Problem Research On Market Value Management Of THTF

In pace with finish of non-tradable shares reform,Chinese stock market has entered the full circulation times. There is a convergence between major shareholders and minority shareholders in terms of market value about listed companies.Operation objectives of listed companies will also shift from maximization of profit to maximization of shareholder value.This thesis will introduce research status of market value management both at home and abroad.Then pointing out that market value management work of current Chinese listed companies is still in the researching stage.So it is necessary to perfect from theory to practice.Then choosing a representative listed company as research sample.Analysing market value management problems of the representative listed company and giving optimization countermeasures, providing market value management experience for other listed companies.This thesis will choose THTF as research sa mple and carry out the fundamental analysis about market value management. Financial standing of THTF is bad after the analysis of debt-paying ability, operating ability, earning ability and development ability. Furthermore,Z score and Du Pont analysis have proved this viewpoint. The bad financial standing of THTF lies in its operating management.Earning ability of THTF primary business is weak, net margin mainly depend on non-recurring profit and loss. Management of holding and joint stock company is in chaos.Quit of capital is hard.The main causes lie in equity incentive and equity carve-outs that meet with difficulties.These difficulties result in the phenomenon that market value growth of THTF is slower.There is a discrepancy between market value and intrinsic value.In order to raise market value management ability of THTF,this thesis will give optimization countermeasures in terms of value creation,value realization and value operation.Such as value creation, market value management will become good by means of improvement of inventory turnover ratio,ROE,EPS. These measures are as follows,epiboly of inventory and manufacture,quit industries of weak earning ability, buy-back stock.Such as value realization, brand and investors relation management will improve by means of raising brand popularity and product quality, partitioning investors group, raising communication efficiency. Equity incentive is easily carried out by means of improvement of strike price,stock source, strike proportion. Such as value operation, equity carve-outs is easily carried out by means of improvement of capital quit, innovating type investment model, reasonable equity carve-outs scheme.These measures are beneficial to improve value of assessment of THTF.