乐视网市值管理案例研究

发布时间：2018-01-03 01:43

本文关键词：乐视网市值管理案例研究　出处：《沈阳工业大学》2017年硕士论文　论文类型：学位论文

【摘要】：随着我国资本市场的不断发展和进步,市值管理作为资本市场的热点话题,其重要性被更多的人认同,虽然我国实践市值管理有十年的时间,却依然有很多上市公司不清楚如何进行合理有效的市值管理,实现企业内在价值的提升,并在市值上表现出来。历年对上市公司市值管理内容的研究文献不占少数,而对市值管理手段的应用和效果方面的研究文献却少之又少,因此本文的研究重点就是对市值管理手段的有效性进行分析。首先,本文对市值管理的相关文献综述进行梳理,详细地阐述了市值管理理论;其次,在此基础上,以乐视网为案例研究对象,运用文献研究法、案例研究法、事件研究法、财务指标分析法等一系列研究方法,将乐视网在不同时期发生的市值管理行为进行了详尽的案例介绍;再次,本文又重点分析了高送转、兼并收购和股权激励三种手段是否对乐视网市值管理有效,其中,对于高送转手段的分析主要从送转动因、乐视网股价变动、股票超额收益率、高送转前后市值变动、股票流动性变动等方面展开;对于兼并收购手段的分析主要从被收购方价值评估情况、收购的支付方式、乐视网股价变动、超额收益率和兼并收购前后市值变动等方面展开;对于股权激励手段的分析主要从乐视网股价变动、超额收益率、股权激励前后市值变动、乐视网股权激励行权情况等方面展开;而后,又对乐视网进行综合分析,分析其盈利能力、成长能力及托宾Q指标;通过重重分析,得出上市公司市值管理的启示并提出相关建议;最后得出本文结论,合理运用市值管理手段,可有效提升市值。希望通过本文对乐视网市值管理手段有效性的研究,可以为其他上市公司的市值管理提供思路,并供其参考。
[Abstract]:With the continuous development and progress of capital market, market value management as a hot topic of capital market, its importance is recognized by more people, although our country has been practicing market value management for ten years. But there are still many listed companies do not know how to carry out a reasonable and effective market value management to achieve the intrinsic value of the enterprise. And in the market value of the study literature on the market value management content of listed companies is not a minority, but the application of market value management tools and the effect of the research literature is very few. Therefore, the research focus of this paper is to analyze the effectiveness of market value management tools. Firstly, this paper reviews the relevant literature review of market value management, and expounds market value management theory in detail. Secondly, on this basis, take Letv net as the case study object, using a series of research methods, such as literature research, case study, event research, financial index analysis and so on. The management behavior of market value happened in different period was introduced in detail. Thirdly, this paper focuses on the analysis of whether the three methods of high transmission, merger and acquisition and equity incentive are effective to the management of Letv market value. Among them, the analysis of the means of high transmission is mainly from the transmission motivation, Letv net stock price changes. The excess return rate of stock, the market value change before and after the high transfer, the stock liquidity change and so on; The analysis of the means of merger and acquisition is mainly carried out from the aspects of the value evaluation of the acquired party, the way of payment, the stock price change of Letv net, the excess return rate and the change of market value before and after the merger and acquisition. The analysis of the means of equity incentive is mainly from the aspects of the stock price change of Letv net, the excess return rate, the change of market value before and after the equity incentive, the exercise of the right of the stock right incentive of Letv net and so on. Then, the author makes a comprehensive analysis of Letv net, analyzes its profitability, growth ability and Tobin Q index. Through the analysis, the author draws the inspiration of market value management of listed company and puts forward some relevant suggestions. Finally, this paper draws a conclusion that the rational use of market value management means can effectively enhance market value. I hope that through this study of Letv network Letv management tools effectiveness, can provide ideas for other listed companies Letv management. And for its reference.
【学位授予单位】：沈阳工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F49

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