我国资本市场中股份回购的政策与实践分析  

Policy and practice analysis of share repurchase in China′s capital market

作　　者：张迪[1] ZHANG Di(China Shenhua Energy Company Limited,Beijing 100011,China)

机构地区：[1]中国神华能源股份有限公司,北京100011

出　　处：《煤炭经济研究》2025年第3期173-180,共8页Coal Economic Research

摘　　要：股份回购是资本市场的一项基础性制度安排。上市公司通过股份回购不仅能够向市场传递出公司对未来发展的信心,从而有利于提升股价,稳定投资者预期,也能够进一步促进我国资本市场的平稳健康发展。梳理了股份回购的政策发展,介绍了股份回购的通常动机,阐述了股份回购的政策优化,分析了股份回购的市场实践。实践表明,股份回购政策的积极引导,使上市公司的股份回购活跃度有极大提升。同时,提示了股份回购需关注的问题,上市公司进行股份回购应依法合规,符合监管要求。上市公司要担起高质量发展的主体责任,强主业、谋创新、重回报。Share repurchase is a fundamental institutional arrangement in the capital market.Through share repurchases,listed companies can not only convey their confidence in future development to the market,which is conducive to increasing stock prices and stabilizing investor expectations,but also further promote the stable and healthy development of China′s capital market.This article reviews the policy development of share repurchases,introduces the common motivations for share repurchases,elaborates on the policy optimization of share repurchases,and analyzes the market practices of share repurchases.Market practice has shown that the active guidance of share repurchase policies has greatly increased the activity of share repurchases in listed companies.At the same time,this article highlights the issues that need to be paid attention to in share repurchases,and proposes that listed companies should comply with the law and regulatory requirements when conducting share repurchases.This article suggests that listed companies should take on the main responsibility for high-quality development,strengthen their main business,seek innovation,and value returns.

关 键 词：股份回购 资本市场 政策优化 依法合规 高质量发展 

分 类 号：F275[经济管理—企业管理]