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股份回购源于美国，发展于整个西方资本市场。而在国内，政策限制、股票市场发展机制不成熟等使其发展缓慢。股价的起伏波动是资本市场对企业未来发展预期的反应，大幅度的下跌可能会引起市值蒸发、投资者信心受挫、甚至退市等一系列负面结果。近些年，国内股市接连发生了千股跌停的现象，为鼓励上市公司积极自救，证监会等相关部门分别于2015年8月和2018年11月联合发布了股份回购相关政策。在政策的支持与鼓励下，符合回购条件的上市公司开始制定回购计划并逐步实施。理论研究与实践总是相辅相成、相互促进，在国内回购案例逐渐增多的同时，学术界以实践案例为分析样本不断探究企业实施回购的动机和效应，体系化、成熟的理论进一步推动国内股份回购的发展。

本文将美的集团作为案例分析对象，在梳理股份回购的背景和相关概念的基础上，对其两次股份回购的动因和财务效应做了重点研究。首先，文章对股份回购研究背景、意义及国内外学者的研究成果做了简单介绍，并对股份回购概念及以信号假说为主的代表性理论进行阐述，为后文分析奠定理论基础。然后，结合美的集团内外部环境对其真正回购动因进行分析，在此基础上使用因子分析法和事件研究法探究了回购带来的财务效应。最后以分析过程为基础得出结论，并提出相关建议。

通过对比分析归纳研究结论：第一，以自有资金进行大额股份回购会带来现金支付压力；第二，股份回购在提升股价方面，短期来说确实有效，但公司股价的长期走向受制于大盘影响；第三，股份回购在实施过程中存在信息被提前泄露的现象。本文意欲通过上述研究来增强投资者和上市公司对股份回购的进一步认识与理解，为有意实施股份回购的其他上市公司提供些许借鉴。

The origin of share repurchase is the USA, and grew up from the whole western capital market.However, the policy constraints and the tender operation process of the securities circulation marketplace are the cause of growth leisurely. The ups and downs of stock prices are the response of the long term funds market to the company's future progress prospects. A sharp drop may cause a series of negative results such as the evaporation of market value, the frustration of investor confidence, and even the delisting of the market.In recent years, the phenomenon of one thousand shares falling to the limit has occurred in the domestic stock market one after another. In order to encourage listed companies to actively save themselves, the CSRC and other relevant departments jointly issued share repurchase policies in August 2015 and November 2018 respectively. The laws and regulations heartens quoted company that meet the repurchase requirements begin to formulate repurchase plans and gradually implement them. A cademic research and practice are always mutually beneficial. With the increase in volume of intestine buyback cases, the academic circles continue to explore the motivation and effect of corporate buyback with practical cases as the analysis sample, and the systematic and mature theories further promote the development of domestic share buyback.

The paper put more emphasis on reasons for share counterpurchase and financial impacts about the Midea Group,which builds on the backdrop and relevant theoretical basis of share repurchase. First,this document briefly outlines the research context and significance of the repurchase of stocks and research results for local and international academics,and describes the concept and theoretical representation of the stock market,which lays the foundation for subsequent analysis. Thereafter,combined with the interior and exterior surroundings of the Midea Group,it analyzes its actual reasons for share counterpurchase.On this basis ,it uses factor analysis method and event research method to obtain repurchase financial results. Finally, according to the analysis process, I draw conclusions and make appropriate recommendations .is

Through comparison and analysis, this paper concludes that: first, the purchase of large shares in private funds will brings pressure to pay off; second, share repurchase is indeed effective in promoting share price in a short time, but the long-term direction of the company's stock price is under the influence of the broader market; third, information is leaked in advance in the implementation process of share repurchase.This paper aims to use the above research to enhance investors and public companies' further know and understanding of share repurchase, and to provide some reference to other public companies that intend to use share repurchase.