一、股票回购的趋势股票回购在近年来越来越受到全球的关注。Grullon和Michaely(2004)指出美国的工业企业用于股票回购的流动资金已经超过了现金分红。而在英国和加拿大也同样出现了股票回购大幅上升的趋势(Oswald和Yong,2004)。之前,日本、瑞典等国家是不允许股票回购,现在股票回购也允许在公开市场上买卖了。随着越来越多的国家对股票回购的开放,股票回购成为一种全球现 First, the trend of stock repurchase Stock repurchase in recent years more and more by the global attention. Grullon and Michaely (2004) pointed out that the liquidity used by US industrial companies for stock repurchases has surpassed the cash dividend. In the UK and Canada, however, there has also been a sharp rise in share buybacks (Oswald and Yong 2004). Before, Japan, Sweden and other countries do not allow stock repurchase, and now the stock repurchase also allows the sale in the open market. As more countries open their stock repurchases, stock repurchases become a global phenomenon