我国上市公司市值管理分析框架和评价指标研究

发布时间：2018-09-02 10:12

【摘要】：2005年股权分置改革的顺利推进宣告了我国资本市场全流通时代的到来,与此同时证券市场也经历了一个暴涨到暴跌的过程：A股总市值从2005年底的3.1万亿一路飙升至2007年10月的32.44万亿,紧接着在2008年又暴跌至12.14万亿。如此动荡的股票市场使市值管理的研究成为资本市场全流通的必然产物,市值管理便迅速成为了我国资本市场的热门研究话题。市值已经成为我国资本市场对上市公司进行综合衡量的标杆,市值对于上市公司股东收益的实现、融资效率的高低、竞争优势的大小、收购与反收购能力、管理层绩效考核和投资者财富等都有重要影响。市值管理的提出也标志着我国上市公司经营哲学和经营理念的深刻转变,即公司管理由利润导向转变为价值和市值导向。因此,对于市值管理的研究在理论和实践上都有重大意义。本文从我国上市公司战略管理的视角对市值管理问题进行了探讨,力求创新出一个比较完善的理论分析框架和评价指标体系。首先,前人的研究将市值管理分为了价值创造、价值经营和价值实现三大环节,本文在对前人研究进行综述的基础上,创新性地总提出了新的三大市值管理环节：价值发现、价值经营和价值实现。因为只有在发现了价值的基础上才能进行价值的创造、经营和实现,而价值创造和价值经营实质上是一个保值增值的过程,所以合并起来成为价值经营。其次,本文将研究市值管理的视角放在了战略的高度,因为本文认为公司战略是解决公司如何实现价值增长及保持可持续性的,公司战略管理是最根本的创造价值的活动,是价值实现的基础。具体来讲,本文从战略规划和战略实施两个方面,核心竞争力、行业地位、财务管理、公司治理、客户关系管理和投资着关系管理六个维度去进行价值的发现和价值经营策略的研究。接着,本文讨论了在当前中国资本市场处于非有效的状态下,我国上市公司如何将其内在价值通过资本市场外部实现的一些策略,从而完成了价值发现、价值经营和价值实现三大环节的良性循环和有机统一,建立了完善的市值管理分析框架。市值管理绩效评价是市值管理理论联系实际的纽带,本文随后在市值管理分析框架的基础上,从核心竞争力、行业地位、财务管理、公司治理、客户关系管理和投资着关系管理六个方面初步构建了较为全面的理论评价指标体系。同时,结合现有的会计统计指标,尝试性构建了可操作的实践评价指标体系,并搜集了23家样本公司的数据进行了实证检验。最后,归纳与总结全文,提炼出本文的主要结论。
[Abstract]:The smooth progress of the reform of split share structure in 2005 has declared the arrival of the era of full circulation of China's capital market. At the same time, the stock market experienced a sharp rise to a collapse: total A-share market capitalization soared from 3.1 trillion at the end of 2005 to 32.44 trillion in October 2007, followed by a plunge to 12.14 trillion in 2008. With such a turbulent stock market, the research of market value management has become the inevitable outcome of the whole circulation of capital market, and market value management has become a hot research topic in China's capital market. Market capitalization has become the benchmark for the comprehensive measurement of listed companies in the capital market. The market value has been used to realize the shareholder income of listed companies, the level of financing efficiency, the size of competitive advantage, the ability of acquisition and anti-takeover. Management performance appraisal and investor wealth have important influence. The proposal of market value management also marks a profound change in the management philosophy and management philosophy of listed companies in China, that is, the transformation of company management from profit orientation to value and market value orientation. Therefore, the research on market value management is of great significance both in theory and practice. This paper probes into the market value management from the perspective of strategic management of listed companies in China, and tries to innovate a relatively perfect theoretical analysis framework and evaluation index system. Firstly, market value management is divided into three parts: value creation, value management and value realization. Value management and value realization. Because value creation, management and realization can only be carried out on the basis of finding value, value creation and value management are essentially a process of maintaining and increasing value, so it is merged into value management. Secondly, this paper puts the perspective of market value management on the strategic height, because this paper thinks that corporate strategy is to solve the problem of how to achieve value growth and maintain sustainability, and corporate strategic management is the most fundamental value-creating activity. It is the foundation of value realization. Specifically, this article from the strategic planning and implementation of the two aspects, core competitiveness, industry status, financial management, corporate governance, Customer relationship management and investment relationship management are six dimensions of value discovery and value management strategy research. Then, this paper discusses some strategies on how to realize the internal value of Chinese listed companies through the outside of the capital market under the condition that the current Chinese capital market is not effective, thus completing the value discovery. The benign cycle and organic unity of the three links of value management and value realization have been established, and a perfect analysis framework of market value management has been established. Market value management performance evaluation is the link between market value management theory and practice. Based on the market value management analysis framework, this paper analyzes the core competitiveness, industry status, financial management, corporate governance. Six aspects of customer relationship management and investment relationship management have preliminarily constructed a more comprehensive theoretical evaluation index system. At the same time, combined with the existing accounting statistical indicators, an operational practical evaluation index system is constructed, and the data of 23 sample companies are collected for empirical test. Finally, the paper summarizes and summarizes the main conclusions of this paper.
【学位授予单位】：南京大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F233;F224

【相似文献】