股份回购是指上市公司为达到某种目的而收购本企业发行在外的流通股的一种行 为，它最早出现是在西方国家作为现金分红的替代。现如今，股份回购的作用越来越多 样化。股份回购通常被上市公司利用来向市场传递对企业有利的信息，继而提升公司股 价。回购本公司股票最直接的效果就是减少股本，因此也可以改善企业的资本结构，维 护企业在资产市场中的良好形象。除此之外，股份回购还可以起到激励员工和防止恶意 收购等方面的积极作用。2018年我国股市再次陷入低迷，这促使大规模的公司为了提 升公司股价而发起股份回购，掀起了一阵“回购潮”。随着上市公司回购数量的增加， 2018年10月我国对于《公司法》进行了再次修订，针对上市公司的回购条件也做出了 相应的修改，减少了对股份回购的限制，同时也简化了股份回购的决策程序。 本文将以均胜电子2018年回购事件作为研究对象，以回购动机以及动机实现效果 验证为切入点，对均胜电子的此次回购做了细致的剖析。在回购动因方面，本文发现均 胜电子的企业价值并没有被低估，企业价值被低估不是其股份回购的动机，且回购后公 司股价并未有明显的改善。另外，均胜电子还存在回购预案公告以外的回购动因，其背 后还潜藏着提高企业资金使用效率的回购动机。在回购动机效果验证方面，本文研究后 发现，股份回购对于企业盈利能力提升方面效果不明显，企业想通过回购来提升盈利能 力可行性较低。同时，股份回购可以作为现金分红的替代，不但有利于缓解企业的分红 压力，而且也增加了企业财务的灵活性。在资金使用方面，回购的确可以增强企业的资 金使用效率，但是同时大规模的回购加大了企业的经营风险。损害了债权人的权益。 最后，本文总结了案例研究的结论，并且从公司、投资者和监管机构三个角度提出 了相应的建议，希望可以给计划进行股份回购的上市公司一些启示。一是上市公司应该 对股份回购树立正确的认识，上市公司未必能够充分实现预期的回购目的，而且股份回 购在带来正向效果的同时也会增加企业的财务负担。二是中小投资者应该加强防范意 识，减少投资风险，切记盲目跟风投资。三是监管部门应完善回购制度，加强企业股份 II 回购相关信息的披露和监管，使股份回购能充分发挥积极的作用。 关键词：均胜电子；股份回购；回购动机；效果 III THE STUDY ON MOTIVATIONS AND ITS EFFECT FOR SHARE REPURCHASE OF JOYSON ELECTRONICS ABSTRACT The first appearance of share repurchase is an alternative pathway to cash dividends in western countries, which refers to the behavior of a listed company to repurchase its outstanding stocks. Nowadays, the role of share buybacks is growing. Listed companies often use share buybacks to deliver favorable information to increase the company's share price. Then, the share capital could be reduced, which can improve the capital structure of the enterprise, and maintain a positive effect of the listed company in the asset market. In addition, it could play a positive role in motivating employees and preventing hostile takeovers. In 2018, stock market fell into a downturn again in China, which prompting numerous companies to boost their share prices via share repurchase. The new company law also revised the relevant system of share buybacks because of the sharp increase in number of buybacks in October 2018. It means that the conditions for buybacks are relaxed and the decision-making processes are simplified. Here, we analyze the repurchase event of Joyson Electronics in 2018, the Ningbo Joyson Electronic Corporation. The repurchase motivations and its effects on verifying realization are analyzed. Then, we make a detailed analysis of this repurchase of Joyson Electronics. In terms of the buyback motivations, we found that the enterprise value of Joyson Electronics did not be undervalued, which means that undervalued enterprise value could not lead to share buyback. Also, the company's stock price does not improve significantly after the buyback. In addition, there are other reasons for the repurchase in Joyson Electronics besides the announcement of repurchase plan, behind which lies the purpose of improving the efficiency of capital use. In terms of the effect verification of repurchase motivation, we found that share repurchase can improve the profitability of enterprises, but it is not obvious, IV and the feasibility of corporate to improve its profitability through repurchase is low. Meanwhile, share repurchase can be used as the replacement of cash dividend, which relieves the pressure of dividends and increases the financial flexibility of enterprises. Share repurchase could enhance the efficiency of using capital, while the large-scale repurchase could increase the enterprise business risk. Thus, the benefits of creditors would be reduced. Finally, we submit proposals for companies, investors and regulators via this case study, and hope to give some enlightenment to the listed companies that plan to carry out share buyback Listed companies should understand well that share repurchase could not only bring positive effects but also increase the financial burden of enterprises. Small investors should also improve the awareness of prevention, and can't blindly follow. Regulatory authorities should improve and update the repurchase system, strengthen the disclosure and supervision of related information. KEY WORDS: Joyson Electronics; Share Repurchase; Repurchase Motivation; Effect 目录 摘要 ..................................................................... I ABSTRACT ................................................................ III 第一章 绪论 ............................................................... 1 1.1研究背景和意义 ..................................................... 1 1.1.1 研究背景 ..................................................... 1 1.1.2 研究意义 ..................................................... 3 1.2文献综述 ........................................................... 4 1.2.1股份回购动机文献综述 ......................................... 4 1.2.2股份回购效果文献综述 ......................................... 9 1.2.3文献综评 .................................................... 11 1.3研究思路、内容与方法 .............................................. 12 1.3.1 研究思路与内容 .............................................. 12 1.3.2研究方法 .................................................... 15 1.4 研究的特色与不足 ................................................. 15 1.4.1研究的特色 .................................................. 15 1.4.2研究的不足 .................................................. 15 第二章 股份回购的相关概念与理论 .......................................... 17 2.1股份回购的概念、条件与方式 ........................................ 17 2.1.1股份回购的概念界定 .......................................... 17 2.1.2 股份回购的条件 .............................................. 17 2.1.3 股份回购的方式 .............................................. 18 2.2 股份回购相关理论 ................................................. 19 2.2.1 信号传递假说 ................................................ 19 2.2.2 每股收益假说 ................................................ 20 2.2.3财务灵活性假说 .............................................. 20 2.2.4 股利避税假说 ................................................ 20 2.2.5 自由现金流假说 .............................................. 21 第三章 均胜电子股份回购案例介绍 .......................................... 22 3.1 均胜电子公司介绍 ................................................. 22 3.1.1公司基本情况 ................................................ 22 3.1.2公司股东、股本情况 .......................................... 22 3.2 均胜电子股份回购前财务状况 ....................................... 25 3.2.1资产负债状况 ................................................ 25 3.2.2经营成果与现金流状况 ........................................ 26 3.3 均胜电子股份回购进程 ............................................. 27 3.3.1 股份回购方案 ................................................ 27 3.3.2 股份回购过程 ................................................ 28 第四章 均胜电子股份回购动机分析 .......................................... 30 4.1企业价值被低估，意欲提升企业价值 .................................. 30 4.2 增强投资者信心，提高企业盈利能力 ................................. 33 4.3替代现金分红 ...................................................... 34 4.4提高资金使用效率 ..........