本文以交大昂立为例,分析了该公司终止股份回购的原因及对股东财富的影响。研究结果显示,市场对交大昂立终止回购事件做出了负面的解读,股东财富遭到减损。股份回购的灵活性较大,管理层可以根据公司及市场情况在宣告回购后又做出终止回购的决定,因此,对于投资者来说,需要判断管理层真正实施股份回购计划的可能性有多大。 In this paper, the case of the National Antarctic University, as an example, analyzes the reasons for the termination of share repurchase and the impact on shareholders’ wealth. The results show that the market made a negative interpretation of the termination of the repurchase transaction, the shareholders’ wealth was devalued. Share repurchase flexibility, management can be based on the company and market conditions after the announcement of the repurchase and make a decision to terminate the repurchase, therefore, for investors, you need to determine the management really implement the share repurchase program Possibilities