作者：平凡之路2049

回购之后注销股票，会导致净资产减少，从而导致总资产减少。在负债不变的情况下，负债率会进一步升高。原来如此

引用：

巴菲特致股东的信原文精读Day391：
原文：It is important to remember that there are two occasions in which repurchases should not take place, even if the company’s shares are underpriced. One is when a business both needs all its available money to protect or expand its ow...