回购指的是什么？

中文：

回购，通常指的是一家公司从其股东手中购买自己的股票，以减少市场上的流通股数量。这一行为可以视为公司对自家股票的一种投资行为，也可以看作是公司对股价的支撑措施。回购的目的多种多样，包括提高股价、优化资本结构、进行股权激励等。

在回购过程中，公司可以采用现金、债务或其他资产等方式支付购买股票的对价。回购完成后，这些股票通常会被注销，从而减少公司的注册资本。同时，回购也会减少市场上的流通股数量，这有助于提高每股盈利和股东的持股比例，从而可能增加股东的收益。

回购的影响是双向的。一方面，回购可以提高公司的股价，增强投资者对公司的信心。另一方面，如果回购过度，可能会导致公司现金流紧张，影响公司的日常运营和长期发展。因此，公司在决定是否进行回购时，需要综合考虑市场环境、公司财务状况和未来发展等因素。

英文：

Repurchase, commonly referred to as stock buyback, is a corporate action of purchasing its own shares from shareholders to reduce the number of shares available for trading in the market. This can be seen as an investment in the company's own stock or a measure to support the stock price. The purposes of repurchases vary, including boosting stock prices, optimizing capital structure, and conducting equity incentives.

During the repurchase process, companies can pay for the shares using cash, debt, or other assets. After the repurchase is completed, these shares are typically canceled, reducing the company's registered capital. At the same time, the repurchase reduces the number of shares available for trading in the market, which can help increase earnings per share and shareholders' holding ratios, potentially leading to higher returns for shareholders.

The impact of repurchases is two-fold. On one hand, repurchases can boost a company's stock price and enhance investors' confidence in the company. On the other hand, excessive repurchases can strain a company's cash flow and affect its daily operations and long-term development. Therefore, when deciding whether to conduct a repurchase, companies need to consider various factors such as the market environment, the company's financial situation, and future growth prospects.