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自从2005年中国实行股权分置改革以后,中国股市市场进入的全流通时代,中国上市公司的价值通过股票市场的价值体现出来,由此萌发了市值管理的需要。市值管理的概念在2007年由施光耀先生提出,而2014年国务院印发的《国务院关于进一步促进资本市场健康发展的若干意见》首次在政府行政规章文件提到了市值管理。市值管理的理念没有被广泛地正确理解,容易被解读为市价管理。管理层对市值管理理解的不到位会造成战略决策的失误,将公司引向歧途,最后损害到投资者的利益。本文基于对市值管理与市价管理概念的区分,凸显市值管理的核心内涵,展示市值管理的逻辑。
Since China introduced the split share structure reform in 2005, China’s stock market entered an era of full circulation, the value of Chinese listed companies was reflected through the value of the stock market, which triggered the need for market value management. The concept of market value management was proposed by Mr. Shi Guangyao in 2007, and the State Council’s “Opinions of the State Council on Further Promoting the Sound Development of the Capital Market” issued by the State Council in 2014 referred for the first time to market value management in government administrative regulatory documents. The concept of market value management is not widely understood correctly and is easily interpreted as market-based management. Management’s inadequate understanding of market value management can lead to mistakes in strategic decisions that lead the company astray and ultimately undermine the investor’s interests. Based on the distinction between the concept of market value management and market management, this article highlights the core content of market value management and shows the logic of market value management.