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市值管理实践的混乱源自市值管理理论的含糊不清。本文从基于价值的管理的角度,分析了市值管理与企业经营目标选择、市值管理与利益相关者协调、市值管理与产品和资本市场工具运用的关系,指出市值管理的关键在于管理价值而非管理价格。结合对上汽集团和正海磁材两家公司市值管理案例的分析,建议上市公司要履行必要的决策程序,及时完整地披露相关信息;监管部门要尽快出台操作指引,加大监管的力度;投资者要加强对公司价值的研究,避免盲目追逐概念炒作。
The chaos in market value management practices stems from ambiguities in the theory of market value management. This article analyzes the relationship between market value management and business target selection, market value management and stakeholder coordination, market value management and product and capital market tools from the perspective of value-based management. It points out that the key to market value management lies in management value rather than management price. Based on the analysis of the market value management cases of SAIC and Zhenghai Cicai, it is suggested that the listed company should fulfill the necessary decision-making procedures and disclose relevant information in a timely and complete manner. The regulatory authorities should promulgate operational guidelines as soon as possible so as to intensify the supervision. Investors To strengthen the research on the company’s value, to avoid blind pursuit of conceptual speculation.