현대차 '자사주 소각', 삼성·SK와 다른 포인트는

The critical insight is that share buyback effectiveness depends not on the cancellation announcement but on the timing and method of initial acquisition. Hyundai Motor's approach of actively purchasing shares in the market and retiring them fundamentally differs from Samsung and SK's strategy of liquidating existing holdings, creating significant differences in actual shareholder value creation. This distinction matters because market enthusiasm for buyback announcements may overstate real benefits—the financial impact (EPS improvement) occurs at acquisition, not cancellation.