MW Why the buyback frenzy may be bad for U.S. stock investors
MW Why the buyback frenzy may be bad for U.S. stock investors
MW Why the buyback frenzy may be bad for U.S. stock investors
MW為什麼回購狂潮可能對美國股市投資者不利
By Ryan Vlastelica
瑞安·弗拉斯特利卡(Ryan Vlastelica)著
Companies repurchasing their stock have been underperforming the market
回購股票的公司一直表現遜於大盤
The U.S. stock market is near record levels, and U.S. companies have been spending a record amount repurchasing their own stock. Yet investors should be cautious about connecting the two.
美國股市接近創紀錄水平，美國公司一直在花費創紀錄的金額回購自己的股票。然而，投資者在將兩者聯繫起來時應持謹慎態度。
While stock-buyback programs are often touted as a way for a company to improve its share price, this trend hasn't panned out when you look at market data, according to a report by TrimTabs Asset Management.
TrimTabs資產管理公司(TrimTabs Asset Management)的一份報告顯示，雖然股票回購計劃經常被吹捧為一家公司提高股價的一種方式，但如果你看看市場數據，就會發現這一趨勢並不奏效。
"Many of the companies that have bought their stock back have underperformed the market," said the report, co-written by Ted Theodore, the chief investment officer of TrimTabs. "And that is not just in the recent six months or so -- for more than the last three years, an index focused on companies with a strong history of buying back their own stock has underperformed."
這份由TrimTabs首席投資官Ted Theodore共同撰寫的報告稱：“許多回購股票的公司表現遜於大盤。”“這不僅僅是在最近六個月左右的時間裏--在過去三年多的時間裏，一個專注於回購自己股票的強勁歷史的公司的指數表現不佳。”
According to the firm's data, of the 350 companies in the S&P 500 that have repurchased their shares this year, 57% have underperformed the overall market.
根據該公司的數據，在今年回購股票的350家標準普爾500指數成份股公司中，57%的公司表現遜於整體市場。
Learn more:Why stock pickers should favor companies that invest, rather than reward shareholders (http://www.marketwatch.com/story/why-stock-pickers-should-favor-companies-that-invest-rather-than-reward-shareholders-2018-04-23)
瞭解更多：為什麼選股人應該偏愛投資的公司，而不是獎勵股東(http://www.marketwatch.com/story/why-stock-pickers-should-favor-companies-that-invest-rather-than-reward-shareholders-2018-04-23)
TrimTabs looked at the Nasdaq U.S. Buyback Achievers Index, which consists of companies that have reduced their outstanding shares by at least 5% over the previous year. Since June 2015, this index has returned 26.8% on a total-return basis. The S&P 500, on the other hand, has gained 45.8% over the same period.
TrimTabs研究了納斯達克美國回購Achievers指數(Nasdaq U.S.Buyback Achievers Index)，該指數由流通股較上年減少至少5%的公司組成。自2015年6月以來，該指數在總回報基礎上的回報率為26.8%。另一方面，標準普爾500指數同期上漲了45.8%。
The trend has been particularly pronounced in 2018, as measured by the performance of exchange-traded funds that offer buyback-based strategies. While the S&P 500 has gained 9.8% in 2018, the Invesco BuyBack Achievers ETF (PKW) is up just 3.8%. The SPDR S&P 500 Buyback ETF (SPYB) is up 7.5%.
從提供回購策略的交易所交易基金(ETF)的表現來看，這一趨勢在2018年尤為明顯。雖然標準普爾500指數在2018年上漲了9.8%，但景順回購Achievers ETF(PKW)僅上漲了3.8%。SPDR標準普爾500指數回購ETF(SPYB)上漲7.5%。
TrimTabs suggested that the performance could be impacted by additional factors, including the debt and balance sheets of the companies in question. Companies that lowered their debt while also reducing their outstanding shares tended to do better than the ones that increased their debt, according to the report.
TrimTabs表示，業績可能會受到其他因素的影響，包括相關公司的債務和資產負債表。根據這份報告，在減少債務的同時減少流通股的公司往往比增加債務的公司表現更好。
"The evidence suggests that investors should check the balance sheets of the buyback companies to gain a little additional edge," the report read.
報告稱：“有證據表明，投資者應該檢查回購公司的資產負債表，以獲得一點額外優勢。”
According to S&P Dow Jones Indices, companies in the S&P 500 spent a record $190.6 billion on stock buybacks in the second quarter of 2018. This represented growth of 58.7% from the second quarter of 2017. For the first half of the year, buybacks are up 49.9% to $379.7 billion.
根據標普道瓊斯指數，標普500指數成份股企業在2018年第二季的股票回購支出達到創紀錄的1,906億美元。這比2017年第二季度增長了58.7%。今年上半年，回購金額增加了49.9%，達到3,797億美元。
In large part, the surge of buyback activity reflects the tax-cut bill that was passed in late 2017, which gave companies an influx of cash. In August, Goldman Sachs estimated that $1 trillion could be spend on buyback programs in 2018 (http://www.marketwatch.com/story/stock-market-to-get-1-trillion-boost-via-buybacks-says-goldman-2018-08-06).
在很大程度上，回購活動的激增反映了2017年末通過的減税法案，該法案給企業帶來了現金流入。高盛在8月份估計，2018年(http://www.marketwatch.com/story/stock-market-to-get-1-trillion-boost-via-buybacks-says-goldman-2018-08-06).的回購計劃可能花費1萬億美元
While the amount spent on buybacks is at records, the activity has been concentrated within a few stocks. Just 10 companies account for 78% of all buyback activity, according to Goldman, while Apple Inc. (AAPL) alone accounts for 24%.
儘管用於回購的金額創歷史新高，但回購活動一直集中在少數幾隻股票中。根據高盛的數據，只有10家公司佔所有回購活動的78%，而僅蘋果公司(Apple Inc.)就佔到24%。
Buyback programs are often seen as a way for companies to improve their profit growth, which are expressed as earnings per share (EPS). Reducing the number of outstanding shares has the same mathematical impact on EPS as increasing revenue.
回購計劃通常被視為企業提高獲利增長的一種方式，獲利成長以每股盈餘(EPS)表示。減少流通股數量對每股收益的數學影響與增加收入是一樣的。
Read more:Despite buyback frenzy, 'rumors of the demise of capital spending are greatly exaggerated' (http://www.marketwatch.com/story/heres-why-stock-market-investors-reward-buybacks-more-than-capital-spending-2018-09-17)
更多信息：儘管回購狂熱，但有關資本支出消亡的傳言被大大誇大了。(http://www.marketwatch.com/story/heres-why-stock-market-investors-reward-buybacks-more-than-capital-spending-2018-09-17)
And don't miss:This hidden factor could soon make stocks much more volatile (http://www.marketwatch.com/story/this-hidden-factor-could-soon-make-stocks-much-more-volatile-2018-09-17)
別錯過了：這個隱藏的因素可能很快就會使股市的波動性大大增加，富時指數((http://www.marketwatch.com/story/this-hidden-factor-could-soon-make-stocks-much-more-volatile-2018-09-17))
-Ryan Vlastelica; 415-439-6400; AskNewswires@dowjones.com
--瑞安·弗拉斯特利卡(Ryan Vlastelica)；電話：415-439-6400；電子郵件：AskNewswres@dowjones.com
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October 01, 2018 11:50 ET (15:50 GMT)
2018年10月1日美國東部時間11：50(格林尼治標準時間15：50)
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