Research Of Corporation Value Management-Based On The Minority Investor Interests Protection

Since the1980s,"value", instead of "profit" became the core of financial management, more enterprises started to pay more attention to the value creation than the traditional production model. Value management, the new management model oriented by value creation, has become a focus in the academia and practice areas. In recent years, Chinese enterprises have come to realize the importance of value management and economic value added EVA (Economic Value Added) indicator system, and gradually explore the practice. Especially in2010, the State-owned Assets Supervision and Administration Commission (SASAC) issued the <Interim Measures the performance evaluation of central enterprises responsible management>,set the "economic value added" for the central enterprises performance evaluation of core indicators, which marks the "economic value added" as the core value system of management indicators being recognized in China. January10,2014, SASAC issued <The guide of take EVA as the core to strengthen the value management of the central enterprise>. This document highlights the EVA index and value management status and led scholars to realize developing value management and EVA system is the inevitable choice in nowadays. Therefore, this paper based on this background, and strive to build a national identity in line with the emerging Chinese market value management.In previous studies, whether foreign or domestic scholars standing shareholder point of view of the enterprise value management studies, only the shareholders as a whole, the value of the management objectives set to "maximize shareholder value", ignoring the investment balance the interests of the problem, ignoring the differences of between large shareholders and minority shareholders.However, compared with the foreign capital market, our market is weak efficiency. We still have lots of problems such as dominated shareholder, imperfect legal supervision and unfinished corporate governance structure resulted in the inefficiency enterprise value creation and jeopardizing the minority investors interests. Those problems are deviate from the goal of "shareholder value maximization". Therefore we believe that we cannot just use foreign theory directly in the study of value management in China. At the same time, we emphasize the "shareholder value maximization", how to properly handle relations between large shareholders and small shareholders is also important.By using normative research method, First, the paper defines the concept of "small investors" and "value management", and analyzes relevant theories;Second, analyze the development and application of the status of domestic enterprise value management, to learn from foreign experience; this article reestablishes enterprise management goals as maximize value creation and fair value distribution. I propose the development path of value creation is "strategic decision——Process Control——Performance Evaluation", and propose "major shareholder level of private benefits of control" to determine the value of the distribution of fairness, and propose the establishment of "major shareholder control of the shared revenue sharing mechanism" and "major shareholder control of private benefits of control mechanisms." finally analyzed from two aspects of value creation and value distribution, we take the minority investors interests protection as a new value driving factor and build the enterprise value management frame and index system which based on the concept of the minority investors interests protection. We try to make the orientation of the enterprise value management could be more clearly and could meet the requirements of the China emerging market. Our research work could help enterprise from a sustainable competitive advantage and could benefit China’s economic transformation and upgrading.