股份回购（Share Repurchase）是指公司按一定的程序购回发行或流通在外的股份的行为；是通过大规模买回公司发行在外的股份来改变资本结构的防御方法；是目标公司或其董事、监事回购目标公司的股份。主要方式有用现金，或是以债权换股权，或是以优先股换普通股的方式回购其流通在外的股票行为。

股份回购的基本形式有两种：一是目标公司将可用的现金、公积金、优先股分配给股东以换回后者手中所持的股票；二是公司通过发售债券，用募得的的款项来购回它自己的股票。

被公司购回的股票在会计上称为“库存股”。股票一旦大量被公司购回，其结果必然是在外流通的股份数量减少，假设回购不影响公司的收益，那么剩余股票的每股收益率会上升，使每股的市价也随之增加。目标公司如果提出以比收购者价格更高的出价来收购其股票，则收购者也不得不提高其收购价格，这样，收购以计划就需要更多的资金来支持，从而导致其难度增加。

为了更好的理解该词，以下是其英文释义：A share repurchase is a transaction whereby a company buys back its own shares from the marketplace. A company might buy back its shares because management considers them undervalued. The company buys shares directly from the market or offers its shareholders the option of tendering their shares directly to the company at a fixed price. Also known as a share buyback, this action reduces the number of outstanding shares, which increases both the demand for the shares and the price.

双语例句：

1、公司为稳定股价之目的回购股份，应符合《中华人民共和国公司法》、《中华人民共和国证券法》、《上市公司回购社会公众股份管理办法（试行）》及《关于上市公司以集中竞价交易方式回购股份的补充规定》、《关于支持上市公司回购股份的意见》、《上海证券交易所上市公司回购股份实施细则》等相关法律、法规、规章及规范性文件的规定。

Any share repurchase by the Company for purpose of stabilizing its stock price shall comply with the Contract Law of the People’s Republic of China, the Securities Law of the People’s Republic of China, the Administrative Measures for Repurchase by the Listed Companies of their Public Shares (Tentative), the Supplementary Provisions on Repurchase by the Listed Companies of their Public Shares through Call Auction, the Opinion on Supporting Repurchase by the Listed Companies of their Public Shares, the Rules of the Shanghai Stock Exchange for Implementation of Share Repurchase by the Listed Companies, and other applicable laws, rules, regulations and normative documents.

2、公司为稳定股价之目的回购股份应当符合以下条件：

（1）公司股票上市已满一年；

（2）回购股份后，公司具备债务履行能力和持续经营能力；

（3）回购股份后，公司的股权分布原则上应当符合上市条件；

（4）中国证监会规定的其他条件。

Any share repurchase by the Company for purpose of stabilizing its stock price shall meet the following conditions:

(1) the Company’s stock has been listed for at least one year;

(2) after the completion of such share repurchase, the Company shall be solvent and have the ability to continue as a going concern;

(3) after the completion of such share repurchase, the shareholding structure of Company shall continue to meet the listing conditions; and

(4) such other conditions as may be set forth by the CSRC.

If the Company repurchases shares for purpose of stabilizing its stock price and reduces its registered capital accordingly, the Company may do so even if its stock has been listed for less than one year.