【摘要】：自股權(quán)分置改革啟動(dòng)以來,資本市場全流通得以實(shí)現(xiàn),促使上市公司大小股東的利益在市值這個(gè)目標(biāo)上取得了一致：股權(quán)激勵(lì)制度的推廣又為上市公司管理團(tuán)隊(duì)與股東的利益在市值這個(gè)標(biāo)桿上形成了統(tǒng)一。中國上市公司的經(jīng)營目標(biāo)由此正在從追求利潤、追求資產(chǎn)轉(zhuǎn)向了追求股東價(jià)值即追求公司價(jià)值最大化這一目標(biāo)。上市公司的市值成為衡量其實(shí)力大小的綜合性指標(biāo),它不僅體現(xiàn)了企業(yè)現(xiàn)在經(jīng)營能力的好壞,反映了企業(yè)未來盈利的預(yù)期,還反映了企業(yè)與股東、企業(yè)與社會(huì)之間的互動(dòng)關(guān)系。所謂市值管理就是上市公司基于市值信號(hào),綜合運(yùn)用多種科學(xué)、合規(guī)的價(jià)值經(jīng)營方法和手段,已達(dá)到公司價(jià)值創(chuàng)造最大化、價(jià)值實(shí)現(xiàn)最優(yōu)化的一種戰(zhàn)略管理行為；經(jīng)濟(jì)增加值的核心則是衡量企業(yè)盈利與其全部資本投入的關(guān)系,它的計(jì)算值是企業(yè)的稅后凈營業(yè)利潤與企業(yè)全部資本成本(包括權(quán)益成本和債務(wù)成本)的差額。作為戰(zhàn)略管理行為,市值管理對(duì)上市公司具有全局性意義,必須注重管理工作的系統(tǒng)性和可持續(xù)性。 本文以酒鋼宏興為目標(biāo)企業(yè),通過對(duì)酒鋼宏興市值管理現(xiàn)狀的分析,并結(jié)合國內(nèi)鋼鐵行業(yè)整體情況,以傳統(tǒng)財(cái)務(wù)分析方法杜邦分析法為基礎(chǔ),設(shè)計(jì)出了基于經(jīng)濟(jì)增加值EVA標(biāo)準(zhǔn)的價(jià)值創(chuàng)造管理框架。本文指出,在基于經(jīng)濟(jì)增加值EVA為標(biāo)準(zhǔn)的價(jià)值創(chuàng)造管理框架內(nèi)要從公司資產(chǎn)配置、業(yè)務(wù)流程、資本結(jié)構(gòu)以及公司治理結(jié)構(gòu)等幾個(gè)方面對(duì)公司進(jìn)行市值管理。接著又詳細(xì)介紹了這種方案的具體實(shí)施過程和計(jì)算辦法,最后對(duì)于這種方案的操作過程中所遇到的問題進(jìn)行說明,并作出了客觀評(píng)價(jià),得出了優(yōu)于傳統(tǒng)財(cái)務(wù)方法,即充分考慮公司資本成本的方案。
[Abstract]:Since the reform of split share structure started, the full circulation of capital market has been realized. The promotion of the equity incentive system has unified the interests of the management team and the shareholders in the market value. Therefore, the management goal of Chinese listed companies is changing from the pursuit of profit and the pursuit of assets to the pursuit of shareholder value, that is, to pursue the maximization of corporate value. The market value of the listed company becomes the comprehensive index to measure its strength. It not only reflects the quality of the enterprise's present management ability, but also reflects the expectation of the future profit of the enterprise, and also reflects the interactive relationship between the enterprise and the shareholders, the enterprise and the society. The so-called market value management is a kind of strategic management behavior of the listed company, which is based on the market value signal, synthetically uses a variety of scientific and compliant value management methods and means, has reached the company value creation maximization, the value realizes the optimization one kind of strategic management behavior; The core of economic added value is to measure the relationship between enterprise profit and its total capital input. Its calculation value is the difference between the net operating profit after tax and the total capital cost (including equity cost and debt cost). As a strategic management behavior, market value management has overall significance to listed companies, so we must pay attention to the systematization and sustainability of management work. This article takes Hongxing of Jiugang as the target enterprise, through the analysis of the present situation of the market value management of Hongxing of Jiugang, and combined with the whole situation of the domestic steel industry, based on the traditional financial analysis method, DuPont analysis method. The management framework of value creation based on EVA standard is designed. This paper points out that in the framework of value-creation management based on EVA, the market value should be managed from the aspects of asset allocation, business process, capital structure and corporate governance structure. Then it introduces in detail the concrete implementation process and calculation method of this scheme, and finally explains the problems encountered in the operation of this scheme, and makes an objective evaluation, which is superior to the traditional financial method. That is, to fully consider the cost of capital of the company.
【學(xué)位授予單位】：蘭州大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F275;F426.31

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本文編號(hào)：2363715