股票回購將減少公司流通股的總數，降低公司資產負債表上的現金總額。一般而言，股票回購往往會提高股票價格，不僅由於股份供應減少，還由於股票回購將提高每股盈利，從而降低市盈率，這是投資者用來評估公司價值的重要指標。如果公司有強大的現金流，而股票被低估，股票回購可以是回報股東的好方式。隨著美國市場今年創下歷史新高，全球巨頭企業進行股票回購。 $道瓊斯指數 (.DJI.US)$, $納斯達克綜合指數 (.IXIC.US)$, $標普500指數 (.SPX.US)$ 今年美國市場創下歷史新高，全球巨頭企業也在進行股票回購。 $谷歌-A (GOOGL.US)$, $蘋果 (AAPL.US)$, $美國銀行 (BAC.US)$ , $Meta Platforms (FB.US)$， $摩根大通 (JPM.US)$, $麥當勞 (MCD.US)$, $微軟 (MSFT.US)$, $奈飛 (NFLX.US)$, often cited as a key support for US stocks could lift investor hopes by driving the market even higher. The main drivers of the share buyback are excess cash on balance sheets and positive sentiment on the back of healthy financial performance. While companies buying back their own shares can support higher stock prices , they run the risk of overvaluing stocks. Investors should proceed carefully if the buyback seems to be motivated by the management's desire to improve its valuation metrics rather than returning value to shareholders. Companies that use buyback to give the impression of rapid growth in earnings per share may not be worth investing in. Among the companies participating in share buyback, I am most bullish on $蘋果 (AAPL.US)$, one of Warren Buffett's all time favourite stocks. Its strong brand and innovative design expertise has allowed $蘋果 (AAPL.US)$ to build one of the most loyal customer bases in the world and generate earnings that beat its competitors in the mobile computing market. Not only that , $蘋果 (AAPL.US)$在移動領域的主導地位使其建立了一個非常盈利的軟體生態系統。更好的是， $蘋果 (AAPL.US)$ 支付較高的股息並且股東可以預期長期內會有巨大的股息增長。

全球大型公司已經展開了一場大規模的股票回購戰。自2021年初以來， $Meta Platforms (FB.US)$ , $蘋果 (AAPL.US)$ , $谷歌-A (GOOGL.US)$ , $微軟 (MSFT.US)$ 和 $麥當勞 (MCD.US)$ 推出了股票回購計劃， 創下了紀錄。
什麼是股票回購？是好還是壞？這會影響我們的投資決策嗎？讓我們仔細研究一下。
What is a stock buyback?
A stock buyback refers to a company's purchase of shares of its own stock from shareholders, reducing the number of shares on the market and increasing the value of remaining shares.
Why does a company buyback its shares?
Buying back shares is one of the easiest ways for a company to create value for its shareholders. Hereare some potential reasons for a company to buyback:
1. The stock is undervalued.
2. The company has too much cash on hand.
3. Management is confident about future operations.
4. A buyback is more tax-friendly than a cash dividend.
5. 投資機會有限（除了本身）。
6. 嘗試支撐股價（只是嘗試）。
股票回購的效果是什麼？
1. 減少流通股
當一家公司回購股票時，這些股份將不再流通，該公司的流通股數將相應減少。因此，如果公司決定取消已回購的股份，每股持有的股份份額將自動增加。
根據巴菲特，當公司的營業收入持續擴大但流通股數持續下降時，股東將受益。
2. 增加每股收益（EPS）
股票回購也會對增加每股收益產生影響。想像一下，如果一家公司買回了一半的股份並保持總獲利不變，每股收益將翻倍。如我們所知：
3. 推升股價
股價 = 市盈率 * 每股收益。如果一家股票的市盈率持平，而每股收益（因回購）上升，那麼它的股價最終會上升。
涉及哪些風險？
每個硬幣都有兩面，就像不是每個股票回購都是完美的。
儘管股票回購將推升一些財務比率（例如每股收益、roe、ROIC），但價值並不是通過 有機增長 （內部增加產量和增強銷售）。過於依賴回購可能不是永久的安排。
此外，如果一家公司決定在股價上升時進行回購 極度超值，這種股票回購可能損害股東的利益。
一個現實世界的例子：蘋果
蘋果是人類歷史上最大的回購股票的公司之一。自2013年開始回購股份以來，蘋果已經花了4600億美元來回購自己的股票。
蘋果的市值為2.43兆美元，約為2016年的 4倍 。然而，AAPL的股價卻增長了多於 500% 在同一時期。不言而喻，股票回購累積了股票的長期價值。
除了目前的股價，股票回購改變了蘋果的財務報表。自2016年巴菲特開始購買以來，蘋果的每股收益保持著比其凈利潤更高的增長率。
蘋果的回購方案提升了其運營的整體效益。在過去5年中，蘋果的股東權益報酬率(roe)急劇攀升， 從2016年的36.9％上升至2020年的73.69％，顯示其能將閒置現金累積為創紀錄的股東價值。
你有什麼結論？
股票回購會影響我們的買入或賣出決定嗎？你最喜歡哪些股票？
獎勵：
請務必點擊"立即參加", 並在10月2日前發帖以贏得 88 分數！（超過20字才能符合資格）
更棒的是！10位mooer們將額外 1000 基於品質和原創性的分數。

$富途控股 (FUTU.US)$
股票回購計劃已宣佈。當股票被低估時進行股票回購是合情合理的。
https://ir.futuholdings.com/news-releases/news-release-details/futu-announces-us300-million-share-repurchase-program

Global giant companies have started a massive war of share buybacks. Since the beginning of 2021,global giant companies like Facebook, Apple, Google, Microsoft, and MacDonald launched share buyback programs that breaks the record.
What is a stock buyback? Is it good or bad? Let's take a look at mooers' amazing views.
A Boon or a Bane?
@Syuee said:
As with many things in investing, the answer isn't well-defined. If the company genuinely has cash to spare, and its shares are arguably undervalued, then a buyback can be a good way to generate benefits for shareholders.
But if, its shares are expensive, it's worth asking why the company isn't choosing to pay a special dividend to its shareholders instead … or hanging on to the cash for a rainy day?
Generally, re-distributing wealth has been viewed positively by investors. This can come in the form of dividends, retained earnings and the popular buyback strategy.
Pos of stock buybacks for investors
- Boost in share prices
- Rising dividends
- Better earnings per share
- Less excess cash
- Positive psychology
Cons on stock buybacks for investors
- Poor predictions
- Sinking dividends
- Poor use of capital
- Management self-interest
- Cover for stock handouts
Click to see >>
Mooers believe stock buybacks are positive signs
@Johannpee said:
Short positives
Buying back shares is usually meant to affirm the market on the company beliefs to its future and influences the retail behaviour to follow suit. Personally I see it as a positive to a favorable outcome. A short term one. Having said, take caution to follow suit when a company's share price has made a sudden dip. Also, C-suite buying back shares may constitute a sudden pump and dump where you won't want to be trapping your money with their shares. Click to see>>
The “plus” points
@HuatEver is in favour of stock buyback or stock repurchase, because it is an effective utilisation of a company's excess cash flow, a decrease in the number of shares lying around in the market, and a positive reward for the shareholders who will be allowed to purchase the company's stocks at a reasonable prices. Click to see>>
A great example
Among the companies participating in share buyback, @HopeAlways most bullish on $Apple(AAPL.US)$, one of Warren Buffett's all time favourite stocks. Its strong brand and innovative design expertise has allowed Apple to build one of the most loyal customer bases in the world and generate earnings that beat its competitors in the mobile computing market. Not only that , Apple has used its dominant position in mobile to build a largely profitable software ecosystem. Even better, Apple pays consistently higher dividend and shareholders can anticipate a huge payout growth in the long term. Click to see>>
There are also voices that a buyback is not necessarily good for investors
As @NANA123 said:
The world of capital is very complicated
First of all, it depends on the strength of the repurchase. The price depends on the game between buyers and sellers. The more you buy in, the easier for rising. On the contrary, with a daily turnover of more than one billion, but millions of buyback for a stock, which has no effect on the trend of the stock price.
Sometimes, the purpose of buyback is not simple. Major shareholders want to reduce their holdings, but the stock price has fallen sharply. At that time, it’s not worthwhile to reduce their holdings. Therefore, it throws out a buyback plan to stabilize the stock price.
In fact, there are many reasons that affect the company's stock price. Even if the price is undervalued, it’s difficult to repair it by repurchase. For the market, buyback conveys good news and gives investors confidence. But it can only be used as a bonus item rather than trading standards. Click to see >>
Buybacks vs Split shares
Last but not least, @Ermmmmm raised a very interesting question:
Companies also like to split shares. So which is greater at work here (buybacks vs split shares)? Click to see >>
Got an answer in mind?
Feel free to leave your valuable comment below!
Many thanks to your outstanding views mooers! Our colorful investing journey can't be without you. If you wanna see more great content like these, please click:
Enter Now >>

但如果股票價格昂貴，就值得問一下為什麼公司不選擇向股東支付特別股息，或者保留現金以應付可能出現的情況？
- 我個人偏愛
- 。今年似乎回購了約64億美元的股票。
- 每股盈利改善
- 多餘現金減少
- 正向心理學
對於投資者來說，股票回購的缺點
- 預測不佳
- 分紅派息下滑
- 資本運用不佳
- 管理自身利益
- 股票發放的掩飾
股票回購是好還是壞？
像投資中的很多事情一樣，答案並不明確。如果公司確實有多餘的現金，並且股票被認為被低估，那麼股票回購可以是為股東帶來利益的一種好方法。
但是如果股票價格昂貴，那麼值得問一下為什麼公司不選擇向股東支付特別股息，或者保存這些現金以應對可能發生的困難情況呢？
一般而言，重新分配財富受到投資者的肯定。這可以通過分紅、保留收益和受歡迎的股票回購策略來實現。
我個人偏愛 $伯克希爾-B (BRK.B.US)$ $伯克希爾-A (BRK.A.US)$據稱在2021年，它回購了大約64億元的股票。
巴菲特首席執行官認為股票回購是將資本返還給伯克希爾股東的最佳方式，也是比購買公開交易的股票更好的資金使用方式。
$伯克希爾-A (BRK.A.US)$
$伯克希爾-B (BRK.B.US)$
$蘋果 (AAPL.US)$
$谷歌-C (GOOG.US)$
$微軟 (MSFT.US)$
$奈飛 (NFLX.US)$
$特斯拉 (TSLA.US)$
$T-Mobile US (TMUS.US)$
$再生元製藥公司 (REGN.US)$
$甲骨文 (ORCL.US)$
$塞納 (CERN.US)$
$阿迪達斯(ADR) (ADDYY.US)$

這些公司也喜歡分割股份。那麼在這裡有哪個更好的效果（回購與分割股）？

在回購方面，許多人可能會想到股價上漲，投資者的信心增加...但這是真的嗎？
回購基本上意味著上市公司花錢購買自己的股票，從而產生 兩個結果: 一個是「阻止」註銷; 另一個是「隱藏」供以後使用。
巨型公司購回股票的原因有很多：
1.主要股東覺得公司的前景非常好，但股價太低。不要便宜出售，最好自己購買。
這向市場發出信號，表明該公司的股價被嚴重低估，從而增加了投資者的信心並穩定價格。
二.當公司擁有大量自由流動的資金，並覺得股價確實很低，它也會回購股票。
這個可以 減少循環 市場上的股票，增加每股收益，並幫助價格上漲。
3.在同一時間， 股票期權計劃 對於員工而言，也可以通過回購來完美解決。畢竟，直接發行新股份將會稀釋原始股東權利。
根據正常邏輯，回購後股價將上漲。 但這是真的嗎？
資本的世界非常複雜。
首先，這取決於回購的實力。價格取決於買家和賣家之間的遊戲。您購買的金額越多，就越容易上漲。相反，每日營業額超過十億，但股票回購數百萬，這對股價的趨勢沒有影響。
有時候，回購的目的並不簡單。主要股東希望減少其持有量，但股價大幅下跌。那時，減少他們的持有量是不值得的。因此，它拋出了回購計劃以穩定股票價格。
事實上，影響公司股價的原因很多。即使價格被低估，也很難通過回購來修復它。對於市場來說，回購傳達了好消息，並賦予投資者信心。 但它只能用作獎勵項目，而不是交易標準。
$Meta Platforms (FB.US)$  $蘋果 (AAPL.US)$  $谷歌-A (GOOGL.US)$  $微軟 (MSFT.US)$
（您的喜歡和關注都是我分享的動力）

基本上，我贊成股票回購或股票回購，原因如下：
1）有效利用公司的過剩現金流。
2）在市場上的股票數量減少。隨著這種減少，股份的價格將被提高
3）對允許以合理價格購買公司股票的股東獲得正面回報。
世界各地的巨型公司都在參與這種股票回購策略，他們的票價很好。成功採納股票回購策略的公司包括：
$蘋果 (AAPL.US)$ 
$特斯拉概念股 (LIST1180.HK)$ 
$奈飛 (NFLX.US)$ 
$伯克希爾-A (BRK.A.US)$ 
$伯克希爾-B (BRK.B.US)$ 
$麥當勞 (MCD.US)$

最近，有這種憤怒的精英公司參與全球股票回購 $蘋果 (AAPL.US)$, $納斯達克 (NASDAQ.US)$, $麥當勞 (MCD.US)$。他們積極參與讓人感到奇蹟：「什麼是股票回購，為什麼它如此受歡迎？這是指公司在公開市場上向股東申請自己的流通股份。
一家公司的形象，更重要的是，它的收益將通過這一舉動得到增強。股票的回購或重新購買將減少市場上的流通股數量。因此，公司的財務統計數據肯定會反映資產負債表中更加積極的前景。這是由於公司的超額現金流量減少以及流通股數量減少所致。隨著市場上股票數量的突然減少，它肯定會因為供求原則而提高剩餘股份的價值。
就個人而言，它通常對投資者有益，因為：
這是一種獎勵股東的靈活方式，而不是向股東發放應課稅的股息。
股價上漲將增加投資者對公司股票的信心。
但是，股票回購是雙刃劍，如果沒有正確交給
它可能會誤導投資者損失更多。最終，我仍然贊成股票回購。一些更可靠的公司需要考慮：
$波音 (BA.US)$ , $蘋果 (AAPL.US)$ , $道瓊斯指數 (.DJI.US)$

回購股票通常意味著肯定市場對公司未來的信念，並影響零售行為以效仿。就我個人而言，我認為這是一個積極的有利結果。短期的一個。話雖如此，當一家公司的股價突然下跌時，要謹慎效仿。此外，C 套房回購股票可能構成突然抽水和轉儲，您將不想用他們的股票誘捕您的錢。祝你好運，祝你好。