乐视网市值管理绩效评价

发布时间：2018-04-19 15:10

本文选题：乐视网 + 市值管理　；参考：《湘潭大学》2016年硕士论文

【摘要】：2014年5月9日颁布的新“国九条”,将市值管理写入了国家关于资本市场顶层设计文件。市值管理被监管层正名、倡导之后,关于市值管理的话题迅速成为了资本市场的热点,市值管理实践也进行的如火如荼,但其中却不乏一些打着市值管理名义幌子的违法违规行为,这些“伪”市值管理行为不仅给上市公司及广大投资者利益带来了不少的危害,也影响着市值管理的健康发展。而通过对市值管理做出正确的评价,有助于市场各主体树立正确的市值管理观念,也可以促使上市公司采取合理有效的方法策略,进行有效的市值管理,从而进一步促进上市公司未来的发展、保障广大投资者的利益。本文以乐视网作为案例公司,采用规范性研究法与案例分析法两种方法对乐视网的市值管理进行评价分析。首先,在对与市值管理相关的国内外文献进行系统梳理、基本理论进行阐述后,再结合案例公司——乐视网的具体情况,对目前最具权威性的市值管理绩效评价体系进行修改,得出本文的市值管理评价模型。其次,对乐视网的市值管理基本状况进行概述分析,主要从市值变动情况和市值管理策略两个方面进行。先将乐视网市值走势分别与创业板指数、主营业务收入进行对比,分析其市值的变动情况,再对乐视网的股权激励、并购重组、大股东减持等已采取的市值管理策略进行介绍并分析其产生的影响。再次,根据修改后的市值管理评价模型,运用乐视网2010年至2015年的数据,计算出乐视网历年的市值管理评价指标数值,再根据计算出的结果,从价值创造、价值实现和溢价因素这三个方面实行进一步地分析,得出乐视网的市值管理评价结论。根据评价分析得出结论:乐视网的市值管理水平总体上有所提高,但仍存在或出现一些问题,如乐视网的基础价值创造能力持续下降,价值实现能力近年来上升幅度很大,但其指标数值波动幅度较大,容易给外界带来公司市值不稳定的不良印象,且与价值创造指标数值的差异越来越大,公司的市值与经营业绩之间可能会出现脱节的风险等。针对乐视网的目前状况,本文从盈利能力、资本运作、投资者关系管理、危机公关等方面给出了市值管理改进建议。
[Abstract]:The new "National Nine articles" promulgated on May 9, 2014, have written market value's management into the country's top design document on the capital market.Market value's management has been corrected by the regulatory level. After advocating, the topic of market value management has quickly become a hot spot in the capital market, and market value's management practice is also in full swing.However, there are some illegal and illegal behaviors under the guise of market value's management, which not only bring a lot of harm to the interests of listed companies and investors, but also affect the healthy development of market value's management.By making a correct evaluation of market value's management, it is helpful for the market main bodies to set up the correct concept of market value management, and it can also promote the listed companies to adopt reasonable and effective methods and strategies to carry out effective market value management.In order to further promote the future development of listed companies, to protect the interests of the majority of investors.This paper takes Letv net as a case company, adopts normative research method and case analysis method to evaluate and analyze market value management of Letv net.First of all, after systematically combing the domestic and foreign literature related to market value's management, and explaining the basic theory, and then combining with the specific situation of the case company-Letv net, we modify the current most authoritative appraisal system of market value's management performance.In this paper, market value management evaluation model.Secondly, the paper summarizes and analyzes the basic management situation of market value in Letv net, mainly from two aspects: the change of market value and the management strategy of market value.First, compare the trend of market value with the gem index, the main business income, and analyze the changes of market value, and then the equity incentive and merger and acquisition reorganization of Letv.The management strategy of market value, which has been adopted by major shareholders, is introduced and its influence is analyzed.Thirdly, according to the revised market value management evaluation model and the data from 2010 to 2015, we calculate the value of Letv management evaluation index over the years, and then create the value from the value according to the calculated results.The value realization and premium factor are analyzed further, and then the appraisal conclusion of Letv net is obtained.According to the analysis of evaluation, it is concluded that the level of market value management of Letv has been improved, but there are still some problems, such as the continuous decline of the basic value creation ability and the increasing of value realization ability in recent years.But its index value fluctuates greatly, easy to bring the bad impression that market value of company is unstable, and the difference with value creation index value is more and more big, the risk of disconnection may appear between market value and operating achievement of the company and so on.In view of the current situation of Letv, this paper puts forward some suggestions on the improvement of market value's management from the aspects of profitability, capital operation, investor relationship management, crisis public relations and so on.
【学位授予单位】：湘潭大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F832.51

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