Research On The Performance Evaluation Of Market Value Management Of Listed Companies

In 2005, a profound revolution of the non-tradable shares reform began in China's capital market. So the history has witnessed that the era of free circulation in China's stock market is coming. As we all know, the interests of shareholders are closely related to the performance of market value of listed companies, so management of market value starts to attract a wide range of attention. After years of development in theory and practice, it has undergone tremendous changes whether the level of policy and tool of market value management or the consciousness of listed companies. Especially in recent years China's economy has entered a stage of transformation to achieve the goal of upgrading and the phenomenon of mergers and acquisitions of listed companies has also began to develop quickly, which has made market value management more significant. But since May 9, 2014 when the State Council clearly put forward the slogan of encouraging listed companies to establish the management system of market value, the behavior of manipulation of stock prices has come into exist, which has violated the original intention of market value management. China's listed companies has faced with the issue of how to evaluate performance of the market value management scientifically and effectively. So the research on performance evaluation of market value management is of great significance both in theory and practice. The thesis has studied the following areas:Firstly, the thesis conducts a comprehensive sort on the literature of market value management and its performance evaluation of domestic and international scholars. Also, it defines the concepts and objectives of market value management, and systematically expounds the theoretical basis, on which the thesis analyzes the relationship between the market value management and the theory.Secondly, the thesis points out the goal of effective management of market value can be achieved through three interrelated paths, including value creation, value operation and value realization. Standing on the height of corporate strategy, the thesis makes a deep analysis of the mechanism that how the various driving factors of the market value bring influence on the market value management. Based on it and combined with the methods of Delphi and factor analysis, the thesis constructs the comprehensive and practical performance evaluation systems of market value management: the indicators for value creation from the fundamental and potential value, the indicators for value operation from the management level of core competitiveness, level position in industry and corporate governance and the indicators for value realization from the performance of market value and the management level of relationship.Finally, the thesis takes A-shares of electricity, heat production and supply industry listed on the Main Board in Shanghai and Shenzhen stock exchange as a sample to do the empirical research and establishes the model of factor analysis. Then the thesis conducts a described statistical analysis and factor analysis on the sample companies' data from 2010 to 2013 by using statistical analysis software SPSS19.0. On the one hand, the thesis carries out validated analysis of the proposed evaluation system, on the other hand, it manages to find the problems of value market management of listed companies in China. At last, the thesis puts forward strategies and recommendations to improve the level of value market management.