Research On The Optimization Of Market Value Management Of State-owned Listed Banks

Market value management of listed companies has experienced more than ten years of development and has a relatively mature theoretical system.As an important strategic management behavior of listed companies,market value management is the core value oriented mechanism to straighten out the relationship between listed companies and their stakeholders.As a special enterprise,the assets and liabilities of banks have different values and meanings,so the traditional indicators can not play a corresponding role in the market value management activities of banks.Instead,other indicators such as capital provision rate and core capital adequacy ratio are used.With its own net assets as the weight,banks leverage several times more funds to provide financial services for the society.Therefore,they are far more sensitive to risks than other enterprises,and there are systemic risks.On the other hand,due to the effect of leverage,the overall market value of banks is very high,and the importance of market value management is self-evident.However,in China’s capital market,the share price of banks has been hovering at a low level,the P / E ratio is generally low,and the P / B ratio is mostly broken.Especially in recent years,under the background of a series of new development ideas and policies such as interest rate marketization,financial disintermediation,financial deleveraging,double cycle and requiring banks to release interest to small and medium-sized enterprises,the business environment of China’s banking industry is no longer the past.Under the challenges of Limited traditional development model,pressure on asset quality and stricter supervision,it is particularly important to carry out market value management activities,improve the performance of the capital market and improve the market value level.State owned banks have also encountered these problems.On the one hand,the risk of bank loans has increased,while on the other hand,due to the impact of Internet finance,the deposit business has shrunk.Due to the requirements of business development and maintaining core capital ratio,state-owned banks also need to rely on equity financing,which puts forward higher requirements for state-owned banks to implement market value management.By quoting market value management theory and value evaluation theory,this paper describes and analyzes the current situation of market value management of Bank of China.Combined with the evaluation index system of market value management of state-owned banks,starting from the macro mechanism level and specific operation level of market value management,starting from the current management mechanism of market value management of Bank of China,the current value creation ability,value operation level and value realization ability of Bank of China,and combined with the current market preference for bank stock valuation,this paper summarizes the problems existing in market value management of Bank of China.On the basis of the problems,this paper deeply studies and analyzes the causes of the problems,and puts forward the optimization scheme of the current market value management of the Bank of China,including the objectives,methods and contents of the optimization of market value management,improvement measures,risk analysis and control,combined with the current development trend of the international financial industry,the successful experience of leading enterprises and the business development status and advantages of the Bank of China.Finally,through the conclusion and summary of the research content,it provides reference for state-owned listed banks to carry out market value management optimization.On the one hand,this work helps to improve the market value management level of all listed banks,so as to provide reference ideas for the overall valuation improvement and market value resource development of China’s banking industry.On the other hand,it can drive the operation and development of banks through market value management and serve the overall market.In addition,the research on the optimization of market value management of state-owned banks can also provide relevant guidance for state-owned enterprises facing capital transformation.