Research Of Market Value Management Effectiveness On China A Stack

Since 2005 along with the reform of non-tradable shares,listed companies have entered a new stage that the market value management as an important capital market behavior,is gradually recognized and rapidly developed by listed companies.In the case of the current capital market is not mature,there are a variety of market value management initiatives in A-share market.So it is important to find out that whether these measures are effective or not and to figure out how they work.In this paper,through the analysis of the characteristics of the industry,author selects the software industry as foothold of the market value of management initiatives and the effectiveness.Firstly,by theoretical analysis combined with the typical characteristics of the industry,the author points out the software industry market management framework.To the mergers,acquisitions and equity incentive,which are most typical without being rigorously proved,author use the excess earnings method to empirically analyse the data from 2010 to 2016.After that,the author draw the two performances in different period of time,analysis of the mechanism and draw useful conclusions.Through theoretical and empirical analysis,this paper finally formed the market value management framework for software and information technology services industry,and make a prospect on the effectiveness of market management behavior within the framework,in order to provide reference for listed companies.