，京东方同时也
存在提高每股收益和调节财务杠杆动机的可能性，通过回购后的财务效应分析，同时存
在正向和负向的财务效应；市场效应分析方面，短期市场效应是正向的，长期市场效应
是正向的；另外也得出股票回购对京东方企业价值的影响是正向的结论。最后从市场投
资者、上市公司、法律监管是哪个方面对提出建议。
关键词：股票回购；股权激励；财务效应；市场效应；企业价值
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中原工学院硕士学位论文
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Abstract
The new Company Law issued in 2018 is a milestone. It not only relaxed the threshold
of stock repurchase and simplified the relevant procedures, but also broadened the capital
channels for listed companies to carry out stock repurchase. On the other hand, the
continuous improvement of laws and systems has increased new market opportunities for
listed companies and investors. Since 2018, the enthusiasm of listed companies to carry out
share buybacks has been rising, and their motives have become more and more diversified.
Therefore, the study of share repurchase is not only beneficial to listed companies and
ordinary investors, but also to the secondary market and regulators. The company has more
diversified and market-oriented choices in maintaining enterprise value, protecting
shareholders' interests and improving investors' confidence.
This paper selects BOE as a case, mainly from two aspects of motivation and effect
analysis. In terms of motivation, this paper firstly discusses the whole process of BOE's share
repurchase and makes a comprehensive analysis based on BOE's own financial statement data.
Secondly, the effect of buyback is analyzed. In terms of market effect, the excess cumulative
return on announcement date is analyzed by event study method. In terms of financial effect,
the financial index method is used for comparative analysis, and the conclusion of the
influence of buyback on the company's finance is drawn. In terms of enterprise value effect,
DCF model is used to predict boe's enterprise value without stock repurchase, and DDM
model is used to analyze boe's differences between stock repurchase and cash dividend under
the same conditions. Finally come to the conclusion that the boe real reason of stock
repurchase conforms to the announcement. In addition, the positive effect of financial effect
and market effect is less than the negative effect, but it can improve the enterprise value. This
paper makes a comprehensive analysis of stock repurchase motivation, financial effect,
market announcement effect and enterprise value, and pays more attention to the
comprehensiveness of the analysis.
Through the research, it is found that the main motivation of BOE stock buyback is
equity incentive plan. In addition, BOE also has the possibility to improve earnings per share
and adjust financial leverage motivation. Through the analysis of financial effects after
buyback, there are both positive and negative financial effects. Effects of market analysis,
short-term market effect is positive, long-term market effect is positive; In addition, it is
concluded that the influence of share repurchase on BOE's enterprise value is positive. Finally,
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