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2008年是中国上市公司市值管理元年。在这一年里,三一重工等135家上市公司的限售股率先全面解禁。如果说2005年股权分置改革的开启标志着中国证券市场一个时代的结束,那么2008年三一重工们的全面解禁则象征着中国证券市场一个全新时代——全流通时代的开始。市值管理是全流通时代的必然产物。2008年是中国证券市场遭遇寒冬之年。在这一年里,沪深两市一跌再跌,上证综指从年初的5272.81点跌至年终的1820.81点,其间曾经一度下探1664.93点,跌幅之大为中国证券市场问世十八年来之最。寒冬中,证券市场市值急剧缩水,股东财富严重洗劫。市值管理成为抵抗寒冬、保卫财富的现实要求。2008年也是市值管理实践精彩纷呈的一年。在这一年里,面对股指的“非理性”下跌和市值的“非理性”缩水,一大批上市公司及其大股东开拓创新,身体力行,主动践行弱市下的市值管理;证券监管部门积极行动,抓机制完善、重基础建设、强市场信心,引导、推动市场管理;中央政府先后调节股票供求关系、运用税收政策、出台经济剌激措施、研制行业振兴方略,提振实体经济基础,增强虚拟经济信心。2008年的市值管理,需求之强烈、目标之清晰、参与主体之众多、手段内容之丰富,为以往任何时候都无法比拟;2008年的市值管理,考验之严峻,形态之稚嫩,借鉴价值之重大,总结意义之突出,大家有目共睹。
2008 is the first year of market capitalization of listed companies in China. In this year, Sany Heavy Industry and other listed companies in 135 restricted the first full lifting of the ban. If the reform of share-holding structure in 2005 marked the end of an era in China’s securities market, the overall lifting of the Sany’s work in 2008 symbolized the beginning of a whole new era for the Chinese securities market. Market value management is the inevitable product of the era of full circulation. 2008 is the year when the Chinese stock market suffered a cold winter. During this year, the Shanghai and Shenzhen stock markets plummeted again and fell. The Shanghai Composite Index dropped from 5,272.81 points at the beginning of the year to 1820.81 points at the year-end. During the period, it once plunged 1,664.93 points, a big decline for the past 18 years since the advent of the Chinese stock market most. In the winter, the market value of the stock market has shrunk dramatically, and shareholder wealth has been seriously ransacked. Market value management has become a realistic requirement to resist the winter and defend wealth. 2008 is also a year of brilliant market value management practices. During the year, in response to the “irrational” decline in stock index and the “irrational” decline in market capitalization, a large number of listed companies and their major shareholders pioneered and innovated their market value management in the weak market ; Securities regulatory departments take positive actions to seize the mechanism perfect, heavy infrastructure, strong market confidence, guide and promote market management; the central government has adjusted the stock supply and demand, the use of tax policies, the introduction of economic stimulus measures, the development of industry revitalization strategy, boost Real economy basis, to enhance the confidence of the fictitious economy. 2008 market value management, strong demand, the goal is clear, the main body of the many, the rich means of content, unmatched at any time in the past; market value management in 2008, the test of the grim, immature morphology, drawing on the significance of the value , The significance of the summary, we all see.