Study On Market Value Management Of Chinese A-share Listed Companies

Value-based Management(VBM) arised in American enterprises in the 1980s.Subsequently, VBM was advocated and popularized by McKinsey consulting co.,LTD and became new management philosophy.VBM takes enterprise value maximization as the guide and takes finance,strategy,internal control,incentive mechanism,etc as function activity to realize organization value strategy.VBM is management system of fusing expectation,measurement, control,incentive,corporate culture and emphasizes the core status of enterprise value in management philosophy.After the accomplishment of shareholder structure reform,the exhibition of market capitalization of Chinese listed companies and the behalf of whole shareholders has keen relationship,the object of Chinese listed companies transforms into corporate value maximization from profit maximization,the role orientation of Chinese listed companies transforms into platform of managing value and creating value from large shareholder's refinancing tool,and the shareholders and management begin to care the inner value and market price of corporate stock,the management philosophy of market value management therefore comes into being.Market value management is strategic management behavior of using scientific and reasonable value management means according to the signal of corporate market capitalization to pursue value creation maximization and value realization optimization on the basis of VBM.Market value management needs set up management system with the core of value:correct measuring corporate value creation,effective management value creation,reasonable participating created value.Therefore,the content of market value management is comprised of value creation,value operation and value realization,which is the research framework of this article.The research purpose of this article is evaluating inner value creation,analysing market value realization,discussing the link of value management,appraising the correlation degree of inner value and market value so as to measure the level of market value management of Chinese listed companies,find out the weakness taches in market value management,and then advance countermeasure and advice.The research methods of this article are as follows:the research means of system theory such as literature analysis,historical research,comparative study,induction analysis in literature review;theory research means,analysis tool of Balanced Score Card(BSC) and improved BSC-Performance Prism in analysis of driving factors of inner value creation of Chinese listed companies;EVA(Economic Value Added) model and factor analysis method in evaluation of current economic value of Chinese listed companies;method of grey clustering decision-making and fuzzy TOPSIS method based on Hausdorff in appraisal of value operation capacity of Chinese listed companies;catastrophe progression and fuzzy mathematics in evaluation of inner economic value of Chinese listed companies;method of MVA(Market Value Added),EVA and regression analysis in testing efficiency of Chinese A-share market;method of correlation analysis in correlation analysis of inner value and market value of Chinese listed companies.The main conclusion of this article is as follows:1) According to the idea of BSC and improved BSC,Chinese listed companies should formulate corporate strategy from the angle of interest-related parties,endeavor to search value driving factors,take corporate strategy as center tache,urge joint development of various value driving factors,realize synergistic effect of value creation,and sequentially upgrade corporate value chronically.2) Financial value driving factors are core factors of value creation,so Chinese listed companies should abide by value idea in financial operation and explore operation mode and management technology of value creation in accordance with the rule of value increase. Investment strategy in financial value driving factors is chief tache of finance system,among which project investment decision should abide by discounted cash flow method so as to avert inefficient investment behavior of underinvestment and overinvestment;long-term equity(credit) investment should appraise stock(bond) value according to appraisal model and make reasonable investment choice after taking various related factors into account;current assets investment decision should abide by the principle of the balance of risk and income,reasonably determine investment scale of current assets and working capital,and properly manage working capital. Making financing decision should care capital cost more than capital structure,weigh up risk and reward,choose optimal capital structure to minimize weighted average cost of capital,and consequently achieve the target of corporate value maximization.As important means of modern financial management,capital operation has significance for optimizing resource allocation, adjusting industrial structure,realizing owned capital appreciation.Therefore,Chinese listed companies may achieve the target of capital preservation and appreciation through inner assets reorganization,enternal M&A(merger and acquisition),etc.3) Corporate governance is system guarantee for corporate value creation.Well internal corporate governance needs set up management and control system composed of shareholders, directors,management and make clear the right,responsibility,benefit of the above three sides so as to form balance relationship,and assure the validity of corporate governance by improving general meeting of shareholders mechanism,board of directors mechanism,board of supervisors mechanism,incentive and constraint mechanism of higher management.4) Customer relationship management is new management idea of aiming at improving relationship between listed companies and customers.Chinese listed companies should raise quality of products,improve quality of service,extend business scope,in the mean time establish corporate culture taking customers as the center,strengthen customer relationship management, transform center of gravity of care into outside customers from enterprise inside,enhance customer satisfaction so as to increase market share,and ultimately achieve the appreciation of corporate value.5) From the angle of value management,the implement of investor relations management can increase core competitiveness and accordingly upgrade corporate value of Chinese listed companies.Chinese listed companies should strengthen investor relations management through the work of analysis and research,abundant information disclosure,construction of equity culture,crisis management,etc.6) The result of test of efficiency of Chinese A-share market shows that at present Chinese A-share market is still of weak-form efficiency.In market environment with weak-form efficiency,crux of market value management is to endeavor to raise value realization capacity and to pursue reasonable market premium in the process of enough revealing inner economic value.Chinese listed companies should continuously enhance the level of market value management by means of reinforcing internal corporate governance,raising level of financial management,strengthening customer relationship management,improving investor relations management,etc.