中国市值管理研究

发布时间：2018-10-09 18:58

【摘要】：2005年，三一重工股权改制方案的通过标志着中国资本市场开始掀起了股权分置改革的现代化浪潮。2008年，三一重工的全面成功解禁则标志着中国股票市场“全流通时代”的正式开始，也标志着中国市值管理元年的开始。从此，诞生于中国的具有中国特色的市值管理理论在中国新兴的资本市场生根发芽。富有创新精神的中国学者和专家经过坚持不懈的探索和研究，，取得了市值管理理论研究的初步成果。他们结合中国国情，针对市值管理提出了许多创造性的市值管理理论内容。但是，如何定位市值管理的概念、理论基础、发展的未来趋势以及指导现代管理实践都是当下众多学者专家孜孜不倦地正在探索和研究的课题。本文从市值管理必要性出发，运用实证分析方法，对市值与内在价值进行了分析研究，得出了市值管理存在是必要和合理的结论。在2008年以来的中国市值管理实践与研究的基础上，以市值管理的总体目标为中心构造了初步的理论体系。从市值管理的内容、目标、实践现状与对策等方面做出研究与分析，形成了较为系统的市值管理理论体系。文章在市值管理必要性证明、目标体系方面做出了尝试性创新。通过计量经济学手段，对市值指标与内在价值相关性进行了实证检验，得出市值管理必要性这一结论。而后进一步从价值路径角度对市值管理的内容、问题、对策等方面进行了论述。本文对中国当前的市值管理理论研究以及实践进行了初步的总结，并针对其提出了初步的看法。
[Abstract]:In 2005, the adoption of Sany's equity reform plan marked the beginning of a wave of modernization of the split share structure reform in China's capital market. Sany's overall success in lifting the ban marks the official beginning of the "full circulation era" of China's stock market and the beginning of the first year of market capitalization management in China. Since then, the market value management theory with Chinese characteristics has taken root in China's emerging capital market. Chinese scholars and experts who are full of innovative spirit have made a preliminary achievement in the theory of market capitalization management through unremitting exploration and research. According to the situation of China, they put forward many creative theories of market value management. However, how to position the concept of market value management, the theoretical basis, the future trend of development and the guidance of modern management practice is a topic that many scholars and experts are constantly exploring and studying. Based on the necessity of market value management and the empirical analysis method, this paper makes an analysis of market value and intrinsic value, and draws a conclusion that the existence of market value management is necessary and reasonable. Based on the practice and research of market value management in China since 2008, a preliminary theoretical system is constructed with the overall goal of market value management as the center. This paper studies and analyzes the content, goal, practice status and countermeasure of market value management, and forms a systematic theory system of market value management. The paper proves the necessity of market capitalization management, and tries to innovate in the aspect of target system. By means of econometrics, this paper empirically tests the correlation between the market value index and the intrinsic value, and draws the conclusion that the market value management is necessary. Then it discusses the content, problems and countermeasures of market value management from the perspective of value path. This paper summarizes the current research and practice of market capitalization management in China, and puts forward some preliminary views on it.
【学位授予单位】：山东财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F426.4;F832.51

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