Research On The Market Value Management Of Listed Company

The non-tradable shares reform in 2005 is an important time background for the market value management.The market value management of this period is mainly embodied in the management level.The related works mainly discuss the importance and necessity of the transition of value management to the market value management.In 2008-2014 years,the market value management is mostly in the market spontaneous theory exploration and the tool utilization stage.Through practice and summary,it mainly shows that China’s capital market is a weak efficient market at present,which brings great difficulties to the market value management of listed companies.Many listed companies simply equate market capitalization with stock price manipulation and have taken many detours.The market value management during this period is more concentrated in the maintenance of stock prices.After 2014,the market value management practice is still endless,the national level began to pay more attention to the market value management,.And in May 9,2014,in the "new country nine" proposed to “encourage listed companies to establish the market value of the management system”,market value management of China began to enter the capital market top-level design.The government has begun to actively support the market value management in line with the law of value,and crack down the manipulation of the stock price and the damage to the interests of investors under the management of market capitalization.Overall,the regulatory authorities for the market value management put forward the core requirements of standardized information disclosure,standardize information disclosure and explore scientific evaluation has become a new topic worth exploring.In recent years through the relevant scholars to study the market value management,has a preliminary definition and meaning of the market value management,and the market value management model and related analysis index were investigated.We can determine the market value management that the regulatory authorities refers to encourage means listed companies to use the measures to restrain the irrational fluctuation of stock price,keep the dynamic balance of market value and intrinsic value,so as to improve the basic function of the securities market.This paper first describes the research motivation,the background,significance and objectives,and then summarizes the research of value management and market value management in China,starting withthe meaning and calculation method of the market value management,analyze the market value management from four primary factors,such as stock price,share capital,earnings ratio and net profit,It is concluded that the relatively popular viewpoints like stock price management,equity management,earnings management and net profit management are only part of the management of the market value,we should never equate one of them to the market value management.Through macro and micro market value management theory,analyzes the premium factors and the main means of the market value management of listed companies,and establishes the framework of the market value management of Chinese listed companies.The micro level,listed companies not only need to improve the company’s main business ability and profit ability through the value creation and value management,strengthen their own business strategy to improve the company’s intrinsic value,but also need use the value realization method of recognition to improve the market value of the company,so that the intrinsic value in the market value can objectively reflect the real.The macro level,the market value management should not only be listed companies pay attention to the capital market,the crash occurred in the capital market are often because the total market value of the stock from the intrinsic value serious imbalance between the two.Therefore,the government’s bailout behavior should also be seen as an active market value management,the purpose is to maintain the market value of the stock market and the intrinsic value of the balance.This paper selects the network video industry of LETV as a case,because not only the traditional industry is facing overcapacity,slowing revenue growth and profit growth stagnant dilemma,emerging industries such as the network video industry is also facing the pressure of competition,if don not improve,then backward.In 2015,China’s rise of the new concept of "Internet plus",refers to the cloud computing and big data as the representative of a new generation of information technology,provides a new way of thinking,at the same time,it also provides an environment for the public entrepreneurship,people’s innovation.LETV undoubtedly do the leading position.LETV was successful use equity incentives,product integration and other means combined with the Internet and formed a integrated ecological model of industrial chain in few years,so that the company’s market value from the beginning of 2010 listed 4billion yuan jumped to the end of 2016 more than 70 billion yuan.In this paper,there are also caused by the rapid development of the industry chain is short of funds,the major shareholder of the controversial.I hope that through the study of the market value management of LETV,analysis its success and deficiencies forthe network video industry market capitalization of listed companies to provide relevant reference.