{"id":20987,"date":"2025-10-23T10:00:20","date_gmt":"2025-10-23T02:00:20","guid":{"rendered":"https:\/\/www.bschool.cuhk.edu.hk\/chi\/?p=20987"},"modified":"2026-09-17T19:45:23","modified_gmt":"2026-09-17T11:45:23","slug":"do-stock-buybacks-stifle-innovation","status":"publish","type":"post","link":"https:\/\/www.bschool.cuhk.edu.hk\/chi\/do-stock-buybacks-stifle-innovation\/","title":{"rendered":"\u80a1\u7968\u56de\u8cfc\u6703\u627c\u6bba\u5275\u65b0\u55ce\uff1f"},"content":{"rendered":"<p>\u8fd1\u5e74\u4e0d\u65b7\u6709\u4e0a\u5e02\u516c\u53f8\u56de\u8cfc\u81ea\u8eab\u80a1\u4efd\uff0c\u5176\u4e2d<a href=\"https:\/\/www.cnbc.com\/2024\/05\/09\/how-apples-record-100-billion-plus-stock-buyback-benefits-shareholders.html\">Apple<\/a>\u3001<a href=\"https:\/\/www.nasdaq.com\/articles\/nvidia-just-announced-record-60-billion-buyback-heres-what-it-means-investors\">Nvidia<\/a>\uff08\u82f1\u5049\u9054\uff09\u7b49\u79d1\u6280\u5de8\u64d8\u76f8\u7e7c\u63a8\u51fa\u5927\u984d\u56de\u8cfc\u8a08\u5283\uff0c\u7f8e\u570b\u4f01\u696d\u57282025\u5e74\u7684\u80a1\u7968\u56de\u8cfc\u984d\u9810\u6599\u5c07\u5275\u4e0b\u6b77\u53f2\u65b0\u9ad8\uff0c\u9054\u81f3<a href=\"https:\/\/www.wsj.com\/finance\/stocks\/stock-buybacks-2025-3b0ddedd\">1.1\u842c\u5104\u7f8e\u5143<\/a>\u3002\u800c\u622a\u81f3\u4eca\u5e748\u6708\uff0c\u4e9e\u6d32\u4f01\u696d\u7684\u56de\u8cfc\u7e3d\u984d\u5df2\u9054<a href=\"https:\/\/www.reuters.com\/markets\/asia\/can-asian-corporates-newfound-love-buybacks-last-2025-09-03\/\">2660\u5104\u7f8e\u5143<\/a>\uff0c\u8f03\u53bb\u5e74\u589e\u52a01.7\u500d\u3002<\/p>\n<p>\u80a1\u7968\u56de\u8cfc\u7684\u8da8\u52e2\u6709\u589e\u7121\u6e1b\uff0c\u540c\u6642\u5f15\u4f86\u4e0d\u5c11\u722d\u8b70\u3002\u7f8e\u570b\u5275\u6295\u57fa\u91d1\u8ca0\u8cac\u4eba<a href=\"https:\/\/www.theatlantic.com\/politics\/archive\/2015\/02\/kill-stock-buyback-to-save-the-american-economy\/385259\/\">Nick Hanauer<\/a> \u66fe\u6307\u80a1\u7968\u56de\u8cfc\u627c\u6bba\u5be6\u9ad4\u7d93\u6fdf\uff1b\u6c11\u4e3b\u9ee8\u53c3\u8b70\u54e1\u83ef\u502b\uff08<a href=\"https:\/\/www.cnbc.com\/2021\/03\/02\/elizabeth-warren-rips-stock-buybacks-as-nothing-but-paper-manipulation.html\">Elizabeth Warren<\/a>\uff09\u6279\u8a55\u56de\u8cfc\u662f\u63d0\u9ad8\u7ba1\u7406\u5c64\u85aa\u916c\u7684\u624b\u6bb5\uff1b\u7f8e\u570b\u570b\u52d9\u537f\u76e7\u6bd4\u5967\uff08<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2019-02-12\/rubio-wants-to-curb-stock-buybacks-encouraged-by-2017-tax-law\">Marco Rubio<\/a>\uff09\u5728\u64d4\u4efb\u53c3\u8b70\u54e1\u671f\u9593\u4ea6\u652f\u6301\u9650\u5236\u56de\u8cfc\u3001\u9f13\u52f5\u4f01\u696d\u628a\u8cc7\u6e90\u6295\u653e\u65bc\u8cc7\u672c\u958b\u652f\u3002<\/p>\n<p>\u4f01\u696d\u56de\u8cfc\u80a1\u7968\u7684\u539f\u56e0\u6709\u8a31\u591a\uff0c\u5305\u62ec\u628a\u904e\u5269\u7684\u73fe\u91d1\u6d41\u4e00\u6b21\u6027\u56de\u994b\u80a1\u6771\uff0c\u53ca\u5c55\u73fe\u5c0d\u516c\u53f8\u524d\u666f\u7684\u4fe1\u5fc3\u3002\u56de\u8cfc\u6700\u76f4\u63a5\u7684\u6548\u679c\uff0c\u662f\u6e1b\u5c11\u6d41\u901a\u80a1\u7684\u6578\u91cf\uff0c\u5728\u6de8\u5229\u6f64\u7387\u4e0d\u8b8a\u7684\u60c5\u6cc1\u4e0b\u63d0\u9ad8\u6bcf\u80a1\u76c8\u5229\uff08EPS\uff09\u3002EPS 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alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-20991 size-full\" src=\"https:\/\/www.bschool.cuhk.edu.hk\/chi\/wp-content\/uploads\/shutterstock_786233362.jpg\" alt=\"\" width=\"600\" height=\"400\" \/><figcaption id=\"caption-attachment-20991\" class=\"wp-caption-text\">\u7576\u4f01\u696d\u9762\u81e8\u7121\u6cd5\u9054\u6210EPS\u76ee\u6a19\u7684\u58d3\u529b\uff0c\u4fbf\u6703\u56de\u8cfc\u81ea\u8eab\u90e8\u5206\u80a1\u4efd\u3002<\/figcaption><\/figure>\n<p>\u6279\u8a55\u8005\u8a8d\u70ba\uff0c\u9019\u7a2e\u77ed\u671f\u64cd\u63a7\u73fe\u91d1\u6d41\u7684\u7b56\u7565\u6216\u4e0d\u5229\u4f01\u696d\u9577\u9060\u5275\u65b0\u3002\u7136\u800c\uff0c\u9999\u6e2f\u4e2d\u6587\u5927\u5b78\uff08\u4e2d\u5927\uff09\u5546\u5b78\u9662\u6559\u6388<a href=\"https:\/\/www.bschool.cuhk.edu.hk\/staff\/tseng-kevin\/\">\u66fe\u4fca\u51f1<\/a>\u63d0\u51fa\u4e86\u53e6\u4e00\u7a2e\u89c0\u9ede\u3002\u4ed6\u65e9\u524d\u53c3\u8207\u7684\u7814\u7a76<a href=\"https:\/\/doi.org\/10.1017\/S0022109024000358\">\u300a\u58d3\u529b\u4e0b\u7684\u5275\u65b0\u300b<\/a>\u986f\u793a\uff0c\u90e8\u5206\u4f01\u696d\u5728\u51fa\u65bc\u5c0dEPS \u7684\u8003\u91cf\u800c\u9032\u884c\u56de\u8cfc\u5f8c\uff0c\u5275\u65b0\u7a0b\u5ea6\u53cd\u800c\u6709\u6240\u63d0\u5347\uff0c\u751a\u81f3\u62d3\u5c55\u51fa\u65b0\u7684\u7522\u54c1\u985e\u5225\u3002<\/p>\n<p>\u300c\u56de\u8cfc\u958b\u652f\u9f90\u5927\uff0c\u8feb\u4f7f\u4f01\u696d\u96c6\u4e2d\u8cc7\u6e90\u65bc\u9ad8\u50f9\u503c\u9805\u76ee\uff0c\u800c\u975e\u76f2\u76ee\u524a\u6e1b\u7814\u767c\u958b\u652f\uff0c\u300d\u66fe\u6559\u6388\u89e3\u91cb\uff0c\u300c\u6211\u5011\u89c0\u5bdf\u5230\u4f01\u696d\u5728\u76c8\u5229\u58d3\u529b\u4e0b\u9032\u884c\u56de\u8cfc\u4e26\u672a\u7a92\u7919\u9769\u65b0\uff0c\u53cd\u800c\u80fd\u63d0\u5347\u5275\u65b0\u6548\u7387\u3002\u300d<\/p>\n<h3><strong>\u76c8\u5229<\/strong><strong>\u58d3\u529b\u5982\u4f55\u63a8\u52d5\u5275\u65b0<\/strong><\/h3>\n<p>\u662f\u6b21\u7814\u7a76\u4e2d\uff0c\u66fe\u6559\u6388\u8207\u5176\u5408\u8457\u8005\u5f9e\u8b49\u5238\u50f9\u683c\u7814\u7a76\u4e2d\u5fc3\uff08Centre for Research in Security Prices\uff09\u548cCompustat\u00a0 \u6536\u96c6\u7f8e\u570b\u4f01\u696d\u7684\u8ca1\u52d9\u6578\u64da\uff0c\u4ee5\u53ca\u5f9e\u5546\u696d\u6578\u64da\u5eabInstitutional Brokers\u2019 Estimate System\u6536\u96c6EPS\u6578\u64da\u3002<\/p>\n<p>\u7814\u7a76\u805a\u7126\u65bc1988\u5e74\u81f32015\u5e74\u9593\uff0c\u5728\u9762\u81e8\u76c8\u5229\u58d3\u529b\u524d\u5169\u5e74\u5167\u5411\u7f8e\u570b\u5c08\u5229\u5546\u6a19\u5c40\u63d0\u4ea4\u5c08\u5229\u7533\u8acb\u7684\u4f01\u696d\u3002\u5254\u9664\u91d1\u878d\u4f01\u696d\u53ca\u53ca\u516c\u7528\u4e8b\u696d\u5f8c\uff0c\u6700\u7d42\u6a23\u672c\u6db5\u84cb2,312\u5bb6\u516c\u53f8\u3002<\/p>\n<p>\u7814\u7a76\u4eba\u54e1\u4ee5\u4f01\u696d\u5c07\u7814\u767c\u958b\u652f\u8f49\u5316\u70ba\u65b0\u5c08\u5229\u7684\u6548\u7387\u4f5c\u70ba\u8861\u91cf\u6307\u6a19\uff0c\u6309\u6b64\u5c07\u6a23\u672c\u5206\u70ba\u4e0d\u540c\u985e\u5225\u3002\uff0c\u90a3\u4e9b\u5584\u65bc\u4ee5\u8f03\u5c11\u652f\u51fa\u63db\u4f86\u66f4\u591a\u5c08\u5229\u7684\u4f01\u696d\u5c6c\u300c\u9ad8\u5275\u65b0\u6548\u7387\u300d\u985e\u5225\u3002<\/p>\n<p>\u9ad8\u5275\u65b0\u6548\u7387\u7684\u4f01\u696d\u50be\u5411\u7d42\u6b62\u7522\u80fd\u8f03\u4f4e\u7684\u9805\u76ee\uff0c\u66f4\u9748\u6d3b\u5730\u628a\u7814\u767c\u8cc7\u6e90\u91cd\u65b0\u5206\u914d\u81f3\u5f71\u97ff\u529b\u66f4\u5927\u3001\u6700\u6709\u5229\u53ef\u5716\u7684\u9805\u76ee\u4e0a\u3002\u76c8\u5229\u58d3\u529b\u63a8\u52d5\u9019\u4e9b\u4f01\u696d\u7522\u751f\u66f4\u591a\u65b0\u69cb\u601d\u53ca\u767c\u660e\uff0c\u9019\u7a2e\u8868\u73fe\u5728\u56de\u8cfc\u80a1\u7968\u5f8c\u7684\u9996\u5e74\u5c24\u70ba\u660e\u986f\uff0c\u6301\u7e8c\u7d04\u4e09\u5e74\u5f8c\u9010\u6f38\u6e1b\u5f31\u3002<\/p>\n<p>\u300c\u7531\u6b64\u53ef\u898b\uff0c\u58d3\u529b\u80fd\u4e00\u518d\u523a\u6fc0\u5275\u65b0\uff0c\u53ea\u662f\u6548\u679c\u96e3\u4ee5\u6301\u4e45\uff0c\u9664\u975e\u58d3\u529b\u91cd\u65b0\u51fa\u73fe\uff0c\u5426\u5247\u5b83\u7684\u5f71\u97ff\u6703\u9010\u6f38\u6e1b\u5c11\uff0c \u300d\u66fe\u6559\u6388\u8868\u793a\u3002<\/p>\n<figure id=\"attachment_20993\" aria-describedby=\"caption-attachment-20993\" style=\"width: 600px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-20993 size-full\" src=\"https:\/\/www.bschool.cuhk.edu.hk\/chi\/wp-content\/uploads\/iStock-848283682.jpg\" alt=\"\" width=\"600\" height=\"400\" \/><figcaption id=\"caption-attachment-20993\" class=\"wp-caption-text\">\u9ad8\u5275\u65b0\u6548\u7387\u7684\u4f01\u696d\u50be\u5411\u7d42\u6b62\u7522\u80fd\u8f03\u4f4e\u7684\u9805\u76ee\uff0c\u66f4\u9748\u6d3b\u5730\u91cd\u65b0\u5206\u914d\u7814\u767c\u8cc7\u6e90\u3002<\/figcaption><\/figure>\n<p>\u9ad8\u5275\u65b0\u6548\u7387\u7684\u4f01\u696d\u5728\u9762\u5c0d\u76c8\u5229\u58d3\u529b\u6642\uff0c\u4ea6\u66f4\u50be\u5411\u589e\u8058\u7814\u7a76\u54e1\u53ca\u79d1\u5b78\u5bb6\uff0c\u85c9\u6b64\u66f4\u6709\u6548\u5730\u7372\u5f97\u65b0\u77e5\u8b58\u3001\u63a2\u7d22\u66f4\u591a\u5275\u65b0\u79d1\u6280\u3002<\/p>\n<p>\u9032\u4e00\u6b65\u7684\u5206\u6790\u986f\u793a\uff0c\u5728\u76c8\u5229\u58d3\u529b\u4e0b\uff0c\u9ad8\u5275\u65b0\u6548\u7387\u7684\u4f01\u696d\u5c0d\u65b0\u77e5\u8b58\u7684\u4f7f\u7528\u7387\u63d0\u9ad82.5 % \uff0c\u4e26\u5728\u5148\u524d\u672a\u6d89\u8db3\u9818\u57df\u7684\u5c08\u5229\u7533\u8acb\u6bd4\u4f8b\u63d0\u53473 % \u3002\u7814\u7a76\u4eba\u54e1\u6aa2\u8996\u5c08\u5229\u5c40\u7684\u5546\u6a19\u6578\u64da\u767c\u73fe\uff0c\u9019\u7a2e\u8cc7\u6e90\u91cd\u65b0\u5206\u914d\u4ee4\u4f01\u696d\u7684\u7522\u54c1\u985e\u5225\u8f03\u4e4b\u524d\u589e\u52a04%\u3002<\/p>\n<p>\u53cd\u4e4b\uff0c\u4f4e\u5275\u65b0\u6548\u7387\u7684\u4f01\u696d\u5728\u9762\u81e8\u76c8\u5229\u58d3\u529b\u6642\uff0c\u537b\u50be\u5411\u524a\u6e1b\u7814\u767c\u958b\u652f\u3002\u66fe\u6559\u6388\u8aaa\uff1a 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