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相较于西方发达国家，我国的经济发展较为缓慢，导致我国证券市场的形成相对比较晚，股票回购在证券市场上的运用更加晚。而早期的股票回购受到国家政策法规的影响，困难重重，能够真正实施回购的企业寥寥无几。伴随着我国证券市场的不断完善、规章制度逐渐健全，越来越多的企业开始在资本市场上进行资本运作（调度）。股票回购作为成熟资本市场的一种运作工具，在解决股权分置问题的大背景下，不但能改善企业的股权结构和股利分配政策，还能成以一种市值管理的手段，刺激股价，带动整体价值提升。同时在企业预防不正当收购方面也具有一定的作用，所以对股票回购的研究是十分有必要的。随着证券市场的分化进一步加剧，定价功能的进一步提高，由于股票回购能够稳定股价，向外界传递出企业良好的信息，有助于经营风险的缓释。因此，研究股票回购的回购动因和绩效对上市公司具有重要的意义。永辉超市经历了将近二十年的发展，业务布局到全国各地，目前处于商品百货行业的前列，是一家有着独特生态系统的成功企业。2017年永辉超市发布了股票回购公告，相比于同年上市公司进行股票回购的企业来说，其回购金额数目较大、回购数量也较多。因此，针对永辉超市进行股票回购行为进行研究，对商业百货类企业在资本市场中实现积极发展具有一定的现实意义。对此，本文采用案例研究的方法，运用事件研究法、财务指标分析法、EVA、和非财务绩效分析法对股票回购的动因及绩效的进行探究。在对相关文献和理论进行梳理后，以永辉超市这一公司股票回购的案例进行单独深入的分析，重点在对永辉超市股票回购的动因以及股票回购对公司产生的绩效进行了探讨，从相关的财务指标和数据中发掘出企业回购的动因及绩效，希望对我国上市公司进行股票回购的提供指导作用。本文最主要的结论是股票回购对企业的发展具有推动作用。希望通过上述研究能够促进对股票回购的正确认识与理解，从而为我国上市公司利用股票回购更好地推动企业发展提供借鉴作用。

Compared with western developed countries, my country's economic development is relatively slow, leading to the relatively late formation of my country's securities market, and the use of stock repurchase in the securities market even later. However, the early stock repurchase was affected by national policies and regulations, and there were many difficulties. Few companies could actually implement the repurchase. With the continuous improvement of my country's securities market and the gradual improvement of rules and regulations, more and more companies have begun to conduct capital operations (dispatch) in the capital market. As an operating tool of the mature capital market, stock repurchase can not only improve the company’s shareholding structure and dividend distribution policy under the general background of solving the problem of equity splitting, but also become a means of market value management to stimulate stock prices and drive Overall value enhancement. At the same time, it also plays a role in preventing improper acquisition of enterprises, so the research on stock repurchase is very necessary. With the further intensification of the differentiation of the securities market and the further improvement of pricing functions, stock repurchases can stabilize stock prices and deliver good corporate information to the outside world, which is helpful to the mitigation of business risks. Therefore, studying the repurchase motivation and performance of stock repurchase is of great significance to listed companies.Yonghui Supermarket has experienced nearly two decades of development, with business spread across the country, and is currently at the forefront of the merchandise department store industry. It is a successful company with a unique ecosystem. In 2017, Yonghui Supermarket issued a share repurchase announcement. Compared with companies that were listed on stock repurchases in the same year, the amount of repurchase was larger and the number of repurchases was also larger. Therefore, research on Yonghui Supermarket’s stock repurchase behavior has certain practical significance for the active development of commercial department store enterprises in the capital market.In this regard, this article adopts the method of case study, using event research method, financial indicator analysis method, EVA, and non-financial performance analysis method to explore the motivation and performance of stock repurchase. After sorting out the relevant literature and theories, a separate and in-depth analysis is carried out on the case of Yonghui Supermarket’s stock repurchase, focusing on the motivation of Yonghui Supermarket’s stock repurchase and the performance of the stock repurchase on the company. Discuss, discover the motivation and performance of corporate repurchase from relevant financial indicators and data, hoping to provide guidance for listed companies in my country to carry out stock repurchase. The main conclusion of this article is that stock repurchase can promote the development of enterprises. It is hoped that the above-mentioned research can promote the correct understanding and understanding of stock repurchase, so as to provide a reference for Chinese listed companies to use stock repurchase to better promote the development of enterprises.