包头明天科技股份有限公司市值管理研究

发布时间：2018-05-19 13:30

本文选题：市值管理 + 价值管理　；参考：《内蒙古财经大学》2017年硕士论文

【摘要】：2005年我国拉开了上市公司股权分置的序幕,上市公司的市值(总股本与股价相乘)与各股东的投资价值密切相关,非流通股东与流通股股东的利益趋向一致,上市公司追求的目标由不断增加利润和不断增加净资产转变为公司价值最大化,上市公司也转变了角色定位,由原来的大股东的融资平台变为为所有股东管理资产和创造更大的收益。在西方发达国家中并没有市值管理这一理论,价值管理却是他们研究的主要目标,市值和价值没有太多的不同,这是由于他们的资本市场发展较早且相对完善,而国内资本市场发展较晚,相对滞后,上市公司的市值和价值却有很大差别,国内的市值管理是为股东创造价值同时使价值最大化,国外的价值管理的目的也是如此,区别之处是市值管理较价值管理更为复杂,是国内资本市场特色的价值管理方法。在国内资本市场中,有些上市公司在短时间内自身市值倍增,股东价值最大化,而有些上市公司股东价值在长时间内却没有太大的变化。本文首先说明了市值管理的含义,将市值和价值加以比较,明确了市值管理同价值管理的不同意义。其次以包头明天科技股份有限公司(600091)为例研究其市值管理策略和方法,可以得知其成功之处和不足之处,同时总结经验和教训,理论同实践相结合,得出适合于明天科技的市值管理方案,为上市公司市值管理得出了宝贵的经验。包头明天科技股份有限公司这一上市公司在市值管理策略方面是多方面多角度的,在A股市场中,公司通过市值管理得到投资者的认同,不断提升股票价格,为股东创造价值实现股东价值最大化。
[Abstract]:In 2005, China opened the prelude of the split share structure of listed companies. The market value of listed companies is closely related to the investment value of each shareholder, and the interests of non-circulating shareholders and tradable shareholders tend to be consistent. The goal pursued by listed companies has changed from increasing profits and increasing net assets to maximization of company value, and the role of listed companies has also changed. From the original large-shareholder financing platform to all shareholders to manage assets and create greater returns. There is no theory of market value management in western developed countries, but value management is the main goal of their research. There is not much difference between market value and value. This is because their capital market developed earlier and is relatively perfect. But the domestic capital market develops relatively late, relatively lags behind, the listed company's market value and the value actually have the very big difference, the domestic market value management is creates the value for the shareholder simultaneously causes the value maximization, the foreign value management also has the same purpose. The difference is that market value management is more complex than value management, and it is the characteristic value management method of domestic capital market. In the domestic capital market, some listed companies multiply their own market value in a short period of time and maximize the shareholder value, while some listed companies have not changed much in a long period of time. This paper first explains the meaning of market value management, compares market value with value, and clarifies the different meanings of market value management and value management. Secondly, taking Baotou Science and Technology Co., Ltd. 600091) as an example to study its market value management strategy and methods, we can know its success and shortcomings, and sum up experience and lessons, and combine theory with practice. The market value management scheme suitable for tomorrow's science and technology is obtained, and valuable experience for market value management of listed companies is obtained. Baotou Science and Technology Co., Ltd., a listed company, is in many ways and from many angles in terms of market value management strategy. In the A-share market, the company gets the approval of investors through market value management and continuously raises stock prices. Create value for shareholders to maximize shareholder value.
【学位授予单位】：内蒙古财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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