应该说，股份回购在我国上市公司并未广泛实施，这不仅是法律限制过严，而且股份回购充满多层面的利益冲突。这里暂时悬置利益冲突问题，先看看美国的股神——巴菲特对股份回购所采取的立场。

　　"There is only one combination of facts that makes it advisable for a company to repurchase its shares: First, the company has available funds--cash plus sensible borrowing capacity--beyond the near-term needs of the business and, second, finds its stock selling in the market below its intrinsic value, conservatively calculated. To this we add a caveat: Shareholders should bave been supplied all the information they need for estimating that value. Otherwise, insiders could take advantage of their uninformed partners and buy out their interests at a fraction of true worth. We have, on rare occasions, seen that happen. Usually, of Course, chicanery is employed to drive stock prices up, not down. "

　　这里录下原文，是发现陈鑫先生的译文不太顺畅，尽管没有明显错误。

　　译文：“公司回购自己的股份，只有在下述事实一起出现时才值得考虑：第一，公司有足够的资金——现金加上合理的借款能力——超过近期的业务之需；第二， 公司股票的市场售价低于其按照保守方法估算的内在价值，此外，尚需注意：须向股东们提供他们据以估算内在价值的所有信息。否则，内部人就会借机蒙骗他们那些不知情的合伙人，用远低于真实价值的价格买下他们的权益。这种情形很少见到，常见的情形往往是，采取欺骗手段推动股价上涨，而非下跌。”