同方股份市值管理问题研究

发布时间：2018-01-07 21:15

本文关键词：同方股份市值管理问题研究　出处：《哈尔滨工业大学》2015年硕士论文　论文类型：学位论文

【摘要】：随着股权分置改革的全面结束,中国股市终于迎来全流通时代,上市公司的大股东和中小股东的利益在市值这一指标上趋于一致,上市公司的经营目标也从单纯追求利润最大化转变为追求股东价值最大化。本文通过对市值管理国内外研究现状予以梳理,指出当前中国上市公司市值管理工作尚处于探索研究阶段,迫切需要从理论到实践予以完善。随后选择一家有代表性的上市公司作为研究样本,分析其市值管理存在的问题并给出优化对策,为其他上市公司市值管理提供借鉴意义。本文选择同方股份作为研究对象,对其市值管理基础性工作予以全面分析论述。通过对同方股份偿债能力、营运能力、盈利能力及发展能力的分析可知,同方股份财务状况表现并不理想,随后的Z值预警分析和杜邦财务综合分析又加以了印证。由此表明同方股份的经营管理出了问题,公司主营业务盈利能力薄弱,净利润过于依赖非经常性损益项目,控股及参股公司管理相对混乱且资本退出机制不畅通。究其根本原因就是股权激励机制迟迟没有实施及分拆上市进程受阻,体现在资本市场上就是同方股份市值增长过于缓慢,市值表现与公司内在价值不符。本文分别从价值创造、价值实现和价值经营的角度给出完善其市值管理的各项优化对策,帮助同方股份市值管理能力不断提高。在价值创造方面,选取对同方股份市值影响较大的存货周转率、净资产收益率及每股收益等三个主要财务指标进行分析,并从库存管理及生产的外包、退出盈利能力较弱行业和股票回购等方面给出优化对策,帮助同方股份市值管理。在价值实现方面,通过提升品牌知名度和产品质量、细分投资者群体和提高沟通效率等手段加强品牌及投资者关系管理。从行权价格方式、股票来源、行权比例等方面促进同方股份开展股权激励,帮助同方股份市值得以最大化地实现。在价值经营方面,从资本退出渠道、创投发展模式和规范分拆运作机制等方面加快同方股份分拆上市工作,提升同方股份现有估值水平。
[Abstract]:Along with the reform of non tradable shares over, China stock market finally ushered in the era of full circulation, the major shareholders of listed companies and minority shareholders tend to be consistent in the index of market capitalization, the listed company business objectives from the simple pursuit of profit maximization into the pursuit of shareholder value maximization. This article through to comb the status quo study on domestic market management, pointed out that the current job market management Chinese of listed companies is still in the exploratory stage, the urgent need to be improved from theory to practice. Then choose a representative of listed companies as the research sample, analyze the existing problems and puts forward the market value management optimization measures, provide a reference for the management of the market value of other listed companies. This shares the same side as the research object, to comprehensive analysis about its market management infrastructure work. Based on Tongfang solvency Force, operating capacity, profitability and development capacity analysis shows that the performance of shares the same side of the financial situation is not ideal, then the Z value of early warning analysis and comprehensive financial analysis DuPont also be confirmed. These results indicated that shares the same side of the business management, the company's main business profitability is weak, the net profit is too dependent on non recurring items, equity holdings and company management chaos and capital exit mechanism is not clear. The fundamental reason is that the equity incentive mechanism has not hindered the process of implementation and listing, reflected in the capital market is to share the same market growth is too slow, the market value of company performance and does not match the intrinsic value. This paper from the value creation value realization and value management, the paper improve the optimization strategy of the market management, help to share the same market value management in value creation ability to continuously improve. Created, selected on the same side of the market value of the shares of stock turnover, analyze the rate of return on net assets and earnings per share of three main financial indicators, and from the inventory management and production outsourcing, exit the weak profitability of industry and stock repurchase etc. are given to optimize the strategy, help Tongfang market management. The value realization, through the enhancement of brand awareness and product quality, the group of investors and improve the efficiency of communication breakdown and other means to strengthen the management of the relationship between brand and investors. From the exercise price, the source of stock, shares the same side to carry out equity incentive to promote exercise ratio etc., help Tongfang city to maximize the value of business. From the aspects of capital, accelerate the exit channels, shares the same side spin off work of venture capital development mode and the standard split operation mechanism, improve the existing shares the same side valuation level.

【学位授予单位】：哈尔滨工业大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F275;F832.51

【参考文献】