Research On The Market Value Management Of X Securities

Since the Reform of Non-tradable Shares in China,Market value management has received more and more attention.Its has become the standard for measuring the comprehensive strength of listed companies.Under the advocacy of the State Council's new “No.9 National Capital Market Design Documentation”in 2014,the majority of listed companies strive to improve their own value creation level,combined with using a variety of scientific and regulatory methods,Listed company's own intrinsic value displayed in the capital market at a reasonable price,which maximizes the company's value.At the same time,reducing speculative actions such as stock price manipulation and maintaining the stability of the capital market.This paper selects X Securities as the research case,cause it was listed earlier but till has a large gap with the leading companies in the securities industry,especially after being punished by Securities Regulatory Commission in 2016,it is urgent to improve its competitiveness.This paper hopes to help X Securities seizing the opportunity of business qualification recovery,improving its position in the industry.And at the same time,allow more and more medium-sized Securities find a suitable market value management solution through the analysis of X Securities.After reading the literature on the market value management,this paper choose Shi Guangyao team's Market Value Management evaluation model as the basis,and add value recognize the new module.Secondly,using the case analysis method to analyze the market value management strategy of X Securities;and using CAR analysis method to find whether X Securities' value management behavior is effective from four aspects.Then,evaluate the stock of market management effectiveness of X Securities by using the revised market value management performance evaluation model.Finally,the paper puts out some optimization advice for X Securities to improve the disadvantages of the market value management.Through analysis,this paper finds that the market value management level of X Securities needs to be improved.Since X Securities listing in 2009,the company's profitability growth has been insufficient,and its market value has gradually been surpassed by competitors.X Securities pays less attention on Investor relations management which results in its poor value performance.In view of the above problems,and considered the specific situation of the securities industry,this paper proposes an optimization solutions from three dimensions of value creation,value recognition,and value achievement.This paper hopes to provide a useful reference for other listed Securities and to promote the development of China's capital market.