Research On The Manipulation Of Stock Price In The Name Of Market Value Management

Since China's shareholding system reform in 2005,the stock market has entered the era of full circulation.However,China's market structure and various laws and regulations still have many defects.The manipulation phenomenon is seriously rampant.The company's share price cannot reflect the intrinsic value of the company normally.To improve such conditions,The concept of market value management came into being.In 2014,although the new “National Nine Articles” clearly recommended that listed companies manage the market value of the company,due to many disputes in relevant research,the definitions and standards of market value management have not been unified,giving the criminals the possibility to abuse the concept of market value management.machine.In 2014,the CSRC pointed out that some listed companies have implicitly implemented market manipulation in the name of market value management encouraged and advocated.This is the first time in the history of the CSRC that the market manipulation behavior under the cover of market value management has been included in the scope of supervision.Based on this background,this paper selects the stock market manipulation case of Hengkang Medical,which is the first case in the history of the CSRC to sign a market value management agreement,and cooperates with the disclosure of illegal information disclosure as a case of stock price manipulation and punishment,which is typical and characteristic.This paper firstly sorts out the literature and theory related to market value management and stock price manipulation,and uses comparative analysis to find out the similarities and differences between the two.Secondly,using case analysis method to analyze 33 stock price manipulation cases penalized by the CSRC,from manipulation The general characteristics of stock price manipulation behavior in China's securities market are summarized in three aspects: means,economic consequences and manipulation causes.Next,case analysis is used to analyze the manipulation process of the typical case of Hengkang Medical,and to find out the manipulation of Hengkang medical manipulation behavior.Motivations,means,and economic consequences,and compare them to market value management.Finally,according to the research results,the corresponding recommendations are made to regulators,listed companies and investors.Through the research,this paper finds that the stock price manipulation behavior of Hengkang Medical in the name of market value management completely reverses the causal relationship between the market value management and the legally compliant capital operation,and pursues the positive influence on the market value.The transformation and expansion,frequently through the equity pledge and reduction of cash to raise funds,although the operation of the so-called "market value management" agreement,but through the three dimensions of market value management,its behavior is completely different from the real market value management.According to the research conclusions,this paper believes that the regulators should introduce market value management system recommendations and strengthen information disclosure.Listed companies should improve their governance structure and use legal compliance methods to achieve their own development.They believe that investors should rationally judge and invest carefully to protect themselves.The benefits are not compromised.Through the behavioral norms of the participating entities,we ensure the benign development of market value management while suppressing the recurrence of such manipulations.