Research And Evaluation On The Market Value Management Strategy Of CITIC Securities

In recent years, market value management is a hot topic in capital market. Market value has become a new benchmark to measure the strength of listed companies since the reform of non-tradable shares, market value management has become more and more important and the practice of market value management has become more and more frequent. The so-called market value management is a strategic management behavior that the listed corporations use a variety of scientific and regulatory methods based on the signals of the market value of the corporations to create and achieve the max value.In the mature capital market in western countries, generally the market value is able to reflect the intrinsic value of the companies, so there is no concept of market value management, market value management is a unique concept in China. The research on the market value management among Chinese scholars is mostly about the concept, importance, factors and methods of market value management, the study on the process of market value management of single company is not much.Based on the market value management case of CITIC Securities, the paper is mean to help more and more listed corporations find the way to improve their market value. Firstly, sort out the existing material on the market value management and explain some relevant conceptions. Secondly, sum up the market value management strategy of CITIC Securities from two dimensions of value creation and value achievement in combination with the trend of the market value of CITIC Securities. Then, evaluate the market value management practice of CITIC Securities by using the market value management performance evaluation model. Finally, summarize the enlightenment and bring up some advice to enhance the market value. The study shows that the market value management level of CITIC Securities is good. The company has constantly enlarged the scale of the market value by enhancing its profitability, cash merger and directional add-issuance, investor relationship management and so on. In view of the flows and deficiencies in the management, the paper puts forward some advice from the aspects of profitability, investor relationship, corporate governance, internal control and so on. The research of the paper provides the empirical evidence to prove that the market value management has been a comprehensive strategy in CITIC Securities, it also provides a useful reference for listed corporations to achieve the positive cycle of "performance improvement, market value growth, investor rights and interest increase" by the application of the market value management strategy.