| The market value of listed companies is closely related with the interests of all shareholders after the completion of the reform of non-tradable shares. The goal of the listed companies is changed from profit maximization to firm value maximization and also the role definition of listed companies is changed from a refinancing tool biased towards the big shareholders formerly to a platform to manage and create value. The shareholders and the management of listed companies pay more attention to the intrinsic value of the company and stock market performance. Thus the concept of market value management come into being.Market value management is a natural evolution and it is the gradual process of market selection.It is a long-term value management that creates the value of the company by improving the core competitiveness on its governance, management and culture.In the year 2014,basing on the market-oriented and legal resource allocation,listed companies are encouraged to establish market value management system.This is also market value management was firstly written into the top-level system design’s programmatic document of the capital market.Value management has increasingly become the new strategy of listed companies in the field of company management, investment and financing for the listed company and major stockholder.So the first chapter makes legal analysis on market value management and states its basic theory and concept.Meanwhile this paper point out the law and economic reason,the necessity,the principle and boundary of intervening market value management.However, different market parties have different kinds of cognition and comprehension about market value management because of its cryptic connotation and boundary. Lots of misunderstanding also generated in practice. Some listed companies do not serve market value management as a long-term mechanism of develop enterprise and increase shareholder wealth. On the contrary, they serve it as a short-termism and arbitrage tool. Such behavior disrupt the order of the securities market seriously and damage the interests of the investors. This article is based on information disclosure to study market value management aim at familiar illegal models of market value management.These illegal models include”PE+Listed company ”model,block trade and stock selling,acquisition and reorganization.There is no problem about these models themselves.But insider trading,market manipulation and other irregularities are breeding easily due to the non-standard system.Afterwards this paper analyze and summarize the characteristics of these illegal models:speciality,concealment and perniciousness.This paper emphases on the particularities and standards of information disclosure on value management because this article is based on information disclosure to study market value management.The particularities of information disclosure on value management include the diversity and specificity in main body,integrity and initiativity.According to its particularities,the article discusses the standards of information disclosure on value management:proper purpose,competent body,suitability,availability and materiality.Listed companies should disclose information legally in order to protect the interests of investors and maintain the stability of the securities market.Finally,this paper put forward some proposal of perfecting information disclosure on value management.For example,make the information disclosure of reducing holding-shares more normative,Enhance the effectiveness and pertinence of information disclosure on value management,pre-announcement of value management plan and so on.Of course,investment environment and supporting measures of capital market are necessary if the system operates effectively.So the article further expound these supporting measures. |
