By ALICIA TUOVILA

Reviewed By AMY DRURY 

编写人：ALICIA TUOVILA

审核人：AMY DRURY

What Is Treasury Stock (Treasury Shares)?

什么是库存股？

Treasury stock, also known as treasury shares or reacquired stock refers to previously outstanding stock that is bought back from stockholders by the issuing company. The result is that the total number of outstanding shares on the open market decreases. These shares are issued but no longer outstanding and are not included in the distribution of dividends or the calculation of earnings per share (EPS).

库存股，又称入库股票，指的是发行公司从股东处回购的先前发行在外的股票。因此，公开市场的发行在外股票总数减少。这些股票已发行但不再发行在外，不计入股利分配或每股收益。

KEY TAKEAWAYS

关键要点

· Treasury stock is formerly outstanding stock that has been repurchased and is being held by the issuing company.

· 库存股是发行公司回购的并由发行公司持有的先前发行在外的股票。

· Treasury stock reduces total shareholder's equity on a company's balance sheet, and it is therefore a contra equity account.

· 库存股减少了公司资产负债表上的股东权益合计，是股东权益备抵账户。

· There are two methods to record treasury stock: the cost method and the par value method.

· 库存股的会计处理方法有两种：成本法和面值法。

Understanding Treasury Stock (Treasury Shares)

了解库存股

Treasury stock is a contra equity account recorded in the shareholder's equity section of the balance sheet. Because treasury stock represents the number of shares repurchased from the open market, it reduces shareholder's equity by the amount paid for the stock.

库存股即资产负债表中计入股东权益部分的股东权益备抵账户。由于库存股是从公开市场回购的股票，股东权益会因此减少。

In addition to not issuing dividends and not being included in EPS calculations, treasury shares also have no voting rights. The amount of treasury stock repurchased by a company may be limited by its nation's regulatory body. In the United States, the Securities and Exchange Commission (SEC) governs buybacks.

库存股除了不发放股利、不计入每股收益，还没有表决权。公司回购库存股的数量受所在国监管机构的限制。在美国，回购受美国证券交易委员会管制。

Recording Treasury Stock (Treasury Shares)

库存股的会计处理

When a company initially issues stock, the equity section of the balance sheet is increased through a credit to the common stock and the additional paid-in capital (APIC) accounts. The common stock account reflects the par value of the shares, while the APIC account shows the excess value received over the par value. Due to double-entry bookkeeping, the offset of this journal entry is a debit to increase cash (or other asset) in the amount of the consideration received by the shareholders.

公司首次发行股票，通过贷记普通股和资本公积账户，资产负债表上的权益部分增加。普通股账户反映的是股票的面值，而资本公积账户表示超过面值的超额价值。由于采用复式记账法，借记本日记账分录的抵销，以增加股东获得的对价金额中的现金（或其他资产）。

Treasury shares reduce total shareholders' equity and are generally labeled as "treasury stock" or "equity reduction". There are two methods of accounting for treasury stock: the cost method and the par value method. The cost method uses the value paid by the company during the repurchase of the shares and ignores their par value; under this method, the cost of the treasury stock is included within the Stockholders' Equity portion of the balance sheet. It is common for stocks to have a minimal par value, such as $1, but sell and be repurchased for much more.

库存股使股东权益合计减少，通常标记为“库存股”或“权益减少”。库存股的会计处理方法有两种：成本法和面值法。成本法使用的是公司回购股票时支付的价值，忽略了股票的面值；按照该方法，库存股的成本计入资产负债表中的股东权益部分。通常来说，股票都有最低面值，比如1美元，但可以更高的价格进行出售和回购股票。

Under the cash method, at the time of the share repurchase, the treasury stock account is debited to decrease total shareholder's equity. The cash account is credited to record the expenditure of company cash. If the treasury stock is later resold, the cash account is increased through a debit and the treasury stock account is decreased, increasing total shareholder's equity, through a credit. In addition, a treasury paid-in capital account is either debited or credited depending on whether the stock was resold at a loss or a gain.

根据现金收付记账法，回购股票时，借记库存股账户，股东权益合计减少。贷记现金账户，记录公司的现金支出。若库存股随后再出售，现金账户通过借记增加，库存股账户通过贷记减少，股东权益合计增加。此外，无论是借记还是贷记库存股缴入资本账户，取决于股票再出售是亏本还是盈利。

Under the par value method, at the time of share repurchase, the treasury stock account is debited, to decrease total shareholder's equity, in the amount of the par value of the shares being repurchased. The common stock APIC account is also debited to decrease it by the amount originally paid in excess of par value by the shareholders. The cash account is credited in the total amount paid out by the company for the share repurchase. The net amount is included as either a debit or credit to the treasury APIC account, depending on whether the company paid more when repurchasing the stock than the shareholders did originally.

根据面值法，回购股票时，以回购时股票的面值借记库存股账户，股东权益合计减少。此外，以股东最初支付的超过面值的金额借记普通股资本公积账户，股东权益合计减少。以公司回购股票支付的总额贷记现金账户。净额借记或贷记库存股资本公积账户，取决于公司回购股票支付的金额是多于还是少于股东最初支付的金额。

Example of Treasury Shares

库存股示例

ABC Company had originally sold 5,000 shares of common stock, with a $1 par value, for $41 per share. It therefore had $5,000 common stock (5,000 shares * $1 par value) and $200,000 common stock APIC (5,000 shares * ($41 - $1 paid in excess of par)) on its balance sheet. ABC Company has excess cash and believes its stock is trading below its intrinsic value. As a result, it decides to repurchase 1,000 shares of its stock at $50 for a total value of $50,000.

ABC公司最初以每股41美元的价格出售5,000股面值为1美元的普通股。因此，该公司资产负债表上显示有5,000美元的普通股（5,000股×面值1美元）和200,000美元的普通股资本公积（5,000股×（41美元-1美元，即超过面值的金额））。ABC公司拥有超额现金，并且认为股票的交易低于其内在价值。因此，该公司决定以50美元的价格回购1,000股，总价值为50,000美元。

The repurchase creates a treasury stock contra equity account. Under the cash method, the treasury account would be debited for $50,000 and cash credited for $50,000. Under the par value method, treasury stock would be debited for $1,000 (1,000 shares * $1 par value), common stock APIC would be debited for $49,000 (1,000 shares * ($50 repurchase price - $1 par value)), and cash would be credited for $50,000.

回购创建了库存股股东权益备抵账户。根据现金收付记账法，库存股账户借记50,000美元，现金账户贷记50,000美元。根据面值法，库存股账户借记1,000美元（1,000股×面值1美元），普通股资本公积账户借记49,000美元（1,000股×（回购价50美元-面值1美元）），现金账户贷记50,000美元。

In both the cash method and the par value method, the total shareholder's equity is decreased by $50,000. Assume the total sum of ABC Company's equity accounts including common stock, APIC, and retained earnings was $500,000 prior to the share buyback. The repurchase brings the total shareholder's equity down to $450,000.

按照现金收付记账法和面值法，股东权益合计减少了50,000美元。假设回购股票前ABC公司的权益账户（包括普通股、资本公积和留存收益）总额为500,000美元。回购使股东权益合计减少至450,000美元。

Treasury Shares vs. Retired Shares

库存股与已收回注销的股票

Treasury stock can be retired or held for resale in the open market. Retired shares are permanently canceled and cannot be reissued later. Once retired, the shares are no longer listed as treasury stock on a company's financial statements. Non-retired treasury shares can be reissued through stock dividends, employee compensation, or a capital raising.

库存股可在公开市场注销或再出售。已收回注销的股票永久注销，随后无法重新发行。一旦注销，公司的财务报表不再将这些股票记为库存股。不属于已收回注销的库存股可以通过股利、职工薪酬或资本筹措等方式重新发行。