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4月30日,A股市场升势不改,沪市综指收报3841．27点,再创新高。在经历22个月的牛市后,深沪两市总市值已经悄然跃过15万亿的关口,中国证券市场已一举成为全球规模量大的新兴市场。在指数与市场规模一路高歌猛进的同时,更具意义的数据是,同一天,在两市1400多家上市公司中,仅剩73家仍然挂着“S”头衔。这意味着,自2005年5月启动的股权分置改革基本收官,中国证券市场已经进入全流通时代。就在当前全流通时代刚刚开始的关口,“市值”这一长期被冷落的概念正在成为市场关注的新焦点和中国新兴资本市场的新标杆:上市公司实力评估、经理层绩效考核、收购与反收购能力比较、融资成本高低、投资者财富以及一个国家资本市场乃至经济实力的衡量,无不与市值息息相关。与此同时,市值管理,这一随之而来的新概念和新课题也被摆在了管理层和所有上市公司面前,即如何有效地对市值进行管理、实现市值的持续和稳定增长?
April 30, A-share market rose unchanged, the Shanghai Composite Index closed at 3841.27 points, a new high. After 22 months of bull market, the total market cap of Shenzhen and Shanghai has quietly jumped over the level of 15 trillion yuan. China’s securities market has become one of the emerging large-scale emerging markets in the world. While the index and market size all the way triumphantly, the more significant data is that on the same day, out of more than 1,400 listed companies in both cities, only 73 are still holding the “S” title. This means that since the split share structure reform started in May 2005 basically ended, the Chinese stock market has entered the era of full circulation. Just at the beginning of the current era of full circulation, the concept of “market value”, which has long been left out, is becoming a new focus of attention and a new benchmark for China’s emerging capital markets: the assessment of the strength of listed companies, the performance appraisal of managers, the acquisition and the anti- The acquisition of capacity comparison, the level of financing costs, the wealth of investors and a country’s capital markets and even the measure of economic strength, all are closely linked with the market value. At the same time, market value management, the consequent new concept and new topics are also placed in front of the management and all listed companies, that is, how to effectively manage the market value and achieve sustained and steady growth of market value?