Market Value Management Or Stock Price Manipulation

With the implementation of the 2005 reform of the split share,the market value of listed companies management more and more attention.However,the market value of the enterprise by means of management on behalf of the popular themes of market manipulation to the detriment of minority shareholders,increasing the risk of the stock market.Commission on December 19,2014 an announcement for the work of the law enforcement market manipulation,noting recent signs of market capitalization in the name of management collusion,and announced with new shares by selective manipulation of listed companies.Because the market value of the aid management between the stock price manipulation and no real market value of management behavior clearly defined regulatory authorities for the current stock market share price of this new type of manipulation is difficult to identify,and therefore,through the use of the market value of stock price manipulation carried out on behalf of management behavior research is particularly important.Firstly,the use of literature analysis method,combing the market value of the relevant management and stock price manipulation research literature at home and abroad,analysis and stock market value management concept and content manipulation,comparison of the similarities and differences of the market value of stock price manipulation and management to discuss why the market value of the aid management It is difficult to distinguish the nominal share price manipulation.Then,using case analysis by the Commission in a listed company announcements example research,analyzes under the existing regulatory regime how to determine the market value of the aid on behalf of the management of the stock manipulation;This paper argues that under the current regulatory regime must "identify Guidelines stock market manipulation" in the market manipulation provisions identified according to the market value determined by means of management on behalf of stock manipulation.This case study selection by the Commission announcement of ABC listed company as the research object,first of all,the basic situation of ABC Company brief introduction;Next,the ABC company stock in November 2014 period from 1 July 2015 to 31 May fluctuation divided into three stages before and after merger news release,news release after the merger to complete before the actual merger,acquisition actually completed;Then,according to "Market Manipulation Behaviors identified guidelines" for market manipulation in the identified provisions of the three stages of ABC Company's stock price were compared with the same industry price movements,then use the income method comparison with the same three phases ABC Company industry rate of return;Finally,using the ABC method to calculate the market value per share of the company's stake in its share price to compare.By the case studies shows that,ABC Company stock price before and after the acquisition of a large degree of deviation from the intrinsic value of the enterprise,and a greater degree of deviation from the stock share price comparable with the industry.According to the Guidelines on Manipulation of Securities Market,the market value management of ABC Company is no longer a simple market value management,it should belong to the manipulation of stock price in the name of market value management.The paper also argues that the manipulation of stock price in the name of market value management is difficult to be further punished in the process of market supervision.In practice,it is related to the legal environment of the current securities market.In view of this phenomenon,China's regulatory authorities should improve the legal system to further determine the meaning of market value management and extension,to clear the market value and stock price manipulation of the line between the same time strengthen supervision and punishment,improve information disclosure mechanism;Strengthen their supervision,to avoid the market value of the name of the stock price manipulation in order to maintain the normal order of the capital market.