市值管理背景下公司价值实现问题研究

发布时间：2018-02-27 23:06

本文关键词： 市值管理价值创造价值实现价值泡沫价值洼地　出处：《集美大学》2017年硕士论文　论文类型：学位论文

【摘要】：股权分置改革的顺利完成开启了我国资本市场的市值管理时代,使市值成为衡量公司综合实力的新标杆。市值管理从根本上也引发了公司对价值实现问题的关注。2014年5月,“新国九条”提出要鼓励上市公司建立市值管理制度,更是引发了资本市场践行市值管理的浪潮,然而由于理论本身的不成熟和监管制度以及监管经验的缺乏,在践行市值管理的过程中出现了许多管理上的乱象。乱象的存在在很大程度上反映出企业对市值管理的曲解,或者更准确的说,反映出的是对价值实现的曲解。因此,如何正确认识价值实现并采取合法合规的手段实现公司价值,是值得我们思考的问题。鉴于以上现实背景,本文结合当下上市公司在价值实现方面的现状,采用规范研究的方法,对上市公司价值实现问题进行了探究。首先,通过对现有有关价值管理、市值管理以及价值实现等方面的国内外文献综述,一方面了解公司价值实现研究的现状及内容,另一方面从逻辑思路上阐述了价值实现不能脱离公司价值创造而存在。其次,系统阐述了价值实现的相关理论,指出价值实现的内在机理是公司内在价值提升基础上的价值信号的有效传递;在此基础上系统归纳总结了价值创造、价值实现的主要路径与方法,提出了价值实现的基本内容,并构建了基于价值创造的价值实现基本理论框架。再次,根据所构建的价值实现基本理论框架,结合当下上市公司在会计信息披露、投资者关系管理等方面的现状,分析了价值实现良性面、存在问题及其主要原因。最后,从内在价值与市值发生偏离所造成的价值泡沫及价值洼地两方面对公司价值实现提出相关的对策建议。
[Abstract]:The successful completion of the split share structure reform has opened the era of market value's management of China's capital market. Market value has become a new benchmark for measuring the comprehensive strength of a company. Market value management has also fundamentally aroused the company's concern about the realization of value. On May 2014, the "Nine articles of the New Nation" proposed that listed companies should be encouraged to establish a management system for market value. It also triggered the wave of capital market practice market value management, but due to the immature theory and regulatory system as well as the lack of regulatory experience, In the course of carrying out market value's management, there have been a lot of misunderstandings in management. To a large extent, the existence of chaotic phenomena reflects the misinterpretation or, more accurately, the realization of value by enterprises. It is worth thinking about how to realize the value correctly and how to realize the company value by legal compliance. In view of the above realistic background, this paper combines the current situation of value realization of listed companies. Using the method of normative research, this paper probes into the value realization of listed companies. First of all, it summarizes the domestic and foreign literature on value management, market value management and value realization, etc. On the one hand, we understand the current situation and content of the research on the realization of corporate value, on the other hand, we expound that the realization of value can not exist from the company value creation from the view of logic. Secondly, the relevant theory of value realization is expounded systematically. It is pointed out that the intrinsic mechanism of value realization is the effective transmission of value signal on the basis of the company's intrinsic value promotion, and on this basis, the main ways and methods of value creation and value realization are summarized systematically, and the basic content of value realization is put forward. Thirdly, according to the basic theoretical framework of value realization, combined with the current situation of listed companies in accounting information disclosure, investor relationship management, etc. This paper analyzes the benign side of value realization, problems and its main reasons. Finally, the paper puts forward some countermeasures and suggestions on the realization of company value from two aspects: the value bubble caused by the deviation of intrinsic value from market value and the value depression.
【学位授予单位】：集美大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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