2018年我国资本市场出现重要股东股权质押问题，一些上市公司重要股东 质押率高达99%，风险承受能力弱。经济下行，民营上市企业面临巨大挑战。政 府层面不断地出台救市行动，释放流动性来缓解股票质押风险。上市公司市值管 理再次引起重视。随着资本市场地不断完善与规范，上市公司规范管理必然要建 立完善的市值管理体系。 数据显示我国乳品行业尚有较大发展空间，但2018年乳品行业上市企业整 体业绩下滑。伊利股份和蒙牛乳业两大乳业巨头产品线不断丰富与完善抢占了越 来越多的市场，行业市场逐渐集中。兰州庄园牧场为民营上市乳品企业，市场份 额占比不高，上市以来业绩增长缓慢。兰州庄园牧场虽然在甘肃青海地区市场占 有率比较高，但随着市场竞争越来越激烈，当地市场也逐渐被龙头企业渗透。兰 州庄园牧场需要有效提升价值创造能力快速提升市值，稳固当地市场后布局全国 市常 本文引用市值管理评价体系对庄园牧场市值管理现状进行描述，并分析庄园 牧场市值管理中存在的问题。分别从价值创造、价值经营、价值实现三方面对庄 园牧场市值管理情况进行分析从而总结出庄园牧场在市值管理中存在的问题。通 过DEA模型对乳品行业市值管理效率分析，重点对比分析行业龙头企业伊利股份 和区域性企业天润乳业、西部牧业、燕塘乳业，找出兰州庄园牧场的市值管理中 可以参考借鉴的方法和思路。结合庄园牧场实际情况在量化和测算的基础上针对 庄园牧场存在的问题设计出适合庄园牧场的市值管理方案。针对市值管理方案提 出相应的评价方法和保障措施。最后对研究的内容提出结论和总结，为乳业上市 公司市值管理提供一些启发和思考。 关键词：市值管理,方案设计,评价与保障 MBA学位论文 作者：邱丹 兰州庄园牧场公司股票市值管理方案设计研究 II RESEARCH ON THE DESIGN OF STOCK MARKET VALUE MANAGEMENT SCHEME FOR LANZHOU MANOR RANCH COMPANY Abstract In 2018, China's capital market experienced significant shareholder equity pledges. Some listed companies' main shareholder pledge rates were as high as 99%, and their risk tolerance was weak. With the economic downturn, private listed companies face huge challenges. The government has continuously launched market rescue operations to release liquidity to mitigate stock pledge risks. Market value management of listed companies has once again attracted attention. With the continuous improvement and standardization of the capital market, the standardized management of listed companies must establish a perfect market value management system. Data show that there is still much room for development in China's dairy industry, but the overall performance of listed companies in the dairy industry in 2018 declined. Yili Co., Ltd. and Mengniu Dairy, two dairy giants, have continuously enriched and improved their product lines to capture more and more markets, and the industry market has gradually concentrated. Lanzhou Manor Ranch is a privately-listed dairy company with a low market share and a slow growth in performance since its listing. Although Lanzhou Manor Ranch has a relatively high market share in Qinghai, Gansu, as the market competition becomes more and more intense, the local market has gradually been penetrated by leading companies. Lanzhou Manor Ranch needs to effectively enhance the value creation ability to quickly increase market value and stabilize the local market while laying out the national market. This article uses the market value management evaluation system to describe the current situation of the market value management of the manor ranch, and analyzes the problems in the market value management of the manor ranch. The market value management of the manor ranch is analyzed from three aspects,value creation, value management, and value realization, and summarized the problems in the market value management of the manor ranch. The DEA model is used to analyze the market value management efficiency of the dairy industry, focusing on comparative analysis of MBA学位论文 作者：邱丹 兰州庄园牧场公司股票市值管理方案设计研究 III industry leading companies Yili Co., Ltd. and regional companies Tianrun Dairy, Western Animal Husbandry, and Yantang Dairy. Ideas. Based on the actual situation of the manor ranch, on the basis of quantification and calculation, and the problems of the manor ranch, a market value management plan suitable for the manor ranch is designed. According to the market value management plan, corresponding evaluation methods and safeguard measures are proposed. Finally, the conclusions and summaries of the research are put forward, which provide some inspiration and reflections for the market value management of dairy listed companies. Keywords : market value management, scheme design, evaluation and security MBA学位论文 作者：邱丹 兰州庄园牧场公司股票市值管理方案设计研究 IV 目 录 中文摘要 ..................................................I Abstract .................................................II 第一章 绪论 ..............................................1 1.1 研究背景以及研究意义 ........................................1 1.1.1 研究背景 ................................................1 1.1.2 研究意义 ................................................6 1.2 研究内容与研究问题 ..........................................7 1.2.1 研究内容 ................................................7 1.2.2 研究问题 ................................................7 1.3 研究方法与论文结构 ..........................................8 1.3.1 研究方法 ................................................8 1.3.2 论文结构 ................................................9 第二章 上市公司相关市值管理理论综述 .....................11 2.1 市值管理相关理论 ...........................................11 2.1.1 市值管理相关概念 .......................................11 2.1.2 市值管理相关理论 .......................................13 2.2 国内外市值管理发展情况 .....................................14 2.2.1 国内市值管理发展情况 ...................................14 2.2.2 国外市值管理发展情况 ...................................15 2.3 国内外市值管理研究情况 .....................................15 2.3.1 国内市值管理研究情况 ...................................15 2.3.2 国外市值管理研究情况 ...................................16 2.3.1 国内外研究情况评述 .....................................17 第三章 兰州庄园公司现状及问题分析 .......................18 3.1 庄园牧场基本情况 ...........................................18 3.1.1 基本信息 ...............................................18 3.1.2 业务情况 ...............................................20 MBA学位论文 作者：邱丹 兰州庄园牧场公司股票市值管理方案设计研究 V 3.1.3 财务情况 ...............................................21 3.1.4 股权关系情况 ...........................................22 3.1.5 员工构成情况 ...........................................23 3.2 庄园牧场市值管理现状 .......................................24 3.2.1 价值创造方面 ...........................................26 3.2.2 价值经营方面 ...........................................26 3.2.2 价值实现方面 ...........................................27 3.3 庄园牧场市值管理问题分析 ...................................27 3.3.1 战略问题 ...............................................28 3.3.2 管理问题 ...............................................29 3.3.3 投融资问题 .............................................30 第四章 兰州庄园公司股票市值管理方案设计 .................31 4.1 市值管理目标 ...............................................31 4.1.1 业务目标 ...............................................31 4.1.2 管理目标 ...............................................32 4.1.3 资本目标 ...............................................32 4.2 市值管理方案的设计原则 .....................................32 4.2.1 成本最低原则 ...........................................32 4.2.2 风险最低原则 ...........................................32 4.2.3 股东利益最大化原则 .....................................32 4.3 市值管理方案的设计方法与途径 ...............................32 4.3.1 市值管理方案设计方法 ...................................33 4.3.2 市值管理方案设计途径 ...................................33 4.4 庄园牧场市值管理方案内容 ...................................34 4.4.1 基于DEA模型市值管理效率分析 ...........................34 4.4.2 市值管理财务基础 ...................................