The Research On Market Value Management In Post Split Share Structure Era

The split share structure reform has made China's securities market enter the all-tradable of stock era, and also marked the arrival of market value management era. In the past, China's stock market has been artificially divided into tradable and non-tradable shares, making stock prices can not reflect the real value of the company, so the interests of shareholders and the market value of the company is not related, and the market value is not used for the assessment indicators of the company performance. With the stock market to achieve full circulation, market value is beginning to be concerned by all parties of the market, and will have a profound impact on the development of the capital market, the management of the listed companies, performance appraisal on company management and the capital operation.From a global perspective, the value-based management or market value management is attached more and more importance. Basing on the value theories of the Western and using the method of standardized analysis and empirical analysis, this paper tries to define the connotation and extension of the concept of market value management. The market value management of the listed companies is a strategic management, including three aspects of value creation, value realization and value management. The value creation is the basis, the price is a reflection of intrinsic value, it is first necessary to strengthen corporate management, improve corporate governance structure, and enhance the profitability of the company, and continuously improve a company's intrinsic value. Value Realization is the goal, if the value of the company in the capital markets will be fully realized; we must improve the information disclosure system, and strengthen investor relations management, overcoming asymmetric information and realize the intrinsic value and the market value to be effective interaction and unity. Value management is an important means mainly refers to a listed company has broken through the traditional business thinking. With the help of capital market operation, it can reduce corporate financing costs while increasing corporate profitability and the forces of industry integration. It can be said that value management contributes to create value and also promote the full realization of the value of the company.For the contents of the market value management, this paper develops the market value management model. From the terms of analysis logic, the company value assessment methods are not only the measure indicator of the market value management, but also the beginning of the entire management process, because it is the premise to understand the value of the company correctly. In the process of value creation and operation, business strategy, corporate financial strategy and corporate governance of listed companies constitute a fundamental aspect of the market value management. Specifically, the company's business strategy involves the most fundamental value creation of the company. Through the development of strategic planning and implementation, the company integrates it's internal and external resources to establish the core competitiveness. Corporate financial strategy mainly establishes optimal capital structure to reduce the cost of capital and maximize the value of the company. Corporate governance strategy is the system condition to ensure the implement the market value management, the effectiveness of market value management depends on the corporate governance structure in essence. To achieve effective market value management also depends on the perfection of corporate governance structure. On account of the problems of China's securities market and corporate governance, we must establish a value-oriented performance evaluation system, enhance investor relationship management, and improve the system of information disclosure.To meet the goal of maximizing the value of the market value management, while introducing the mainly three methods in the popular, including discounted cash flow method, relative valuation method and the option method, this paper pays more attention to the EVA analysis with the progress and application of value assessment methods in China. Because of the particularity of China's securities market we objectively need a simple assessment method for investors to understand and evaluate the value of listed companies, and EVA is rightly to meet the requirements. EVA can show the value-driven elements of the company intuitively, so the company can make reasonable judgments on its operation. In the last this paper uses EVA to make empirical analysis on the ability to create value of China's listed companies, showing that of China's listed companies are generally short of the ability to create value, and the market value deviates from the intrinsic value seriously. For the company China's listed company create profits when we use the traditional accounting indicators to measure, but by using EVA to assess, more than half of the companies was destructing value rather than create value in the past 10 years. For the market, due to the stock market imperfections, price manipulation, insider trading and other non-regulated market undermines the effectiveness of the market, resulting in the deviation between market value and company's intrinsic value.In view of some of the problems and phenomena in the market value management of listed companies, this paper put forward six targeted recommendations: Firstly, listed companies must establish a scientific and rational philosophy of market value management. The goal of market value management is to pursue maximization of the value of the company, to create value for shareholders. Its core is the value management rather than stock management. The growth of the market value of the company is built on the good's corporate development strategy, financial management, governance mechanisms. Secondly, to establish scientific equity incentive mechanism, resolving principal-agent problem. Thirdly, to improve the corporate governance structure of the company and enhance the management premium of stock. Fourthly, to carry out capital marketing, improve investor relation management and information disclosure. Through adequate disclosure of information, strengthen the communication between the company and the investors, media, academics and regulators, and promote investors to understand and identify the value and the culture of the company, enhance the transparency of the company operation and capital market image. Fifthly, to make full use of means of capital operation and make effective integration of industry to restructure and merger. The listed companies should cultivate critical thinking of capital management, grasp the industry pattern changes reasonably, making full use of the overall offering and partitioned offering to improve the ability to create profitability and increase corporate value. Sixthly, to enhance the company's financial strategy decision-making ability. With effectiveness of the capital market increasing, stock price is not only reflect the past value information, but also reflect the future earnings of the enterprise information. Therefore the listed companies must improve financial decision-making level, in accordance with the actual operation of the company to choose suitable investment projects, means of financing and the dividend policy, in particular the release of dividend or not, issuance of proportion, and the form of payment will affect the expectedness of investors, thus affecting market value.