【作者】 张斌；

【导师】 肖万；

【作者基本信息】 华南理工大学 ， 会计硕士（专业学位）， 2022， 硕士

【摘要】 股票回购是指上市公司从股票市场回购本公司发行在外的股票的行为。股票回购起源于美国,经过近半个世纪的发展,在西方发达资本市场已经发展成为一种成熟的资本运作手段。股票回购在优化资本结构、稳定公司控股权、提升公司价值,回报投资者等方面具有重要作用。在我国早期受制于政策不完善等因素,股票回购发展较为缓慢。2018年《公司法》修改之后,增加回购情形,简化回购程序,同时建立了库存股制度。本次新增回购情形之一“将股份用于转换上市公司发行的可转换为股票的公司债券”,也是首次在制度层面将股票回购与可转债再融资行为相结合,深受上市公司亲睐,引来一波回购热潮。众兴菌业在2019年5月发布股票回购预案,回购情形正是将回购股票用于可转债转股,所以本文选取众兴菌业股票回购案例为研究对象具有一定的典型性。首先,对众兴菌业股票回购的动因进行了分析,回购主要动因是传递股价低估信号,维护公司市值。进一步还发现了利用闲置资金,提高资金利用效率和利用股票回购的市场效应提升股价来降低控股股东股权质押风险等动因。其次,对众兴菌业回购方案进行分析,验证了回购方案与回购目的相匹配。再次,通过事件研究法发现,股票回购宣告效应产生了正的超额收益,股价在一定程度上得到了提升和修正。最后,重点研究了股票回购对可转债转股的影响,股票回购用于可转债转股存在由于投资者转股不确定,是否触发强赎不确定等因素导致可转债转股失败风险需要规避;同时,股票回购如果实施得当,对上市公司具有“一箭多雕”的效果,股票回购既可以能提升股价,又可能利用股票回购的宣告效应促使可转债转股,从而减轻公司的偿债压力,还有利于维护原控股股东的控股权。通过对本案例的分析,建议上市公司在实施股票回购用于可转债转股时,需要通过选择合适的股票回购时机以及把握合适的可转债发行及下修时机,最大程度上规避转股失败的风险。投资者应在追求短线投资机会的同时,甄别上市公司股份回购的真实动因,避免遭受损失。监管层应加强对上市公司股票回购行为的监管,保护中小投资者的利益;同时,应完善股票回购制度降低制度风险,为股票回购用于可转债转股创造条件。更多还原

【Abstract】 Stock repurchase refers to the behavior that a listed company repurchases its issued shares from the stock market.Stock repurchase originated in the United States.After nearly half a century of development,it has developed into a mature means of capital operation in the western developed capital market.Stock repurchase plays an important role in optimizing capital structure,stabilizing corporate control,enhancing corporate value and returning investors.In the early stage of China,due to imperfect policies and other reasons,the development of stock repurchase was relatively slow.After the amendment of the company law in 2018,the repurchase situation was increased,the repurchase procedure was simplified,and the treasury stock system was established.One of the new repurchase situations "using shares to convert convertible corporate bonds issued by listed companies" is also the first time to combine stock repurchase and convertible bond refinancing at the institutional level,which is deeply favored by listed companies and leads to a wave of repurchase boom.Zhongxing bio-technology released the stock repurchase plan in May 2019.The repurchase situation is that the repurchased shares are used to convert convertible bonds into shares.Therefore,this paper selects the stock repurchase case of Zhongxing bio-technology as the research object,which has a certain typicality.Firstly,it analyzes the motivation of stock repurchase of Zhongxing bio-technology.The main motivation of stock repurchase is to transmit the signal of undervaluation of stock price and maintain the market value of the company.Further,it also found that the use of idle funds to improve the efficiency of fund utilization and the use of the market effect of stock repurchase to increase the stock price to reduce the risk of equity pledge of controlling shareholders.Secondly,it analyzes the repurchase plan of Zhongxing bio-technology,and proves that the repurchase plan matches the repurchase purpose.Thirdly,through the event study method,it is found that the announcement effect of stock repurchase has produced positive excess return,and the stock price has been improved and corrected to a certain extent.Finally,it focuses on the impact of stock repurchase on convertible bond to equity conversion.The risk of failure of convertible bond to equity conversion needs to be avoided due to the uncertainty of investors’ conversion and whether to trigger forced redemption;At the same time,if the share repurchase is implemented properly,it will have the effect of "killing more with one arrow" for listed companies.Share repurchase can not only improve the stock price,but also use the announcement effect of share repurchase to promote the conversion of convertible bonds into shares,so as to reduce the debt repayment pressure of the company and maintain the controlling right of the original controlling shareholders.Through the analysis of this case,it is suggested that when implementing stock repurchase for convertible bond to share conversion,listed companies need to avoid the risk of share conversion failure to the greatest extent by selecting the appropriate time of share repurchase and grasping the appropriate time of convertible bond issuance and downward revision.While pursuing short-term investment opportunities,investors should identify the real motivation of share repurchase of listed companies to avoid losses.Regulators should strengthen the supervision of stock repurchase of listed companies to protect the interests of central investors;At the same time,we should improve the stock repurchase system,reduce institutional risks and create conditions for stock repurchase to be used for convertible bonds to shares.更多还原