Research On "Pseudo-Market Value Management" Of Listed Companies

In May 2014,the State Council promulgated "Nine New Countries" to explicitly support listed companies to establish market value management system.Market value management is helpful to improve the development strategy of listed companies,cultivate core competitiveness,and promote the value creation of listed companies.However,at present,in the name of market value management,a smal]number of large shareholders of listed companies make improper use of this system to carry out a series of illegal and irregular operations through conceptual packaging,subject speculation,share repurchase,bulk trading,merger and acquisition reorganization,information disclosure and other means,in order to gain private interests for large shareholders,which is contrary to the original intention of market value management and runs counter to the concept of value management.Such "pseudo-market value management" behavior has a spreading trend,which not only damages the value of listed companies,but also infringes the interests of the majority of small and medium-sized shareholders,and disrupts the normal order of the capital market.Can we regulate and curb such behavior in the name of market value management and in the name of "false market value management"?This paper takes this problem as the background and combines with typical cases to analyze and study the types and causes of the "pseudo-market value management" of listed companies,and discusses the relevant governance measures,so as to provide reference for the normal operation of the market value management activities of Listed Companies in China and the stabilization of the normal order of the capital market.This paper takes HKM Company as a typical case,takes market value management as the name,uses information disclosure to conduct illegal market manipulation as the starting point,and makes a clear classification of many behaviors of "pseudo market value management" of listed companies.On the basis of classification,this paper further analyses and discusses the deep-seated reasons leading to "pseudo market value management" of listed companies,and puts forward governance measures and suggestions.It is found that:(1)there are no clear legal norms and institutional guidelines for market value management,which provides natural convenience for the "pseudo-market value management" of listed companies;(2)the motivation of the major shareholders of listed companies to seek personal interests is the root cause of the occurrence of "pseudo-market value management";(3)the lack of external supervision and internal corporate governance deficiencies are the direct causes of the occurrence of "pseudo-market value management".The innovations of this paper are as follows:(1)Previous studies on the behavior of"pseudo-market value management" of listed companies have mainly focused on the specific aspects of "pseudo-market value management" behavior.The reason analysis is not deep enough.The study of typical cases also stays on the description of superficial behavior,and lacks systematic analysis and Research on the behavior of"pseudo-market value management" from generation to containment.This paper makes a clear classification of the behavior of "pseudo-market value management" of listed companies,and makes a systematic analysis of the behavior of "pseudo-market value management" from its emergence to its containment.(2)the behavior of"pseudo-market value management" is hidden under the name of market value management and has strong concealment,which is not easy to be identified,found and monitored.Based on the case of HKM Company,this paper makes a quantitative analysis of the identification and identification of its "pseudo-market value management" behavior by using the method of excess return,which makes the demonstration more convincing.This is also an innovation of this paper.In a word,based on the classification of "pseudo-market value management"behavior of Listed Companies in China,this paper explores its causes.Combining with specific cases,this paper conducts a comprehensive and systematic analysis of"pseudo-market value management" behavior from generation to identification and containment,so as to improve the market value management system,enhance enterprise value,protect small and medium investors,and purify the listed companies in China.The capital market and the improvement of corporate governance level,strengthen the supervision of "pseudo-market value management" behavior provides reference suggestions.