市值管理的理论与实践:管理价格还是管理价值  

Theory and Practice of Market Value Management:Manage the Price or Value

作　　者：曹明[1] Cao Ming(Shool of Economics and Management,361024,Xiamen, Fujian, China)

机构地区：[1]厦门理工学院经济与管理学院,福建厦门361024

出　　处：《特区经济》2016年第9期80-83,共4页Special Zone Economy

基　　金：2015年福建省软科学项目:证券市场监管的理论分析;机制设计和绩效评价(2015R0084)

摘　　要：市值管理实践的混乱源自市值管理理论的含糊不清。本文从基于价值的管理的角度,分析了市值管理与企业经营目标选择、市值管理与利益相关者协调、市值管理与产品和资本市场工具运用的关系,指出市值管理的关键在于管理价值而非管理价格。结合对上汽集团和正海磁材两家公司市值管理案例的分析,建议上市公司要履行必要的决策程序,及时完整地披露相关信息;监管部门要尽快出台操作指引,加大监管的力度;投资者要加强对公司价值的研究,避免盲目追逐概念炒作。The practice confusion is derived from the ambiguous theory. In this article, from the perspective of value based management, we analysed the relationship between market value management and business target selection, and stakeholders coordination, and product or capital market tools using. Pointed out that the key of market value management was value management rather than price management.for the example of SAIC Motor and Zhenghai Group, we analysed the practice of this two listed companies. We suggest that the listed companies must execute necessary procedures before decision making and disclose the relevant information timely and completely,the regulators must introduce the operation guide as soon as possible and strengthen supervision, the investors must strengthen the research on company value and avoid seeking concept boast blindly.

关 键 词：市值管理 基于价值的管理 价格管理 

分 类 号：F832.51[经济管理—金融学]