中信证券市值管理战略研究及评价

发布时间：2018-04-30 12:12

本文选题：中信证券 + 市值管理　；参考：《安徽工业大学》2016年硕士论文

【摘要】：市值管理是当今资本市场中经常被提起的热门话题。股权分置改革过后市值开始成为衡量上市公司综合实力大小的新标准,市值管理的重要性日益凸显,上市公司的市值管理实践越来越频繁。通俗来说市值管理是上市公司在基于市值信号的基础上,通过运用一系列科学合规的手段来达到公司价值创造最大化与价值实现最优化的一种战略管理行为。基于西方成熟的资本市场,市值一般能够体现公司内在价值,所以西方国家没有市值管理的概念,市值管理属于中国资本市场独特的管理理念。我国学者对于市值管理的研究主要集中在对市值管理概念、重要性、影响因素、方式的探讨,单独研究某个上市公司市值管理的情况并不多。本文立足于中信证券的市值管理案例,希望通过分析中信证券让更多的上市公司找到适合自己的市值提升方案。文章首先对市值管理的研究概况及学者们的研究成果进行归纳总结,在此基础上普及市值管理的相关知识;然后结合中信证券的历年市值走势从价值创造和价值实现两个维度总结中信证券市值管理策略;接着运用市值管理绩效评价模型对中信证券市值管理情况进行打分评价;最后总结中信证券市值管理给我们带来的启示并给出提升其市值的建议。本文通过研究发现中信证券的市值管理水平较高。自2003年A股上市以来,公司通过增强自身盈利能力、现金并购与定向增发相结合、加强投资者关系管理等市值管理策略不断壮大市值规模,拉开与同行业其他券商的差距。针对中信证券市值管理过程中暴露的问题,本文从盈利能力、投资者关系、公司治理、内部控制等方面提出启示。本文的研究不仅证明了市值管理一直都是中信证券的综合战略工程,还为我国上市公司如何通过市值管理策略的运用实现业绩提升——市值增长——投资者权益增加的良性循环提供了有益借鉴。
[Abstract]:Market value management is a hot topic often raised in the capital market today. After the reform of non-tradable shares market value began to become a new standard to measure the comprehensive strength of listed companies. The importance of market value management is becoming more and more prominent and the practice of market value management of listed companies is becoming more and more frequent. Generally speaking, market value management is a kind of strategic management behavior for listed companies to maximize the value creation and realize the optimization of value by using a series of scientific and compliant means on the basis of market value signal. Based on the mature capital market in the West, market value is generally able to embody the intrinsic value of the company. Therefore, there is no concept in the western countries of market value management, which belongs to the unique management concept of the Chinese capital market. The research of market value management mainly focuses on the concept, importance, influencing factors and ways of the market value management. However, there is not much research on the managements of a listed company market value alone. Based on market value's management case, this paper hopes to make more listed companies find their own promotion scheme by analyzing CITIC Securities. The article first summarizes the general situation of market value management and the research results of scholars, on the basis of which we can popularize the relevant knowledge of market value management. Then combining with market value trend of CITIC Securities over the years, the paper sums up the management strategy of market value in CITIC Securities from the two dimensions of value creation and value realization, and then evaluates the management situation of CITIC Securities market value by the use of market value management performance evaluation model. Finally, the paper summarizes the inspiration of market value's management and gives some suggestions to promote its market value. This paper finds that market value of CITIC Securities has a high level of management. Since the A-share listing in 2003, the company has strengthened its own profitability, combined cash M & A with directional additional issuance, strengthened the management strategy of investor relationship management, etc. Market value's management strategy has continuously expanded the scale of market value and opened the gap with other securities firms in the same industry. In view of the problems exposed in the management process of market value of CITIC Securities, this paper puts forward some enlightenments from the aspects of profitability, investor relations, corporate governance, internal control, and so on. The research in this paper not only proves that market value management has always been a comprehensive strategic project of CITIC Securities, It also provides a useful reference for China's listed companies how to use market value management strategy to realize the positive cycle of improving the performance-market value growth-investors' rights and interests.
【学位授予单位】：安徽工业大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F832.39;F830.42

【相似文献】