11.5
Hisse Senedi Geri Satın Alımları
Hisse senedi geri satın alımları veya hisse geri alımları, bir şirketin kendi hisselerini borsadan geri satın alarak dolaşımdaki hisse senedi sayısını…
Hisse geri alımı olarak da adlandırılan hisse geri alımları, bir şirket borsadan kendi hisselerini geri aldığında gerçekleşir.
Bunu yaparak, şirket mevcut hisse sayısını azaltır ve böylece kalan hissedarların mülkiyet payını artırır.
Örneğin, her biri yüz dolar fiyatla on bin hissesi olan Pixel Corporation'ı düşünün. Bu, şirketin piyasa değerini bir milyon dolar yapar.
Pixel Corporation bin hisseyi geri alırsa, piyasada sadece dokuz bin kalır. Daha az hisse ödenmediğinde, şirketin toplam kazancı artık daha az sayıda hisseye bölündüğü için hisse başına kazanç veya EPS artar.
Örneğin, Pixel Corporation'ın geçen yıl iki yüz bin dolar kazandığını varsayalım. Geri alımdan önce, EPS'si hisse başına yirmi dolardı.
Bin hisseyi geri satın aldıktan sonra, EPS hisse başına yirmi iki dolar yirmi iki sente yükseliyor.
EPS'deki bu artış, kalan hisseleri potansiyel olarak daha değerli hale getirir, bu da hisse senedi fiyatını olumlu yönde etkileyebilir ve kalan hissedarlara fayda sağlayabilir.
Şirketler, özellikle hisselerinin değerinin düşük olduğuna inanıyorlarsa, gelecekteki beklentilerine olan güveni işaret etmek için genellikle hisse senedi geri alımlarını kullanırlar.
View the full transcript and gain access to JoVE Business videos
Q1: What happens to earnings per share when a company repurchases its stock?
Stock repurchases reduce the number of outstanding shares, causing earnings per share (EPS) to increase. Since the company's total earnings are divided by fewer shares, EPS rises even if total earnings remain constant. For example, if a company earns $200,000 with 10,000 shares outstanding, EPS is $20. After repurchasing 1,000 shares, the same earnings divided by 9,000 shares yields EPS of $22.22, potentially making remaining shares more valuable.
Q2: How do stock repurchases differ from dividend payments as a way to return cash to shareholders?
Stock repurchases offer flexible cash returns without committing to regular payments like cash dividend payments. Buybacks can be adjusted based on market conditions and company performance, whereas dividends typically require consistent commitments. Additionally, repurchases may provide tax advantages, as capital gains taxes on buybacks are often deferred until shares are sold and taxed at potentially lower rates than dividend income.
Q3: Why might a company choose to repurchase its own shares?
Companies repurchase shares to signal confidence in their future prospects, especially when they believe shares are undervalued. Buybacks also enhance shareholder value by increasing ownership stakes of remaining shareholders and can offset dilution from employee stock options or convertible securities. This strategy optimizes capital structure and provides a flexible alternative to committing funds to regular dividend distributions.
Q4: What is the relationship between stock repurchases and stock option dilution?
When employees exercise stock options, the number of outstanding shares increases, reducing EPS and ownership percentages. Stock repurchases counteract this dilution by reducing share count back to previous levels, preserving shareholder value. This offsetting effect helps maintain the economic interests of existing shareholders despite the issuance of new shares through employee compensation programs.
Q5: How do stock repurchases affect a company's market value and stock price?
Stock repurchases increase EPS by reducing the share count, which potentially makes remaining shares more valuable and may positively influence stock price. However, the actual impact depends on market perception and company fundamentals. When investors view buybacks as a signal of management confidence in future prospects, stock price may rise, benefiting remaining shareholders.
Q6: What are the potential drawbacks of excessive stock repurchases?
Excessive buybacks might limit funds available for growth opportunities such as research and innovation, potentially constraining long-term competitiveness. When executed irresponsibly, repurchases can reduce financial flexibility and capital available for strategic investments. Balancing buybacks with reinvestment in business growth is essential for sustainable shareholder value creation.
Q7: How do stock repurchases compare to other payout methods in terms of shareholder benefits?
Stock repurchases provide flexible returns without fixed commitments and offer potential tax advantages over dividends. Unlike fixed dividend policies, buybacks can be adjusted based on company performance and market conditions. They also directly increase ownership percentages for remaining shareholders and can address factors supporting low dividend payout situations where regular distributions may not be optimal.