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The Debate Over Stock Buybacks, Explained | WSJ
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00:01
In the fourth quarter of 2019, companies on the S&P 500 spent an estimated $189 billion buying back their own shares from the stock market.
2019年第四季，標普500指數成分股公司估計花費了1890億美元，從股市回購自家股票。
00:12
It was the highest in three quarters but not the highest on record.
這是三個季度以來的最高金額，但並非歷史最高紀錄。
00:16
In the final quarter of 2018, the number was about $223 billion, a high point on a decade long trend.
2018年最後一季的回購金額約為2230億美元，是這波長達十年趨勢的高點。
00:23
In all since 2010, companies on the S&P have poured more than $5.3 trillion into repurchasing their own shares.
自2010年以來，標普500指數成分股公司總共投入超過5.3兆美元回購自家股票。
00:32
Analysts say buybacks have been a driving force in the decade-long bull market.
分析師表示，回購是這波長達十年牛市的驅動力。
00:37
But there's some argument over whether they're good for the economy.
但對於回購是否對經濟有益，外界存在一些爭論。
00:40
Skeptics say the money used on stock buybacks would be better spent elsewhere, like building new factories or exploring new opportunities altogether.
持懷疑態度者認為，用於股票回購的資金若能用在其他地方會更好，例如建造新工廠或探索全新的商機。
00:48
Meanwhile, proponents say buybacks are putting money right where it belongs, with shareholders.
與此同時，支持者則表示，回購是將資金放回其應屬之處，也就是股東手中。
00:54
To understand the debate, you have to understand how stock buybacks work.
要了解這場辯論，你必須先了解股票回購的運作方式。
01:04
The debate around stock buybacks has to do with how companies use their cash.
圍繞股票回購的爭論，與公司如何運用現金有關。
01:09
They have access to quite a bit of it right now.
目前他們手頭可運用的資金相當充裕。
01:11
The tax cuts in 2017, relatively high earnings and low interest rates have all added to corporate cash stockpiles.
2017年的減稅、相對較高的獲利以及低利率，都增加了企業的現金儲備。
01:20
When a company is flush, it has options for what to do with its money.
當一家公司現金充裕時，對於如何運用這筆錢，它有幾個選項。
01:24
It can buy other companies.
它可以收購其他公司。
01:26
It can spend on research and development.
它可以投入研發。
01:28
It can buy new equipment buildings or technologies.
它可以購買新設備、廠房或技術。
01:32
Or it can return money to shareholders.
或者，它可以將錢返還給股東。
01:34
This can take the form of dividends or stock buybacks.
這可以通過發放股息或股票回購的形式進行。
01:38
In the past 10 years, the top 20 companies on the S&P 500 bought back about 1.3 trillion in shares, with Apple leading the way by far.
過去10年，標普500指數中前20大公司回購了約1.3兆美元的股票，其中蘋果公司遙遙領先。
01:48
In a stock buyback, a company purchases its own shares from shareholders, and it takes them off the market, leaving fewer shares outstanding.
在股票回購中，公司向股東購買自家股票，並將其從市場上移除，從而減少流通在外的股份數量。
01:57
This changes the math on the remaining shares in a key way.
這從根本上改變了剩餘股票的計算方式。
02:01
It boosts a metric called earnings per share, or EPS.
它會提升一項稱為「每股盈餘」（EPS）的指標。
02:05
The most basic equation for EPS is the company's net income divided by the number of outstanding shares.
EPS 最基本的公式是公司的淨利除以流通在外股數。
02:12
So when this number shrinks, the EPS rises.
因此，當這個數字（分母）縮小時，EPS 就會上升。
02:16
So if a company has a net income of $1,000 and has 100 shares outstanding, its EPS is $10.
假設一家公司的淨利為 1,000 美元，流通在外股數為 100 股，其 EPS 為 10 美元。
02:24
But if it buys back 10 of those shares, the EPS rises to $11.11.
但如果它回購了 10 股，EPS 就會上升到 11.11 美元。
02:30
Higher per share earnings make stocks look good.
每股盈餘越高，股票看起來就越吸引人。
02:33
An analyst at the S&P Dow Jones indices said that a little more than one in five companies on the S&P 500 reduced share counts by at least 4% through buybacks in the most recent quarter, boosting earnings per share.
S&P 道瓊指數的一位分析師表示，在最近一季，S&P 500 成分股中有略多於五分之一的公司透過庫藏股回購減少了至少 4% 的股數，從而推升了每股盈餘。
02:46
Stock buybacks can be a good deal for remaining shareholders.
庫藏股回購對剩餘股東來說可能是一筆划算的交易。
02:50
They tend to benefit executives because rising stock prices make their stock options more valuable.
這往往對高層主管有利，因為股價上漲會使他們的股票選擇權更有價值。
02:56
This is one of the criticisms of stock buybacks.
這正是庫藏股回購招致批評的原因之一。
02:58
The people who decide what to do with the extra cash often stand to benefit.
決定如何運用這筆額外現金的人，往往就是能從中獲利的人。
03:03
Skeptics say that money is better used on growing the company.
持懷疑態度的人認為，這筆錢用於發展公司會更好。
03:07
Here's a chart that looks at the change in business investment since 2013.
這張圖表顯示了自 2013 年以來商業投資的變化情況。
03:11
You can see it's gone negative three times.
你可以看到它曾三度陷入負成長。
03:14
Critics of buybacks say the practice is partly to blame for the lagging business investment.
庫藏股回購的批評者指出，這種做法是導致商業投資滯後的部分原因。
03:19
In 2019, Democratic Senators Chuck Schumer and Bernie Sanders argued that buybacks restrain companies from investing in R&D equipment, higher wages, paid medical leave, retirement benefits, and worker training.
2019 年，民主黨參議員 Chuck Schumer 和 Bernie Sanders 曾主張，庫藏股回購會阻礙公司投資於研發設備、提高薪資、帶薪病假、退休福利以及員工培訓。
03:33
And Republican Senator Marco Rubio of Florida unveiled a proposal that would change how investors are taxed when companies buyback shares.
而佛羅里達州的共和黨參議員 Marco Rubio 也提出了一項提案，旨在改變公司回購股票時投資人的稅務處理方式。
03:41
Analysts also say that another worrying sign is that buybacks have coincided with a rise in corporate debt levels.
分析師還指出，另一個令人擔憂的跡象是，庫藏股回購與企業債務水準的上升同時發生。
03:48
Some worry that companies are taking out debt to finance the stock buybacks.
有些人擔心，公司正在舉債來為股票回購提供資金。
03:53
Proponents of buybacks say there's no real link between share repurchases and tepid capital investment.
買回股票的支持者表示，股票回購與疲軟的資本投資之間並無真正的關聯。
03:59
And that companies could be deferring investment for other reasons.
企業可能因其他原因而延後投資。
04:02
Maybe they're pessimistic about future demand and economic growth.
也許是他們對未來的需求和經濟增長感到悲觀。
04:06
And they don't see attractive investment opportunities for the company.
且他們認為公司沒有具吸引力的投資機會。
04:10
This camp says that if a company sees no profitable use of their money, they should return it to shareholders who then have the choice to invest it on more profitable ventures.
這派觀點認為，如果一家公司找不到資金的有利用途，就應該將其返還給股東，讓股東自行選擇投資於更有利可圖的事業。
04:19
Some also say the rise in buybacks is overstated.
也有人表示，股票買回的增加被高估了。
04:21
Companies regularly issue stock as part of compensation, and the rise in buyback has partly served to offset those new shares.
公司經常發行股票作為薪酬的一部分，而股票買回的增加部分抵消了這些新股。
04:28
As this debate continues, one thing is clear.
隨著這場辯論持續進行，有一點是明確的。
04:31
Buybacks are now a big part of the landscape of American finance.
買回股票如今已成為美國金融版圖的一大重要組成部分。
04:35
There's no sign that that's about to change.
沒有跡象顯示這種情況即將改變。

The Debate Over Stock Buybacks, Explained | WSJ

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📝 影片摘要

本單元深入解析股票回購（Stock Buybacks）的機制與其引發的經濟辯論。首先，影片以標普500指數公司近年投入數兆美元回購股票的數據，說明此現象已成為金融市場的重要趨勢。接著，透過公式解釋回購如何減少流通股數，進而提升每股盈餘（EPS），並分析其對股價與高層薪酬的影響。最後，影片平衡呈現了正反兩方觀點：支持者認為這是將剩餘資金返還股東的有效方式；批評者則擔憂此舉會排擠對研發、設備更新及員工福利的投資，甚至導致企業舉債操作。

📌 重點整理

  • ✓ 數據顯示，自2010年以來標普500公司已投入超過5.3兆美元進行股票回購，是驅動牛市的重要力量。
  • ✓ 當公司現金充裕（因減稅、高獲利或低利率）時，可選擇收購、研發或回購股票來運用資金。
  • ✓ 回購運作方式：公司向股東買回股票並註銷，藉此減少流通在外股數。
  • ✓ 核心機制：流通股數（分母）減少，將提升每股盈餘（EPS），使股價看起來更具吸引力。
  • ✓ 利益衝突批評：決定回購的高層主管常因股價上漲（選擇權價值提升）而獲利，可能忽略公司長期發展。
  • ✓ 反對觀點：批評者認為回購排擠了對工廠、設備及員工薪資福利的投資，導致商業投資滯後。
  • ✓ 風險警示：部分回購資金可能來自舉債，且與企業債務水準上升同時發生。
  • ✓ 支持者反駁：若公司找不到具吸引力的投資機會，將錢返還股東是負責任的做法，且部分回購是為了抵消員工分紅發行的新股。
  • ✓ 結論：股票回購已成為美國金融版圖不可忽視的一環，且短期內趨勢不變。
📖 專有名詞百科 ｜點擊詞彙查看維基百科解釋
股票回購
buybacks
重新購買
repurchasing
流通在外的
outstanding
每股盈餘
earnings per share
股利
dividends
懷疑論者
skeptics
支持者
proponents
抑制
restrain
資本投資
capital investment
抵消
offset

🔍 自訂查詢

📚 共 10 個重點單字
buybacks /ˈbaɪbæks/ noun
The repurchase of outstanding shares by a company to reduce the number of shares on the market.
股票回購（又稱庫藏股）
📝 例句
"[32] Analysts say buybacks have been a driving force in the decade-long bull market."
→ 分析師表示，回購是這波長達十年牛市的驅動力。
✨ 延伸例句
"Companies often use buybacks to boost their earnings per share."
→ 公司常利用股票回購來提升每股盈餘。
repurchasing /ˌriːˈpɜːrtʃəsɪŋ/ verb
The action of buying something back that was previously sold.
重新購買；回購
📝 例句
"[23] In all since 2010, companies on the S&P have poured more than $5.3 trillion into repurchasing their own shares."
→ 自2010年以來，標普500指數成分股公司總共投入超過5.3兆美元回購自家股票。
✨ 延伸例句
"The government initiated a program for repurchasing weapons."
→ 政府啟動了一項武器回購計畫。
outstanding /aʊtˈstændɪŋ/ adjective
Referring to shares that have been issued and are held by investors.
流通在外的；未償付的
📝 例句
"[108] In a stock buyback, a company purchases its own shares from shareholders, and it takes them off the market, leaving fewer shares outstanding."
→ 在股票回購中，公司向股東購買自家股票，並將其從市場上移除，從而減少流通在外的股份數量。
✨ 延伸例句
"The company has 1 million shares outstanding."
→ 該公司有100萬股流通在外。
earnings per share /ˈɜːrnɪŋz pər ʃeər/ noun
The portion of a company's profit allocated to each outstanding share of common stock.
每股盈餘（EPS）
📝 例句
"[121] It boosts a metric called earnings per share, or EPS."
→ 它會提升一項稱為「每股盈餘」（EPS）的指標。
✨ 延伸例句
"Investors closely monitor the company's earnings per share."
→ 投資人密切關注該公司的每股盈餘。
dividends /ˈdɪvɪdendz/ noun
A portion of a company's earnings distributed to shareholders.
股利；股息
📝 例句
"[94] This can take the form of dividends or stock buybacks."
→ 這可以通過發放股息或股票回購的形式進行。
✨ 延伸例句
"Many investors seek stocks that pay consistent dividends."
→ 許多投資人尋找能穩定支付股息的股票。
skeptics /ˈskeptɪks/ noun
People who are doubtful of the value or usefulness of something.
懷疑論者；持懷疑態度者
📝 例句
"[40] Skeptics say the money used on stock buybacks would be better spent elsewhere..."
→ 持懷疑態度者認為，用於股票回購的資金若能用在其他地方會更好...
✨ 延伸例句
"Skeptics question the feasibility of the new plan."
→ 懷疑論者質疑新計畫的可行性。
proponents /prəˈpoʊnənts/ noun
People who advocate for or support a cause or policy.
支持者；倡導者
📝 例句
"[48] Meanwhile, proponents say buybacks are putting money right where it belongs, with shareholders."
→ 與此同時，支持者則表示，回購是將資金放回其應屬之處，也就是股東手中。
✨ 延伸例句
"Proponents of the bill argue it will help the economy."
→ 該法案的支持者認為這將有助於經濟。
restrain /rɪˈstreɪn/ verb
To prevent someone or something from doing something; to limit.
抑制；限制
📝 例句
"[199] ...buybacks restrain companies from investing in R&D equipment..."
→ ...回購會阻礙公司投資於研發設備...
✨ 延伸例句
"The government tried to restrain the spread of the virus."
→ 政府試圖遏制病毒的傳播。
capital investment /ˈkæpɪtəl ɪnˈvestmənt/ noun
Money invested in a firm or economy for the purpose of furthering its growth.
資本投資；投資於設備或資產的資金
📝 例句
"[233] Proponents of buybacks say there's no real link between share repurchases and tepid capital investment."
→ 股票回購的支持者表示，股票回購與疲軟的資本投資之間並無真正的關聯。
✨ 延伸例句
"The factory upgrade requires a significant capital investment."
→ 工廠升級需要大量的資本投資。
offset /ˈɔːfset/ verb
To counteract or compensate for something.
抵消；彌補
📝 例句
"[261] Companies regularly issue stock as part of compensation, and the rise in buyback has partly served to offset those new shares."
→ 公司經常發行股票作為薪酬的一部分，而股票回購的增加部分抵消了這些新股。
✨ 延伸例句
"The gains in one portfolio were offset by losses in another."
→ 一個投資組合的獲利被另一個的損失所抵消。
🎯 共 10 題測驗

1 How much money did S&P 500 companies spend on buybacks in Q4 2019? 2019年第四季，標普500公司花在股票回購上的金額是多少？ How much money did S&P 500 companies spend on buybacks in Q4 2019?

2019年第四季，標普500公司花在股票回購上的金額是多少？

✅ 正確！ ❌ 錯誤，正確答案是 B

The video states that in the fourth quarter of 2019, companies spent an estimated $189 billion buying back shares.

影片指出，2019年第四季，公司估計花費了1890億美元回購股票。

2 What is the primary effect of a stock buyback on a company's financial metrics? 股票回購對公司財務指標的主要影響是什麼？ What is the primary effect of a stock buyback on a company's financial metrics?

股票回購對公司財務指標的主要影響是什麼？

✅ 正確！ ❌ 錯誤，正確答案是 B

By reducing the number of outstanding shares (the denominator), the Earnings Per Share (EPS) rises.

透過減少流通在外股數（分母），每股盈餘（EPS）會上升。

3 According to the video, what is a key criticism regarding who benefits from buybacks? 根據影片，關於誰從回購中獲益的關鍵批評是什麼？ According to the video, what is a key criticism regarding who benefits from buybacks?

根據影片，關於誰從回購中獲益的關鍵批評是什麼？

✅ 正確！ ❌ 錯誤，正確答案是 C

Critics point out that the people who decide what to do with the extra cash (executives) often stand to benefit personally from the resulting stock price rise.

批評者指出，決定如何運用這筆額外現金的人（高層主管）常能從隨後的股價上漲中個人獲利。

4 Which of the following is NOT listed as an option for how a company can use its cash? 下列哪一項不是影片中列出的公司運用現金的方式？ Which of the following is NOT listed as an option for how a company can use its cash?

下列哪一項不是影片中列出的公司運用現金的方式？

✅ 正確！ ❌ 錯誤，正確答案是 B

The video lists buying companies, R&D, and buying equipment as options, but does not mention paying off government debt.

影片列出了收購公司、研發和購買設備作為選項，但沒有提到償還政府債務。

5 What is the total amount poured into repurchasing shares since 2010? 自2010年以來，投入回購股票的總金額是多少？ What is the total amount poured into repurchasing shares since 2010?

自2010年以來，投入回購股票的總金額是多少？

✅ 正確！ ❌ 錯誤，正確答案是 D

Since 2010, S&P 500 companies have poured more than $5.3 trillion into repurchasing their own shares.

自2010年以來，標普500公司總共投入超過5.3兆美元回購自家股票。

6 According to critics, what does the practice of buybacks potentially restrain companies from investing in? 根據批評者的說法，股票回購的行為可能限制公司投資於哪些方面？ According to critics, what does the practice of buybacks potentially restrain companies from investing in?

根據批評者的說法，股票回購的行為可能限制公司投資於哪些方面？

✅ 正確！ ❌ 錯誤，正確答案是 C

Senators Schumer and Sanders argued that buybacks restrain companies from investing in R&D, higher wages, and worker training.

參議員舒默和桑德斯認為，回購會限制公司投資於研發、更高的薪資和員工培訓。

7 What is the relationship between buybacks and corporate debt mentioned in the video? 影片中提到股票回購與企業債務之間有什麼關係？ What is the relationship between buybacks and corporate debt mentioned in the video?

影片中提到股票回購與企業債務之間有什麼關係？

✅ 正確！ ❌ 錯誤，正確答案是 B

Analysts point out that buybacks have coincided with a rise in corporate debt levels, with some worrying companies are taking on debt to finance them.

分析師指出，股票回購與企業債務水準的上升同時發生，有些人擔心公司正在舉債來為回購融資。

8 What is the 'math' change mentioned when shares are bought back? 當股票被回購時，影片提到的『數學』變化是什麼？ What is the 'math' change mentioned when shares are bought back?

當股票被回購時，影片提到的『數學』變化是什麼？

✅ 正確！ ❌ 錯誤，正確答案是 B

The video explains that taking shares off the market leaves fewer shares outstanding, which is the key change in the math.

影片解釋，將股票從市場移除會留下更少的流通在外股數，這就是關鍵的數學變化。

9 Why might a company choose to do a buyback according to the 'proponents' view'? 根據『支持者的觀點』，公司為何可能選擇進行股票回購？ Why might a company choose to do a buyback according to the 'proponents' view'?

根據『支持者的觀點』，公司為何可能選擇進行股票回購？

✅ 正確！ ❌ 錯誤，正確答案是 B

Proponents argue that if a company sees no profitable use for their money, they should return it to shareholders.

支持者認為，如果公司找不到資金的有利用途，就應該將其返還給股東。

10 What does the video suggest about the trend of buybacks? 影片對於股票回購的趨勢有何建議？ What does the video suggest about the trend of buybacks?

影片對於股票回購的趨勢有何建議？

✅ 正確！ ❌ 錯誤，正確答案是 C

The video concludes by stating that buybacks are a big part of the landscape of American finance with no sign that it's about to change.

影片總結道，股票回購已成為美國金融版圖的一大重要組成部分，且沒有跡象顯示這種情況即將改變。

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