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股份回购是资本市场中上市公司常用来进行资本运作的工具，相比较于发展较为成熟的西方发达国家，在我国国内，因受限于政策制度限制和资本市场运行机制不成熟等，股份回购发展相对缓慢。新《公司法》的修订完善中放宽对上市公司回购股份的条件，主要包括从回购股份的目的、计划预案审批与实施过程、回购之后的用途、库存股持有等，给予上市公司更多的便利性和灵活性，从而引发国内资本市场上新一轮回购热潮的到来。同时，由于近几年宏观环境大趋势的影响，国内股市大幅下跌，上市公司纷纷实施股份回购进行自救。在政策的鼓励支持下与现实股价低迷的困境下，符合申请股份回购的上市公司开始制定回购股份的计划并逐步实施。

目前，已有股份回购相关研究多为大样本共性研究，本文选取华海药业作为研究对象，结合华海药业股份回购的行为，综合分析回购行为对公司价值的影响。在梳理相关文献理论和概念的基础上，本文使用事件研究法、托宾Q值分析法、和财务指标分析法对华海药业股份回购的价值效应做了重点研究分析。通过研究分析后可以发现，华海药业实施股份回购后并没有很好的提升公司价值：一是股份回购的短期市值信号传递有限；二是回购股份的长期市场价值效果不显著；三是回购负面影响公司财务业绩等。本文在对这些效应影响进行深入分析后，提出以下几点建议：延长回购期并分阶段实施回购；多元化股份回购的资金来源；加强上市公司对股份回购的认识；强化资本市场信息披露，进一步加大市场监管力度。

通过上述研究分析，本文发现股份回购并不必然会维稳股价和提升公司价值，
这也能为那些意欲申请进行股份回购的上市公司提供一些参考和借鉴。上市公司有意回购股份时，应该综合考量公司自身实际发展状况，选择合适的回购时机与适合的方式和资金来源，提高股份回购的效率；同时，上市公司和广大投资者也应强化对股份回购行为的理解与认识。

As a common tool, share repurchase is used by quoted companies in the capital market to carry out capital operation. In the western developed countries, the development of share repurchase is relatively mature. However, because of the restriction of the policy system and the immature operation mechanism of the capital market, the development of share repurchase is relatively slow in China. In the revision and improvement of the new Company Law, the conditions for share repurchase of public companies are relaxed, giving listed companies more convenience and flexibility in terms of repurchase purpose, repurchase approval and implementation process, repurchase purpose, treasury stock holding and other aspects, thus triggering a new round of buyback boom in the domestic capital market. In the meanwhile, due to the influence of macro environment trend , the domestic stock market has fallen sharply and quoted companies have implemented share repurchase to save themselves in recent years . Under the encouragement and support of the policy and the predicament of the real low stock price, the listed companies qualified to apply for share repurchase began to formulate the plan of share repurchase and gradually implement it.

And most of the existing studies on share repurchase are large sample generic studies. This paper selects Huahai Pharmaceutical as the research object and combines the behavior of share repurchase of Huahai Pharmaceutical to comprehensively analyze the influence of repurchase behavior on corporate value. On the basis of combing relevant literature theories and concepts, this paper uses event study method, Tobin's Q value analysis method, and financial index analysis method to do a focus on the value effect of Huahai Pharmaceutical share repurchase. Through research and analysis, it can be found that Huahai Pharmaceutical did not improve the company value well after repurchasing shares: first of all, the short-term market value signal transmission of share repurchase is limited; in the second place, the effect of long-term market value of repurchased shares is not significant; furthermore, buyback negatively affects the company's financial performance. After in-depth analysis of these effects, this paper puts forward the following suggestions: extend the buyback period and implement buyback in stages; diversified sources of share repurchase funds; strengthen the listed companies' understanding of share repurchase; we will strengthen information disclosure in the capital market and further strengthen market supervision.

Through above research and analysis, this paper finds that share repurchase does not necessarily maintain stock price stability and enhance corporate value.This can provide some reference for other listed companies that want to implement share repurchase. When the listed company intends to repurchase shares, it should comprehensively consider the actual development situation of the company, choose the appropriate time and way of repurchase as well as the source of funds to improve the share repurchase’s efficiency. In the meantime, the quoted companies and investors should also strengthen the understanding of share repurchase behavior.