In this paper, we take the stock repurchases in China's Shanghai and Shenzhen stock markets as the object of study, collect a total of 86 stock repurchase events from all listed companies that declared to carry out stock repurchase during the period from June 2005 to the end of 2012, and adopts multiple regression analysis to test the applicability and try to verify the classic stock repurchase theory in the context of our country. The research results show that EPS theory and signal transmission theory have good explanation effect in our country, and other theories' explanation effects are weaker.