Corporate Stock Repurchases : Its Theoretical, Empirical and Legal Research

在这项研究中，我们在机构、法律和个人公司的不同情况下回顾了股票回购的理论基础。在股东和管理层之间没有信息不对称的情况下，在没有差别税率和交易成本的情况下，股息和回购股份是等价的。我们在不同的模型分析中阐明了这一点。然而，实证调查的结果表明，资本利得和股息的税率差异影响了股票回购需求。这一点从股东对荷兰式拍卖回购的态度，或供应曲线向上倾斜的一个特征中可见一斑。这表明，尽管在模型分析中存在同质劣势，但股东的异质性。我们还考察了股票回购和员工持股计划之间的互动关系。研究发现，股票回购和员工持股计划同时决定了公司的财务重组策略。研究内容：1.介绍--美国公司财务公司股票回购的增长趋势。荷兰股票回购拍卖在美国的扩展荷兰拍卖回购中向上倾斜的供应曲线及其对融资理论的影响4。三种股票回购形式的比较研究5.美国上市公司员工持股制度的扩展及其启示美国上市公司员工所有权的大规模出现及其对公司财务的影响7。日本股票回购的模型分析及近期实践

In this study, we review the rationale for stock repurchases in the context of verious situation of institutional, legal and individual firms. In the absence of informational asymmetries between stockho lders and management, and in the absence of differential tax rates and transactions costs, dividends and repurchasings shares are equivalent. We clarify this in various model analysises.However, the results of the empirical investigations suggest that the differences in the rates at which capital gains and dividends are taxd influence demand for stock repurchases. This is clear in shareholders 'attitudes for Dutch Auction repurchases or in a feature of the up-ward-sloping supply curve. This suggests the heterogeneous nature of shareholders in spite of the homogeneous hyposesis in the model analyzes.We also investigate the interaction between the stock repurchases and the Employee Stock Ownership Plan (ESOP). The investigation suggests that the stock repurchases and ESOP determine simultaneously the financial restructuring strategey of the firms.Contents :1. Introduction-Increasing Tendency of the Stock Repurchases in American Corporation Finance.2. Expanding of Dutch Auctions for Stock Repurchases in U.S.A.3. The Upward-Sloping Supply Curves in Dutch Auction Repurchases and--Its Implications for Theory of Finance4. A Comparative Study of Three Forms of Stock Repurchases5. The Expansion of the ESOPs in U.S.A.Public Companies and Its Implications6. The Mass Emergence of Employee Ownership in U.S.Public Companies and Its Implications for Corporate Finance7. Model Analysis and Recent Practices of The Stock Repurchases in Japan