本文選題：股權(quán)結(jié)構(gòu) + 市值管理　； 參考：《沈陽大學(xué)》2017年碩士論文

【摘要】：我國自2005年實(shí)施股權(quán)分置改革以來,市值管理的理論與實(shí)踐呼之欲出,并逐漸成為上市公司戰(zhàn)略管理中的重要內(nèi)容。市值管理是上市公司的一項(xiàng)重要戰(zhàn)略管理,對上市公司的長遠(yuǎn)發(fā)展及其在資本市場保持穩(wěn)定、健康的狀態(tài)具有重要的作用。市值管理的核心是價值創(chuàng)造,市值管理是價值管理的過渡,在未來逐漸成熟的資本市場中,市值管理終將演變?yōu)閮r值管理,使上市公司的內(nèi)外部價值達(dá)到一致。但是,由于我們資本市場不成熟,上市公司的內(nèi)在價值與外在市場表現(xiàn)存在較大的差異,導(dǎo)致市值管理不能發(fā)揮出應(yīng)有的效應(yīng)。因而,如何在當(dāng)前我國資本市場環(huán)境中有效進(jìn)行市值管理成為上市公司治理的重要課題。本文通過研讀與歸納國內(nèi)外股權(quán)結(jié)構(gòu)、價值管理與市值管理等相關(guān)的研究文獻(xiàn),在詳細(xì)闡述股權(quán)結(jié)構(gòu)、市值管理相關(guān)概念的基礎(chǔ)上,論述股權(quán)結(jié)構(gòu)與公司價值之間的關(guān)系以及市值管理與價值管理之間的關(guān)系,并以此為理論基礎(chǔ),實(shí)證分析了股權(quán)結(jié)構(gòu)對上市公司市值管理的影響。選取A公司所簽約和服務(wù)過的27家A股上市公司從2006年到2015年的財務(wù)數(shù)據(jù),建立了以上市公司市值管理水平作為研究的因變量、股權(quán)結(jié)構(gòu)相關(guān)因素作為自變量以及其他控制變量的回歸模型,從實(shí)證結(jié)果可以看出:(1)股權(quán)集中度與市值管理效果呈U型關(guān)系;(2)股權(quán)制衡度與上市公司市值管理效果正相關(guān);(3)管理層持股與上市公司市值管理效果正相關(guān)。綜合而言,這些涉及到股權(quán)結(jié)構(gòu)的變量對我國的上市公司如何進(jìn)行有效的市值管理具有十分重要的影響,可以通過優(yōu)化上市公司股權(quán)結(jié)構(gòu)來提高上市公司市值管理的效果。如果上市公司要改善市值管理水平,可以通過樹立科學(xué)的市值管理理念,強(qiáng)化市值管理監(jiān)督手段;完善公司治理結(jié)構(gòu),推行科學(xué)的股權(quán)激勵制度等方法實(shí)現(xiàn)。另外,我國政府應(yīng)在規(guī)范職業(yè)經(jīng)理人市場以及完善和培養(yǎng)成熟的資本市場上采取一定的措施,為眾多上市公司營造一個有效進(jìn)行市值管理的良好市場環(huán)境。
[Abstract]:Since the reform of split share structure was carried out in 2005, the theory and practice of market value management have come forth, and it has gradually become an important content in the strategic management of listed companies. Market value management is an important strategic management of listed companies, which plays an important role in the long-term development of listed companies and their stability and health in the capital market. The core of market value management is value creation, while market value management is the transition of value management. In the future capital market, market value management will eventually evolve into value management, making the internal and external value of listed companies consistent. However, due to the immaturity of our capital market, there are great differences between the internal value of listed companies and the external market performance, which leads to the failure of market value management to play its due role. Therefore, how to effectively carry out market value management in the current capital market environment has become an important subject of corporate governance. In this paper, we study and summarize domestic and foreign equity structure, value management and market value management and other related research literature, on the basis of elaborating the concept of equity structure, market value management, etc. This paper discusses the relationship between ownership structure and corporate value, and the relationship between market value management and value management. On this basis, the paper empirically analyzes the influence of ownership structure on market value management of listed companies. The financial data of 27 A-share listed companies signed and served by A Company from 2006 to 2015 are selected, and the market value management level of listed companies is taken as the dependent variable. Equity structure related factors as independent variables and other control variables of the regression model, From the empirical results, we can see that there is a U-shaped relationship between the concentration degree of ownership and the effect of market value management.) there is a positive correlation between the degree of equity balance and the effect of market value management of listed companies. (3) there is a positive correlation between managerial shareholding and the effect of market value management of listed companies. To sum up, these variables related to equity structure have a very important impact on how to carry out effective market value management of listed companies in our country. We can improve the effect of market value management of listed companies by optimizing the ownership structure of listed companies. If the listed company wants to improve the market value management level, it can be realized by setting up the scientific market value management idea, strengthening the market value management supervision means, perfecting the corporate governance structure, carrying out the scientific stock right incentive system and so on. In addition, our government should take certain measures to standardize the professional manager market and to perfect and train the mature capital market, so as to create a good market environment for many listed companies to carry out market value management effectively.
【學(xué)位授予單位】：沈陽大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F275;F832.51

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