Corporate Stock Repurchases : Its Theoretical, Empirical and Legal Research

公司股票回购：理论、实证和法律研究

基本信息

批准号：
05630080
负责人：
ICHIMURA Shozo
金额：
$ 0.83万
依托单位：
Fukuoka University
依托单位国家：
日本
项目类别：
Grant-in-Aid for General Scientific Research (C)
财政年份：
1993
资助国家：
日本
起止时间：
1993 至 1995
项目状态：
已结题

项目摘要

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

在本研究中，我们在机构、法律和个体公司的各种情况下回顾了股票回购的理由。在股东和管理层之间不存在信息不对称、不存在差别税率和交易成本的情况下，股息和回购股票是等价的。我们在各种模型分析中阐明了这一点。然而，实证调查的结果表明，资本利得和股息税率的差异会影响股票回购的需求。这在股东对荷兰式拍卖回购的态度或向上倾斜的供给曲线的特征中表现得很明显。这表明尽管模型分析中存在同质假设，但股东的异质性。我们还研究了股票回购与员工持股计划（ESOP）之间的相互作用。研究表明，股票回购和员工持股计划同时决定了企业的财务重组策略。内容： 1．引言——美国公司金融中股票回购的增长趋势2．扩大美国股票回购的荷兰式拍卖3。荷兰式拍卖回购中向上倾斜的供给曲线及其对金融理论的启示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计划的扩张及其启示6．美国上市公司员工持股的大量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