The Research Of Market Value Management Influence Factors On Chinese A Stock

Since the non-tradable share reform in2005, with the A-share companies accounted for a large proportion of the share capital of non-tradable shares lifted circulation, Chinese securities market has entered the full circulation times, the market value management became the new requirements of the market-oriented management is a trend in Chinses listed companies. The thesis analyses the market value management theory. Based on this, the important factors that affect the market value management of the listed company has been analyzed in depth. A-share market company is the research object. Quarter-end data of25companies that have been the Constituent company of the Shanghai50index from2004to2011is the sample. It conducts a panel data analysis of GDP growth rate, CSI300Index, asset-liability ratio, net income per share, the proportion of the outstanding shares and turnover rate. Equity incentive system and investor relations management that are non-quantifiable indexes have been analyzed in the form of case. The analysis methods include:unit root test, Cointegration test,Hausman test and ultimately determine the random effects model analysis. It draws the following conclusions:At the5%significance level, the CSI300Index, the asset-liability ratio and net income per share has a significant positive relationship with the market value of listed companies; Turnover rate shows a significant negative relationship with the market value of listed companies; GDP growth rate shows a non-significant negative relationship with the market value of listed companies. The proportion of outstanding shares shows a non-significant negative relationship with the market value of listed companies.