酒钢宏兴股份公司市值管理方案研究
发布时间：2018-11-28 17:35
【摘要】：自股权分置改革启动以来,资本市场全流通得以实现,促使上市公司大小股东的利益在市值这个目标上取得了一致：股权激励制度的推广又为上市公司管理团队与股东的利益在市值这个标杆上形成了统一。中国上市公司的经营目标由此正在从追求利润、追求资产转向了追求股东价值即追求公司价值最大化这一目标。上市公司的市值成为衡量其实力大小的综合性指标,它不仅体现了企业现在经营能力的好坏,反映了企业未来盈利的预期,还反映了企业与股东、企业与社会之间的互动关系。所谓市值管理就是上市公司基于市值信号,综合运用多种科学、合规的价值经营方法和手段,已达到公司价值创造最大化、价值实现最优化的一种战略管理行为；经济增加值的核心则是衡量企业盈利与其全部资本投入的关系,它的计算值是企业的税后净营业利润与企业全部资本成本(包括权益成本和债务成本)的差额。作为战略管理行为,市值管理对上市公司具有全局性意义,必须注重管理工作的系统性和可持续性。 本文以酒钢宏兴为目标企业,通过对酒钢宏兴市值管理现状的分析,并结合国内钢铁行业整体情况,以传统财务分析方法杜邦分析法为基础,设计出了基于经济增加值EVA标准的价值创造管理框架。本文指出,在基于经济增加值EVA为标准的价值创造管理框架内要从公司资产配置、业务流程、资本结构以及公司治理结构等几个方面对公司进行市值管理。接着又详细介绍了这种方案的具体实施过程和计算办法,最后对于这种方案的操作过程中所遇到的问题进行说明,并作出了客观评价,得出了优于传统财务方法,即充分考虑公司资本成本的方案。
[Abstract]:Since the reform of split share structure started, the full circulation of capital market has been realized. The promotion of the equity incentive system has unified the interests of the management team and the shareholders in the market value. Therefore, the management goal of Chinese listed companies is changing from the pursuit of profit and the pursuit of assets to the pursuit of shareholder value, that is, to pursue the maximization of corporate value. The market value of the listed company becomes the comprehensive index to measure its strength. It not only reflects the quality of the enterprise's present management ability, but also reflects the expectation of the future profit of the enterprise, and also reflects the interactive relationship between the enterprise and the shareholders, the enterprise and the society. The so-called market value management is a kind of strategic management behavior of the listed company, which is based on the market value signal, synthetically uses a variety of scientific and compliant value management methods and means, has reached the company value creation maximization, the value realizes the optimization one kind of strategic management behavior; The core of economic added value is to measure the relationship between enterprise profit and its total capital input. Its calculation value is the difference between the net operating profit after tax and the total capital cost (including equity cost and debt cost). As a strategic management behavior, market value management has overall significance to listed companies, so we must pay attention to the systematization and sustainability of management work. This article takes Hongxing of Jiugang as the target enterprise, through the analysis of the present situation of the market value management of Hongxing of Jiugang, and combined with the whole situation of the domestic steel industry, based on the traditional financial analysis method, DuPont analysis method. The management framework of value creation based on EVA standard is designed. This paper points out that in the framework of value-creation management based on EVA, the market value should be managed from the aspects of asset allocation, business process, capital structure and corporate governance structure. Then it introduces in detail the concrete implementation process and calculation method of this scheme, and finally explains the problems encountered in the operation of this scheme, and makes an objective evaluation, which is superior to the traditional financial method. That is, to fully consider the cost of capital of the company.
【学位授予单位】：兰州大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F426.31
本文编号：2363715
[Abstract]:Since the reform of split share structure started, the full circulation of capital market has been realized. The promotion of the equity incentive system has unified the interests of the management team and the shareholders in the market value. Therefore, the management goal of Chinese listed companies is changing from the pursuit of profit and the pursuit of assets to the pursuit of shareholder value, that is, to pursue the maximization of corporate value. The market value of the listed company becomes the comprehensive index to measure its strength. It not only reflects the quality of the enterprise's present management ability, but also reflects the expectation of the future profit of the enterprise, and also reflects the interactive relationship between the enterprise and the shareholders, the enterprise and the society. The so-called market value management is a kind of strategic management behavior of the listed company, which is based on the market value signal, synthetically uses a variety of scientific and compliant value management methods and means, has reached the company value creation maximization, the value realizes the optimization one kind of strategic management behavior; The core of economic added value is to measure the relationship between enterprise profit and its total capital input. Its calculation value is the difference between the net operating profit after tax and the total capital cost (including equity cost and debt cost). As a strategic management behavior, market value management has overall significance to listed companies, so we must pay attention to the systematization and sustainability of management work. This article takes Hongxing of Jiugang as the target enterprise, through the analysis of the present situation of the market value management of Hongxing of Jiugang, and combined with the whole situation of the domestic steel industry, based on the traditional financial analysis method, DuPont analysis method. The management framework of value creation based on EVA standard is designed. This paper points out that in the framework of value-creation management based on EVA, the market value should be managed from the aspects of asset allocation, business process, capital structure and corporate governance structure. Then it introduces in detail the concrete implementation process and calculation method of this scheme, and finally explains the problems encountered in the operation of this scheme, and makes an objective evaluation, which is superior to the traditional financial method. That is, to fully consider the cost of capital of the company.
【学位授予单位】：兰州大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F426.31
【参考文献】
相关期刊论文 前6条
1 何瑛,彭晓峰;价值管理研究综述[J];财会通讯(学术版);2005年04期
2 唐勇军;;价值管理研究综述与评价[J];财会通讯(综合版);2007年05期
3 邢会强;;试论银行上市后的投资者关系管理[J];金融论坛;2006年10期
4 吴应宇;丁胜红;;企业关系资本:价值引擎及其价值管理研究——基于利益相关者理论视角[J];东南大学学报(哲学社会科学版);2011年05期
5 施光耀;刘国芳;梁彦军;;中国上市公司市值管理评价研究[J];管理学报;2008年01期
6 刘国芳;;市值管理应谨防7大误区[J];上海国资;2007年05期
相关重要报纸文章 前2条
1 蒋国云;[N];中国证券报;2006年
2 ;[N];中国证券报;2006年
相关硕士学位论文 前4条
1 李俊伟;后股权分置时代市值管理研究[D];吉林大学;2008年
2 孙少杰;我国上市公司市值管理模式研究[D];西北大学;2008年
3 陶燕;现阶段我国上市公司市值管理[D];西南财经大学;2008年
4 赵莉;上市公司市值管理研究[D];北京邮电大学;2009年
，本文编号：2363715
本文链接：https://www.wllwen.com/guanlilunwen/shengchanguanlilunwen/2363715.html
