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《股票回购、公司绩效与EVA》《应用公司理财杂志》(Journal of Applied Corporate Finance)2001年春季刊刊登了Ben- ton E．Gup与Doowoo Nam合作的一篇题为“股票回购、公司绩效与EVA”的论文。作者指出,大多数关于公司股票回购的研究都集中于公司发布股票回购声明对于其股价表现的影响,以及对于公司实施股票回购计划的动机的影响。而作者的研究重点则在于实际股票回购行为对于公司绩效的影响,他们提出了股票回购是否与经济价值或EVA的增加具有相关关系的问题。通过研究发现,一般来说,进行股票回购的公司的经营绩效都优于不进行股票回购的公司,而且在实施回购的第二年,公司绩效将会得到显著改善。
“Share Repurchase, Corporate Performance and EVA” Ben-ton E., Spring 2001, Journal of Applied Corporate Finance. An article by Gup and Doowoo Nam titled “Stock Repurchase, Corporate Performance and EVA”. The authors point out that most of the research on corporate stock repo focused on the impact of a company’s announcement of a share buyback on its share price performance and on the motivation of the company to implement a stock buyback plan. The author’s research focuses on the impact of actual stock repurchase on corporate performance, and they put forward whether the issue of repurchase is related to the economic value or the increase of EVA. The study found that, in general, companies that perform share repurchases have better operating performance than those that do not, and in the second year of implementing the repurchase, corporate performance will be significantly improved.