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企业管理当局通常将股票回购当作现金股利的一种替代。主要出于如下动机 :股息避税 ,改善资本结构 ,传递公司信息 ,防御外来收购 ,等等。我国上市公司股本结构具有一定的特殊性 ,因而股票回购的动机与西方国家相比存在明显的差异。就我国目前的法律框架和政策环境下 ,实施股票回购仍然存在许多的问题和障碍 ,一是来自法律、法规滞后方面的障碍 ;二是如何保障广大中小股东的合法权益问题。
Corporate management usually treats stock repurchases as an alternative to cash dividends. Mainly for the following motives: Dividend tax avoidance, improving capital structure, delivering corporate information, defending foreign acquisitions, and more. The structure of the capital structure of listed companies in our country has some particularity, so the motivation of the stock repurchase has obvious differences compared with the western countries. Under the current legal framework and policy environment in our country, there are still many problems and obstacles in the implementation of the stock repurchase. One is that the laws and regulations lag behind the obstacles and the other is how to protect the legitimate rights and interests of the majority of small and medium-sized shareholders.