BazEkon - Biblioteka Główna Uniwersytetu Ekonomicznego w Krakowie

BazEkon home page

Meny główne

Autor
Rutkowski Andrzej
Tytuł
Wykupy akcji własnych - warunki powodzenia operacji
The purchases of own shares - prerequisite for effective economic activities
Źródło
Bank i Kredyt, 2005, nr 11-12, s. 43-50, bibliogr. 29 poz.
Słowa kluczowe
Finanse przedsiębiorstwa, Zarządzanie finansami przedsiębiorstwa, Akcje
Enterprise finance, Enterprises financial management, Shares
Uwagi
summ.
Abstrakt
W artykule przedstawiono istotę wykupu akcji własnych. Zamieszczono statystykę wykupów akcji własnych. Przybliżono przesłanki tych wykupów oraz czynniki ryzyka, a także warunki powodzenia wykupu.

The purchases of own shares is a particularly flexible and effective source of cash flow for the owner. The purchases of own shares transactions may be treated as payment of additional funds to shareholders- an alternative to the payment of dividends. At the same time, they are investment decisions of a determined rate of return and decisions determining capital and shareholder structure. Such decisions also produce significant implications for the operational activities. In the developed capital markets the purchase of own shares has become a popular way of transferring funds to shareholders. In the second half of the 1990s, capital earmarked for the purchase of own shares exceeded proceeds from the issue of shares. This tendency has gained momentum also in the Polish public capital market. In the years 2000-2004 an increased number of companies proceeded with the purchase of their own shares. The record level - in terms of number and value of purchases - was achieved in the year 2003. At the same time, in 2002, among 225 surveyed companies (excluding banks, insurance companies and investment funds) those expenditures represented 53% of expenditures on dividends and 35% of the total transfer of funds to owners. In the period 2003-2004, the share purchase-related expenditure constituted 1% of all investment-related expenditure and about 2% of expenditure on financial assets. The pivotal reasons for the purchase of own shares include: sending a message of the sound position of the company, preventing a fall in share prices, transferring funds to the owners, optimising tax payments, changing capital and ownership structure, allocating the company capital on the capital market, rolling out a management incentive scheme, creating a more positive image of the balance sheet position, protecting against hostile takeovers. The above reasons vary in importance for particular groups of stake holders concerned: particular categories of shareholders, company management and lenders. The importance of different reasons changes over time along with the change in tax dues, the economic situation and development prospects for different sectors. The decisions on the purchase of shares lead to the diminution of the company capitals. Therefore, the funds for this purpose have to be carefully monitored. The funds retained in the company should suffice for the financing of the effective operational activity and sustainable development of the company. The purchase of own shares plans should be strictly correlated to the long-term strategy of the company.
Dostępne w
Biblioteka Główna Uniwersytetu Ekonomicznego w Krakowie
Biblioteka Szkoły Głównej Handlowej
Biblioteka Główna Uniwersytetu Ekonomicznego w Katowicach
Biblioteka Główna Uniwersytetu Ekonomicznego w Poznaniu
Biblioteka Główna Uniwersytetu Ekonomicznego we Wrocławiu
Bibliografia
Pokaż
  1. 1. R.D. Arnot, O.S. Asness: Surprise! Higher Dividends = Higher Growth. "Financial Analysts JournaL" January/February 2005.
  2. S.G. Badrinath, N.P. Varaya, R.L. Ferling: Share Repurchases: To Buy or Not to Buy. "Financial Executive International", May 2001.
  3. M. Banyi, E.A. Dyl, M.K. Kahle: Measuring Share Repurchase. Working Paper. Oregon State University, April 2005.
  4. E. Bartov, I. Krinski, J. Lee: Evidence on How Choose Between Dividends and Open-Market Stock Repurchases. "Journal of Applied Corporate Finance", vol. 11, Spring 1998.
  5. Buffet's 1999 Letter to Shareholders, cyt. za: http: //www. fool. com.
  6. A.K. Ditmar: Why do Firms Repurchase Stock? .Journal of Business" nr 73/2000.
  7. A.K. Ditmar, R.F. Ditmar: Stock Repurchases Waves: An Explanation of the Trends in Aggregate Corporate Payout Policy. Working Paper University of Michigan Business School February 2004.
  8. A. Duliniec: Operacje wykupu przez spółkę własnych akcji. W: D. Zarzecki (red.): Zarządzanie finansami: cele - organizacja - narzędzia. T. 2. Szczecin 2001, Wydawnictwo Uniwersytetu Szczecińskiego.
  9. G. Grullon, D.L. Ikenberry: What Do We Know About Stock Repurchases. "Journal of Applied Corporate Finance" 13, Spring 2000.
  10. G. Grullon, R. Michaely: Dividends, Share Repurchases and the Substitution Hypothesis. "Journal of Finance", 57, nr 4/2002.
  11. G. Grullon, R. Michaely: The Information Content of Share Repurchases Programs, Working Paper, Rice University, 2003.
  12. G. Grullon, R. Michaely, S. Benartzi: Dividends Changes Do Not Signal Changes in Future Profitability. Working Paper, Rice University, October 2003.
  13. B.E. Gup. D. Nam: Stock Buybacks, Corporate Performance, and EVA. "Journal of Applied Corporate Finance", vol. 14, Spring 2001.
  14. http: //www.buybackletter.com
  15. N. Isawaga: Open-Market Repurchase Announcements and Stock Price Behavior in Inefficient Markets. "Financial Management", vol. 31, Autumn 2002.
  16. K.M. Kahle: When a Buyback Isn't a Buyback: Open Market Repurchases and Employee Options. "Journal of Financial Economics", 63, nr 2/2002.
  17. Kodeks spółek handlowych - ustawa z 15 września 2000 r., Dz.U. nr 94 z 2000 r., poz. 94 z późniejszymi zmianami.
  18. R.C. Lease, K. John, A. Kalay, U. Loevenstein, O.H. Sarig: Dividend Policy: Its Impact on Firm Value. Boston 2000, Harvard Business School Press.
  19. K.Li, W. McNally: The Decision to Repurchase, Announcement Returns and Insider Holdings: A Conditional Event Study. "Journal of Applied Finance", vol. 9, nr 6/2003.
  20. W. McNally: Who Wins in Large Buybacks - Those Who Sells or Those Who Hold? "Journal of Applied Corporate Finance", 11, Spring 1998.
  21. J. Pettit: Applications in Real Options Value-based Strategy. New York 2002. Stern Steward & Co.
  22. J. Pettit: Is A Share Buyback Right for Your Company? "Harvard Business Review", April 2001.
  23. Share repurchase: another case of good intentions or can of worms? Equity Research, Aton Capital Group, Moscow, 27 June 2001.
  24. D.J. Skinner: What Do Dividends Tells Us About Earnings Quality? Working Paper University of Chicago, January 2004.
  25. Thinking Differently About Dividends. The Boston Consulting Group, 2003.
  26. B. Wasserstein: Big Deal: 2000 and Beyond. New York 2000, Warner Books.
  27. J.F. Weston, J.A. Siu: Changing Motives for Share Repurchases. Working Paper Andersen School, UCLA 2003.
  28. J.F. Weston, J.A. Siu, B.A. Johnson: Takeovers, Restructuring, and Corporate Governance. Prentice Hall, Upper Saddle River 2001.
  29. A. Wood: Death of the Dividend? A CFO Europe Research Report, 2001.
Cytowane przez
Pokaż
ISSN
0137-5520
Język
pol
Udostępnij na Facebooku Udostępnij na Twitterze Udostępnij na Google+ Udostępnij na Pinterest Udostępnij na LinkedIn Wyślij znajomemu