今年5月,总部位于亚特兰大的三角洲空气Lines unveiled its intention to wrap up a $5 billion buyback program. Why, in this age of continual buyback announcements, is this surprising? Stock repurchases routinely garner a lot of investor attention when they debut, as companies boast of the return of excess cash to shareholders and the upticks in earnings per share that they believe will result. But share-repurchase initiatives often then fade away, like old soldiers. In fact, many companies never fully spend the cash allocated to buy back shares, rolling it into new programs that they then announce with great fanfare.
回购记分卡标准普尔500指数为股票回购商 Best & Worst Companies 行业比较三角洲管理显然认为投资者会在实际完成股东回购计划中找到优点。在授权倡议后的前七个月，航空公司在4800万股股票上花了22亿美元。三角洲打算在2017年5月，提前六个月的计划中回购最后一次股份，其中包括3.75亿美元的加速股票回购。
Delta将完成回购计划的消息，达到50％的股息加息，自2013年以来，在5月19日达到43.10美元之前，储存了5.4％，在回购和股息之前的最后收益率为3.6％徒步宣布。
三角洲股东应鼓掌，说Airlines分析师Duane PfennigwerthISI Evercore在纽约。“大型航空公司竞争其资本回报计划的规模，而不是其航空器订单书的规模是美国航空公司业的相对较新，非常健康和低下的属性，”他指出。
三角洲并不孤单。另一家公司现在明确谈论完成回购计划：Union，新泽西床的床浴和超越。The home-goods chain’s chief financial officer, Susan Lattmann, said recently that the company intends to complete a $2.5 billion buyback by fiscal 2020, subject to business and market conditions — a relatively long, four-year end date, but a firmer commitment than most other companies offer.
The kind of emphasis that Delta and Bed Bath & Beyond put on fulfilling their buyback promises quietly suggests that the capital-return strategy is under some stress. Critics have questioned the practice of artificially boosting earning per share by reducing the number of shares; or the effect of buybacks on capital investment, R&D and growth; or the practice of rewarding exiting shareholders with repurchases at the expense of long-term investors.
作为投资，回购最近遭受了苦难。从那以后第一次亚博赞助欧冠introduced its Corporate Buyback Scorecard in November 2012策略的整体中位数投资回报 - 我们所谓的回报ROI - 已经消极。根据最新的回购评分记分卡，牛市不再举起大多数回购，该评估记分卡在2016年3月31日结束的季度，并包括两年后的数据。记分卡开发并计算结果亚博赞助欧冠by New York–based Fortuna Advisors using data from S&P Capital IQ.
回购ScoreCard提供了一个分析许多公司所做的一些最大投资的有效性的框架。当他们回购股票时，管理人员是否对自己公司的展望进行了声明的展望？以返还现金到投资者的名义，长期股东是否补贴退出股东的回报？经理人在回购计划中冒犯了好钱，在此过程中放弃了其他，更高效的机会吗？哪家公司将回复送至最佳使用？
在2013年初，拥有积极回购投资回购投资回报率的公司数量超过负返回的人数九点九点。在目前的记分卡上，勉强40％的公司报告了积极的回购投资回购。自2013年初以来，中涨回购投资回购投资回报率从28.8％下降至-5.3％。换句话说，回购一直是记分卡大多数公司的损失投资。
This performance decline hasn’t killed off enthusiasm for buybacks. Capital distributions clearly favor buybacks over dividends. Across all 24 sectors surveyed, median buybacks surpassed median payouts by 2.8 to one — a dollar of dividends to three dollars of buybacks. At Delta cash allocated to buybacks exceeded dividends by six to one.
三角洲继续取得成功及其回购，通过3月份为八季度的股东提供9％的投资回报率。该航空公司在运输部门的中位回购投资回购投资回购投资回购投资回购投资回购超过15个百分点，所有记分卡公司的中位数均以上升到14个百分点。
尽管如此，回购的情况往往很困惑。这是一个很简单的数学，说EPS将在较少的股票上产生净收入索赔;但它也是误导，纽约麦肯锡公司的企业财务实践的合作伙伴蒂姆克尔。“你不应该做回购只是为了增加每股收益，”他警告道。Koller和共同作者Obi Ezekoye和Ankit Mittal在一份新报告中阐明了他们的案例，“How Share Repurchases Boost Earnings Without Improving Returns。“
The McKinsey paper argues that since Congress opened the door to buybacks in 1982, companies have increasingly favored repurchases over dividends. Buybacks are more flexible than dividends, which shareholders expect to see in perpetuity. McKinsey also argues that there’s little evidence that growth in buybacks is harming overall capital investment, which continues to run just above the growth of gross domestic product. One big reason: The increasing dominance of sectors, like technology and health care, generating profits from intellectual property, which tend to be less capital intensive than the overall corporate sector, and thus generate more free cash flow.
Koller wouldn’t discard buybacks as a tool for distributing surplus cash, only the misconception that increases to EPS have as much market impact as growth in revenues or profit margins. “The market is smart enough to distinguish the difference,” Koller says. Investors reward companies for generating EPS not for how they distribute it. Attractive investments eventually return more value than buybacks, he adds, but the effect on financial statements won’t show up as fast as the EPS bump that may follow.
分享回购可能会提高EPS，但这并不意味着他们改善回购投资回购投资回购投资回购投资回购投资回购投资回购资料是衡量公司是否在特定时间段内赚取了足够的回报率。“EPS和回购ROI之间的相关性缺乏相关性通过使用回购责任来持有制造EPS的公司，”Joseph Theriault，Fortuna的研究副总裁Joseph Hotiault表示。
无论是什么激励他们回购股份，305家在ScoreCard中排名的300家公司在3月份在股票回购中占了1.1万亿美元。在2015年底退回后，回购在2016年股票的畜产期间恢复了他们的强劲步伐。
三个全年回购记分卡允许我们从各种角度查看回购计划：随着时间的推移，通过不同的部门，市场上限，回购ROI相对于底层ROI和不同的五分群体的百分比。
In the current scorecard Cupertino, California, tech giant Apple leads all companies in buyback volume. During the first quarter alone, Apple poured $7 billion into buybacks, capping an unprecedented buyback program. During the past eight quarters, the company repurchases exceeded $70 billion, retiring 12 percent of its market capitalization. Despite the scale of its program, it ranked No. 165 on the scorecard with a buyback ROI of –7.2 percent.
Apple appears unfazed. Citing confidence in its outlook, the company’s board hiked its repurchase authorization by $35 billion, to $175 billion, in April. Two years ago, when its stock was flying high, the公司抵制活动家投资者Carl Icahn的呼吁大买卖。Now that it has seen iPhone sales fall for the first time, it’s pressing ahead.
本季度回购记分卡包括十个扇区，将积极的回购投资回购投资回购投资回购投资回购投资回购投资回购投资回购投资回购投资回购投资回购投资回购投资回购投资回购投资回购投资回购投资回购率为14。Consumer Services回购票价最佳，由佛罗里达州的Darden餐厅和Oak Brook，基于伊利诺伊州的麦当劳的公司作为一组，享受11％的回购投资回报。俄勒冈州俄勒冈州的运动服装巨头耐克的Beaverton领导的消费者耐用品和服装公司发布了8.6％的回购投资回购投资回报率。
尽管如此，与早期回购ROIS相比，即使是最好的回报也看起来。房地产公司在2013年第一季度录得32.6％的回购投资回报率。在最新的ScoreCard，房地产上的十个部门落后，排名第11位，其中24个行业，SAW回购率下降-0.5％。一年前，五个部门吹嘘中位回购投资回购超过30％：技术硬件和设备，医疗保健设备和服务，食品和订书钉零售，房地产和零售。这次所有五个低于消费者服务发布的11％的最高回购ROI。只有三个只有三个，零售（5.9％），食品和订书钉零售（5.4％）和医疗保健设备和服务（5.2％）迅速回购返回。
此外，弱势扇区已经进一步漂移。市场波动性碎片回购投资回购投资回购投资回购投资回购投资回购投资回报率为最严重的财务状况。本集团的回购投资回购跌至-18％。能源和汽车和组件均下降超过10％。一年前，能源和公用事业录得积极的回购投资回报率。
正如预期的那样，Beleage的能源部门的回购投资回购投资回购投资回购投资回购投资回购投资回购投资回购投资回购投资回购投资回购投资回购投资回购投资回购投资回购投资回购投资回购投资回购投资回购投资回购投资回购投资回购投资回国El Dorado, Arkansas’ oil exploration and production company Murphy Oil Corp. paid upwards of $50 a share to retire stock, now changing hands closer to $30, leading to a punishing buyback ROI of –58.2 percent, and a ranking just one place above the bottom.
“Timing is always sort of lacking for E&Ps,” says John Herrlin Jr., who heads Société Générale Corporate & Investment Banking’s oil-and-gas research effort in New York. “You have to be systematic [about buybacks] rather than episodic,” he explains. “But in this industry free cash flow is mostly episodic.”
炼油厂有一个更容易的时间。基于San Antonio的Tesoro Corp.的回购，生产的ROI超过14％。“产品价格往往是粘性的，”Herrlin说。“他们比原料价格走得慢。”
单独的扇区不确定回购投资回报率。公司在半导体和半导体设备占据最佳名单上的地方。总部位于加利福尼亚州的Santa Clara的图形芯片制造商Nvidia Corp.提供了第二次最佳回购ROI，由博彩平台和相关部门的记录收入提供。微米技术，相反，最后死了。博伊西，爱达荷州，记忆芯片制造商的管理层在PC市场，季节性和产品的时机发射时归咎于弱势。
SPIDDING股票价格将MICRON股票的价值降低超过31％以上。较差的时间造成较差的回购投资回报率近43％。差距突出了我们所谓的回购效率，这些效能衡量回购投资回购投资回购投资回购投资回购投资回购投资回购投资卡在记分卡上标记的回购策略。所有24个部门都会发布负回购效率，电信服务中的-0.3％至-16.3％，为技术硬件和设备部门的公司。
只有45家公司提供积极的回购效果，斯普林代尔最高，基于阿肯色州的泰森食品35％。最新的记分卡报告说，肉类处理器在回购中花了13亿美元，减少了市场上限5.2％。
Bringing up the rear in buyback effectiveness: New York’s E*Trade Financial Corp. at –52.1 percent.
记分卡中位数公司将其市场资本减少了7.8％。在休斯顿的宽带服务的上端，为宽带，电力，燃气管道和电力公司提供外包服务，将市场资本修剪近一半 - 五家公司落在其市场资本中的三分之一或更多的公司。
回购的批评者继续锤击攻击性的回购计划。“If you purchase shares and your buyback ROI is negative or below what the equity is delivering, you’ve rewarded the exiting shareholder financed by the ongoing shareholders,” says Jeff McCutcheon, a co-founder of Jacksonville, Florida, consulting firm Board Advisory.
In a February report to the United Nations Secretary General’s High-Level Panel on Access to Medicines, a team of researchers led by University of Massachusetts economist William Lazonick, a longtime critic of the strategy, takes aim at a key misconception: that shareholders as the sole risk-takers deserve first claim on all corporate profits allocated to buybacks.
Lazonick表示，纳税人说，承担一些风险，尤其是通过每年资助国家卫生研究院，支持生命科学研究，每年320亿美元。有就业不确定性的工人已经赢得了利润竞争索赔。他认为，第一步“恢复稳定和公平的增长”是为了禁止药品公司从回购股票。
Critics like Lazonick face an uphill battle. Both boards and shareholders favor buybacks, which have grown into a flexible and increasingly prominent component of capital strategies. Many more will follow, leaving the question: How many will really be completed? And how will they perform?
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