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基于多视角的上市公司市值管理探讨
Discussion on Market Value Management of Listed Companies Based on Multi-perspective Analysis
【摘要】 我国资本市场发展过程中,市值管理逐渐受到各方的重视。本文从上市公司经营管理者、投资者和监管者三个视角对我国上市公司市值管理的理念、内容与方式进行系统探讨。本文认为:经营管理者需树立价值创造、价值经营和价值实现理念,通过产品创新、资本运作等手段,借助股权激励等方式提升市值;投资者应秉持价值投资理念,平衡收益风险,以不同的方式参与公司决策,促进企业价值提升;监管者应以保护投资者为核心,对企业筹资、投资、分配等活动全流程监管,通过政策引导与严格执法营造资本市场规范环境。本文构建了三方联动分析框架,解构各主体市值管理理念、内容及方式,结合中国实际提出可操作思路,为优化市值管理策略、完善监管制度提供参考,以助力提升我国市值管理水平和繁荣资本市场。
【Abstract】 In the development of China’s capital market, market value management has gradually garnered significant attention from various stakeholders. This paper systematically explores the concepts, content, and methods of market value management for Chinese listed companies from the perspectives of three key actors: corporate managers, investors, and regulators. The study argues that managers should adopt philosophies centered on shareholder value creation, value operation, and value realization. They can enhance market value through measures such as product innovation, capital operations, and equity incentive mechanisms. Investors are advised to uphold value investment principles, balance returns and risks, participate in corporate decision-making in diverse ways, and thereby promote enterprise value appreciation. Regulators should focus on investor protection, oversee the entire process of corporate activities including financing, investment and distribution, and foster a standardized capital market environment through policy guidance and strict enforcement. This paper constructs a tripartite collaborative analysis framework, deconstructs the concepts, content, and methods of market value management for each stakeholder, proposes actionable strategies tailored to China’s context, and offers references for optimizing market value management strategies and improving regulatory systems. It holds substantial practical significance for enhancing the level of market value management and promoting the prosperity of China’s capital market.
【Key words】 market value management; shareholder rights protection; value creation; value realization;
- 【文献出处】 财务研究 ,Finance Research , 编辑部邮箱 ,2025年06期
- 【分类号】F275;F832.51
- 【下载频次】46