股票回购:公共治理目标下的利益输送——我国证券市场股票回购案例的分析

本文根据我国证券市场1994~2000年发生的陆家嘴等5起股票回购案例,结合我国的制度背景,对上市公司股票回购动因进行了分析。本文的分析显示,国外关于股票回购假说无法对上述5起回购案例的动因做出合理解释。进一步研究的结论是,上述5起国有股回购的成功实施,其主要动因在于满足地方政府实现地区经济发展等公共治理目标的功能诉求,是上市公司向国有股控股大股东的利益输送。

The Buyback of Shares:Transferring Benefit when the Goal for Public Control is Achieved—a Case Study on the Counter Purchase of Shares on China's Securities Markets

Based on the five cases of the share buyback that cropped up in 1994 to 2000 on one of China's securities markets that was situated in Lujiazui, and combining these cases with the then system conditions in China, we have analyzed the causes for the buyback of shares of listed companies. Our analysis demonstrates that the foreign hypothesis about share buyback cannot reasonably account for the five cases mentioned above. Our finding: the main origin of the successful execution of the above-mentioned five buybacks of the state-owned shares is that supplying the functional requirement for the realization of the local governments' hitting the targets of public controls such as the regional economic growth is for listed companies to transfer interest to the main holders of shares controlled by the state-owned shares.