股份回购最初源于20世纪70年代的美国。在此之前的20、30年代,普遍的观点是:如果公司购买了自己的股份,就减少了公司借款的基础,而且还减少了总的股东权益。这一认知在除美国之外的许多国家得到强化,并归结为股份回购对资本维持原则的危害。其理由往往 Share repurchases originated in the United States in the 1970s. The general view of the 1920s and 1930s was that if a company purchased its own shares, it reduced the basis for corporate borrowing and reduced its total shareholder equity. This perception is reinforced in many countries except the United States and is attributed to the damaging effects of share buy-backs on the principle of capital preservation. The reason is often