腾讯的问题是,回购注销股票的规模虽然大,但股权激励的规模也不小,导致总股本下降比较缓慢。历史上腾讯授予出去的行权价很低的存量股权激励规模还不小,所以回购注销股票在总股本缩小、每股收益提升上的效应不明显。$TENCENT(00700.HK)

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