2005年4月，我国进行了股权分置改革，我国资本市场从此进入了全流通 时代，上市公司的市值成为决定公司收购能力强弱、融资成本高低、投资者财富 大小的重要标准，上市公司通过科学的市值管理手段使公司股价同公司内在价值 保持一致，是十分必要和重要的。目前国内上市公司均重视市值管理工作，但一 些上市公司缺乏科学的市值管理手段，在市值管理方面显得很被动，造成股价异 常波动，影响公司正常运营。本文对国内A股上市公司市值管理方法进行深入 探讨，提出改进方案。 本文选取白银有色集团股份有限公司为研究对象，依据现有的市值管理理 论，对该公司的具体市值管理行为进行分析和研究，指出问题并提出了相应的改 进措施。首先，归纳梳理了国内外市值管理相关理论，对研究现状进行了综述。 随后，根据市值管理理论对白银有色公司进行分析，分别从价值创造、价值经营、 价值实现等三方面对其市值管理的现状进行分析。之后，通过市值管理绩效评价 模型，用具体的指标对市值管理进行定量分析。通过分析，指出白银有色在市值 管理中存在的突出问题。在此基础上，本文针对存在的问题，提出一些相应的改 进措施，以进一步提升白银有色市值管理能力，同时提出了实现这些建议的保障 措施。最后得出结论，通过科学的市值管理方法，可有效提升公司市值。 本文通过研究提出了对白银有色市值管理工作的建议，为其构建科学的市值 管理体系提供了参考，同时也为有色金属行业上市公司做好市值管理工作提供了 借鉴。同时，本文希望进一步加强对上市公司市值管理实践的研究，以推动市值 管理理论的发展。 关键词：白银有色，市值管理，有色金属，市值 MBA学位论文 作者：张凌云 白银有色集团股份有限公司市值管理改进研究 II Research On Improving Market Value Management Of Baiyin Nonferrous Group Co.,Ltd. Abstract In April 2005, China carried out the reform of split share structure, the capital market of China has entered the era of full circulation since then, The market value of the listed company has become an important standard to determine the strength of the company's acquisition ability, the level of financing cost and the size of investors' wealth. It is very necessary and important for the listed company to keep the share price consistent with the company's intrinsic value through scientific market value management means. At present, domestic listed companies attach great importance to market value management, but some listed companies lack of scientific market value management means, which is very passive in market value management, causing abnormal fluctuations in stock prices, affecting the normal operation of the company. In this thesis, the market value management methods of domestic A-share listed companies are discussed in depth, and the improvement plan is proposed. This thesis selects Baiyin Nonferrous Group Co., Ltd. as the research object, according to the existing market value management theory, analyzes and studies the specific market value management behavior of the company, points out the problems and puts forward the corresponding improvement measures. First of all, it summarizes the relevant theories of market value management at home and abroad, and summarizes the research status. Then, according to the theory of market value management, this thesis analyzes the current situation of market value management of Baiyin Nonferrous Company from three aspects: value creation, value operation and value realization. Then, through the performance evaluation model of market value management, quantitative analysis of market value management is carried out with specific indicators. Through the analysis, it points out the outstanding problems in the market value management of silver and non-ferrous metals. On this basis, this thesis puts forward some corresponding improvement measures for the existing problems, in order to further improve the market value management ability of silver and non-ferrous metals, and puts forward the guarantee measures to realize these MBA学位论文 作者：张凌云 白银有色集团股份有限公司市值管理改进研究 III suggestions. Finally, the conclusion is drawn that through scientific market value management method, the market value of the company can be effectively improved. This thesis puts forward suggestions on the market value management of silver and non-ferrous metals, which provides a reference for the construction of a scientific market value management system, and also provides a reference for the listed companies in the non-ferrous metals industry to do a good job in market value management. At the same time, this thesis hopes to further strengthen the research on the practice of market value management of Listed Companies in order to promote the development of market value management theory. Keywords: Baiyin Nonferrous Group, market value management，nonferrous metal, market value MBA学位论文 作者：张凌云 白银有色集团股份有限公司市值管理改进研究 Ⅳ 目 录 中文摘要..................................................................................................... I Abstract ...................................................................................................... II 目 录 ......................................................................................................... 4 第一章 绪论 .............................................................................................. 1 1.1 研究背景与研究意义 ...................................................................................... 1 1.1.1 研究背景 ................................................................................................................. 1 1.1.2 研究意义 ................................................................................................................. 2 1.2 市值管理文献综述 .......................................................................................... 2 1.2.1 国外文献综述 ......................................................................................................... 2 1.2.2 国内文献综述 ......................................................................................................... 3 1.2.3 国内外文献评述 ..................................................................................................... 5 1.3 研究内容与方法 .............................................................................................. 6 1.3.1 研究内容 ................................................................................................................. 6 1.3.2 研究方法 ................................................................................................................. 6 1.4 研究思路与框架 .............................................................................................. 7 1.4.1 研究思路 ................................................................................................................. 7 1.4.2 研究框架 ................................................................................................................. 7 第二章 市值管理相关理论 ...................................................................... 8 2.1市值管理概念界定 ........................................................................................... 9 2.1.1 价值管理 ................................................................................................................. 9 2.1.2 市值管理 ................................................................................................................. 9 2.2 市值管理的三个环节 .................................................................................... 10 2.2.1 价值创造 ............................................................................................................... 10 2.2.2 价值经营 ............................................................................................................... 11 2.2.3 价值实现 ............................................................................................................... 11 2.3市值管理绩效评价模型 ................................................................................. 12 第三章 白银有色市值管理现状和问题分析 ...................................... 15 3.1 白银有色基本情况 ........................................................................................ 15