【摘要】：2005年，三一重工股權(quán)改制方案的通過標(biāo)志著中國資本市場開始掀起了股權(quán)分置改革的現(xiàn)代化浪潮。2008年，三一重工的全面成功解禁則標(biāo)志著中國股票市場“全流通時代”的正式開始，也標(biāo)志著中國市值管理元年的開始。從此，誕生于中國的具有中國特色的市值管理理論在中國新興的資本市場生根發(fā)芽。富有創(chuàng)新精神的中國學(xué)者和專家經(jīng)過堅持不懈的探索和研究，，取得了市值管理理論研究的初步成果。他們結(jié)合中國國情，針對市值管理提出了許多創(chuàng)造性的市值管理理論內(nèi)容。但是，如何定位市值管理的概念、理論基礎(chǔ)、發(fā)展的未來趨勢以及指導(dǎo)現(xiàn)代管理實踐都是當(dāng)下眾多學(xué)者專家孜孜不倦地正在探索和研究的課題。 本文從市值管理必要性出發(fā)，運用實證分析方法，對市值與內(nèi)在價值進(jìn)行了分析研究，得出了市值管理存在是必要和合理的結(jié)論。在2008年以來的中國市值管理實踐與研究的基礎(chǔ)上，以市值管理的總體目標(biāo)為中心構(gòu)造了初步的理論體系。從市值管理的內(nèi)容、目標(biāo)、實踐現(xiàn)狀與對策等方面做出研究與分析，形成了較為系統(tǒng)的市值管理理論體系。文章在市值管理必要性證明、目標(biāo)體系方面做出了嘗試性創(chuàng)新。通過計量經(jīng)濟(jì)學(xué)手段，對市值指標(biāo)與內(nèi)在價值相關(guān)性進(jìn)行了實證檢驗，得出市值管理必要性這一結(jié)論。而后進(jìn)一步從價值路徑角度對市值管理的內(nèi)容、問題、對策等方面進(jìn)行了論述。本文對中國當(dāng)前的市值管理理論研究以及實踐進(jìn)行了初步的總結(jié)，并針對其提出了初步的看法。
[Abstract]:In 2005, the adoption of Sany's equity reform plan marked the beginning of a wave of modernization of the split share structure reform in China's capital market. Sany's overall success in lifting the ban marks the official beginning of the "full circulation era" of China's stock market and the beginning of the first year of market capitalization management in China. Since then, the market value management theory with Chinese characteristics has taken root in China's emerging capital market. Chinese scholars and experts who are full of innovative spirit have made a preliminary achievement in the theory of market capitalization management through unremitting exploration and research. According to the situation of China, they put forward many creative theories of market value management. However, how to position the concept of market value management, the theoretical basis, the future trend of development and the guidance of modern management practice is a topic that many scholars and experts are constantly exploring and studying. Based on the necessity of market value management and the empirical analysis method, this paper makes an analysis of market value and intrinsic value, and draws a conclusion that the existence of market value management is necessary and reasonable. Based on the practice and research of market value management in China since 2008, a preliminary theoretical system is constructed with the overall goal of market value management as the center. This paper studies and analyzes the content, goal, practice status and countermeasure of market value management, and forms a systematic theory system of market value management. The paper proves the necessity of market capitalization management, and tries to innovate in the aspect of target system. By means of econometrics, this paper empirically tests the correlation between the market value index and the intrinsic value, and draws the conclusion that the market value management is necessary. Then it discusses the content, problems and countermeasures of market value management from the perspective of value path. This paper summarizes the current research and practice of market capitalization management in China, and puts forward some preliminary views on it.
【學(xué)位授予單位】：山東財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F426.4;F832.51

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