發(fā)布時(shí)間：2018-01-07 21:15

  本文關(guān)鍵詞：同方股份市值管理問題研究　出處：《哈爾濱工業(yè)大學(xué)》2015年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 市值管理 價(jià)值創(chuàng)造 價(jià)值實(shí)現(xiàn) 價(jià)值經(jīng)營

【摘要】：隨著股權(quán)分置改革的全面結(jié)束,中國股市終于迎來全流通時(shí)代,上市公司的大股東和中小股東的利益在市值這一指標(biāo)上趨于一致,上市公司的經(jīng)營目標(biāo)也從單純追求利潤最大化轉(zhuǎn)變?yōu)樽非蠊蓶|價(jià)值最大化。本文通過對市值管理國內(nèi)外研究現(xiàn)狀予以梳理,指出當(dāng)前中國上市公司市值管理工作尚處于探索研究階段,迫切需要從理論到實(shí)踐予以完善。隨后選擇一家有代表性的上市公司作為研究樣本,分析其市值管理存在的問題并給出優(yōu)化對策,為其他上市公司市值管理提供借鑒意義。本文選擇同方股份作為研究對象,對其市值管理基礎(chǔ)性工作予以全面分析論述。通過對同方股份償債能力、營運(yùn)能力、盈利能力及發(fā)展能力的分析可知,同方股份財(cái)務(wù)狀況表現(xiàn)并不理想,隨后的Z值預(yù)警分析和杜邦財(cái)務(wù)綜合分析又加以了印證。由此表明同方股份的經(jīng)營管理出了問題,公司主營業(yè)務(wù)盈利能力薄弱,凈利潤過于依賴非經(jīng)常性損益項(xiàng)目,控股及參股公司管理相對混亂且資本退出機(jī)制不暢通。究其根本原因就是股權(quán)激勵(lì)機(jī)制遲遲沒有實(shí)施及分拆上市進(jìn)程受阻,體現(xiàn)在資本市場上就是同方股份市值增長過于緩慢,市值表現(xiàn)與公司內(nèi)在價(jià)值不符。本文分別從價(jià)值創(chuàng)造、價(jià)值實(shí)現(xiàn)和價(jià)值經(jīng)營的角度給出完善其市值管理的各項(xiàng)優(yōu)化對策,幫助同方股份市值管理能力不斷提高。在價(jià)值創(chuàng)造方面,選取對同方股份市值影響較大的存貨周轉(zhuǎn)率、凈資產(chǎn)收益率及每股收益等三個(gè)主要財(cái)務(wù)指標(biāo)進(jìn)行分析,并從庫存管理及生產(chǎn)的外包、退出盈利能力較弱行業(yè)和股票回購等方面給出優(yōu)化對策,幫助同方股份市值管理。在價(jià)值實(shí)現(xiàn)方面,通過提升品牌知名度和產(chǎn)品質(zhì)量、細(xì)分投資者群體和提高溝通效率等手段加強(qiáng)品牌及投資者關(guān)系管理。從行權(quán)價(jià)格方式、股票來源、行權(quán)比例等方面促進(jìn)同方股份開展股權(quán)激勵(lì),幫助同方股份市值得以最大化地實(shí)現(xiàn)。在價(jià)值經(jīng)營方面,從資本退出渠道、創(chuàng)投發(fā)展模式和規(guī)范分拆運(yùn)作機(jī)制等方面加快同方股份分拆上市工作,提升同方股份現(xiàn)有估值水平。
[Abstract]:Along with the reform of non tradable shares over, China stock market finally ushered in the era of full circulation, the major shareholders of listed companies and minority shareholders tend to be consistent in the index of market capitalization, the listed company business objectives from the simple pursuit of profit maximization into the pursuit of shareholder value maximization. This article through to comb the status quo study on domestic market management, pointed out that the current job market management Chinese of listed companies is still in the exploratory stage, the urgent need to be improved from theory to practice. Then choose a representative of listed companies as the research sample, analyze the existing problems and puts forward the market value management optimization measures, provide a reference for the management of the market value of other listed companies. This shares the same side as the research object, to comprehensive analysis about its market management infrastructure work. Based on Tongfang solvency Force, operating capacity, profitability and development capacity analysis shows that the performance of shares the same side of the financial situation is not ideal, then the Z value of early warning analysis and comprehensive financial analysis DuPont also be confirmed. These results indicated that shares the same side of the business management, the company's main business profitability is weak, the net profit is too dependent on non recurring items, equity holdings and company management chaos and capital exit mechanism is not clear. The fundamental reason is that the equity incentive mechanism has not hindered the process of implementation and listing, reflected in the capital market is to share the same market growth is too slow, the market value of company performance and does not match the intrinsic value. This paper from the value creation value realization and value management, the paper improve the optimization strategy of the market management, help to share the same market value management in value creation ability to continuously improve. Created, selected on the same side of the market value of the shares of stock turnover, analyze the rate of return on net assets and earnings per share of three main financial indicators, and from the inventory management and production outsourcing, exit the weak profitability of industry and stock repurchase etc. are given to optimize the strategy, help Tongfang market management. The value realization, through the enhancement of brand awareness and product quality, the group of investors and improve the efficiency of communication breakdown and other means to strengthen the management of the relationship between brand and investors. From the exercise price, the source of stock, shares the same side to carry out equity incentive to promote exercise ratio etc., help Tongfang city to maximize the value of business. From the aspects of capital, accelerate the exit channels, shares the same side spin off work of venture capital development mode and the standard split operation mechanism, improve the existing shares the same side valuation level.

【學(xué)位授予單位】：哈爾濱工業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2015
【分類號(hào)】：F275;F832.51

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本文編號(hào)：1394248