股票回购（Share Repurchase）是什么？中英双语介绍

股票回购

中文版

股票回购是指一家金融公司使用其现金储备从公开市场上回购自身股票的行为。这一操作通常有以下几个原因：

1. 提升股价：当公司认为其股票被市场低估时，通过减少市场上的流通股数量，可以提升每股的市场价值。
2. 优化资本结构：通过减少股本，增加每股收益（EPS），从而改善公司的财务指标。
3. 增强投资者信心：股票回购向市场传递出公司有足够的现金流和未来盈利预期乐观的信息，增强投资者的信心。

当公司进行股票回购时，市场上的总流通股数量会减少，这意味着现有股东持有的每一股股票在公司中的权益比例增加。具体来说，假设原本市场上有100股流通股，而你持有其中的10股，那么你持有的股份占比为10%。如果公司回购了10股，市场上流通股变为90股，你的持股比例将变为10/90，即约11.11%。

因此，股票回购后，投资者的股份占比通常会扩大。

英文版

A stock buyback, or share repurchase, occurs when a financial company uses its cash reserves to buy back its own shares from the open market. There are several reasons a company might choose to do this:

1. Boosting Share Price: If a company believes its stock is undervalued, reducing the number of shares available in the market can increase the stock’s market value.
2. Optimizing Capital Structure: By reducing the number of outstanding shares, the earnings per share (EPS) increase, improving the company’s financial metrics.
3. Enhancing Investor Confidence: A stock buyback signals to the market that the company has sufficient cash flow and a positive outlook for future profitability, boosting investor confidence.

When a company conducts a stock buyback, the total number of outstanding shares in the market decreases. This means that each existing shareholder’s percentage of ownership in the company increases. For example, if there were originally 100 shares in the market and you owned 10 shares, you held a 10% stake in the company. If the company buys back 10 shares, reducing the total number of shares to 90, your ownership percentage increases to approximately 11.11% (10/90).

Therefore, after a stock buyback, an investor’s share of ownership in the company generally increases.

具体回购注销股票流程

中文版

股票回购的机制如下：

1. 公司决定回购股票：公司的董事会首先会批准一项股票回购计划，决定回购的股票数量和预算。

2. 回购途径：公司可以通过公开市场回购或通过要约回购来进行股票回购。

   • 公开市场回购：公司在股票市场上直接购买其股票，类似于普通投资者买卖股票。
   • 要约回购：公司向股东发出要约，表示愿意以特定价格回购一定数量的股票，股东可以选择是否参与。

3. 支付回购资金：公司使用其现金储备来支付购买股票的资金。

4. 股票注销：回购的股票通常会被注销，即从市场上消失，减少公司的流通股数量。这会提升剩余股票的每股收益（EPS），并可能提高股票的市场价值。

关于花的钱给谁：

• 如果公司在公开市场上回购股票，花的钱就直接支付给卖出股票的市场投资者。
• 如果是通过要约回购，公司支付的资金则会给那些接受要约、卖出股票的股东。

通过回购股票，公司的流通股数量减少，现有股东的持股比例会相对增加，从而增加每股收益，并可能对股票价格产生积极影响。

英文版

The mechanism of a stock buyback is as follows:

1. Company decides to buy back shares: The company’s board of directors first approves a stock buyback plan, deciding on the number of shares to be repurchased and the budget for the buyback.

2. Methods of buyback: The company can repurchase shares through open market buybacks or tender offers.

   • Open market buybacks: The company directly purchases its shares on the stock market, similar to how ordinary investors buy and sell stocks.
   • Tender offers: The company makes an offer to shareholders, expressing its willingness to buy back a certain number of shares at a specific price, and shareholders can choose whether to participate.

3. Payment for buybacks: The company uses its cash reserves to pay for the shares it buys back.

4. Share cancellation: The repurchased shares are usually canceled, meaning they disappear from the market and reduce the company’s outstanding shares. This can increase the earnings per share (EPS) for the remaining shares and potentially boost the stock’s market value.

Regarding who receives the money:

• If the company repurchases shares on the open market, the money is directly paid to the market investors who sell their shares.
• If the buyback is done through a tender offer, the funds are paid to the shareholders who accept the offer and sell their shares back to the company.

By repurchasing shares, the company reduces the number of outstanding shares, which increases the ownership proportion of existing shareholders, thereby boosting earnings per share and potentially having a positive impact on the stock price.

后记

2024年6月29日13点09分于上海。基于GPT4o大模型生成。