2004年1月31日，国务院发布了《关于推进资本市场改革开放和稳定发展的若 干意见》。2005年4月29日，经国务院批准，中国证监会发布了《关于上市公司股 权分置改革试点有关问题的通知》，自此上市公司股权分置改革的试点工作启动。2005 年9月4日，中国证监会发布了《上市公司股权分置改革管理办法》，股权分置改革 使得上市公司流通股与原非流通股归属不同权利、不同责任以及不同价值体现的形势 得以改变，国内资本市场进入全流通时代，为上市公司市值管理奠定了历史背景。市 值管理以及市场价值体现逐渐成为上市公司综合实力新象征、资本运作的新标杆，成 为了实现上市公司与股东价值创造最大化、价值实现最优化的战略管理工程。 本篇论文首先介绍了关于市值管理的研究背景、研究意义、论文的研究框架以及 论文主要研究方法。论文第二章对于市值管理国内外相关理论及文献综述进行梳理， 从市值管理价值创造、价值经营以及价值实现三种方式论述市值管理的过程。然后基 于本次论文研究的标的公司——JF公司目前的经营情况、行业市值表现情况以及市值 管理现状进行分析，列出图表进行论述。在对JF公司市值管理现状进行梳理的前提 下，对于其市值管理策略进行制定以及设定，提出价值创造策略优化方案。根据行业 市值以及市值评价设计适用JF公司市值管理的评价模型，并在模型基础上对市值管 理有效性进行分析以及提出改进策略。 本文希望通过系统的分析以及策略分析，从而为JF公司市值管理评价和改进策 略提供思路和可实现路径，尝试去改善其市值管理上存在的不足。为JF公司未来提 升资本市场核心竞争力，同时也为其他同行业及跨行业上市公司提供市值管理方面的 比较与借鉴。 关键词：市场价值管理；投资者权益；市值管理评估 III Abstract On January 31, 2004, the State Council issued "several opinions of the State Council on the Promotion of Reform, opening up and stable Development of the Capital Market". On April 29, 2005, with the approval of the State Council, China Securities Regulatory Commission issued the "notice on the pilot issues of the split share structure Reform of listed companies", and started the pilot work of the reform of the split share structure. On September 4, 2005, the China Securities Regulatory Commission (CSRC) issued the measures for the Administration of Non-tradable shares Reform of listed companies, and the reform of non-tradable shares was fully implemented in listed companies. The reform of non-tradable shares makes the situation of different rights, different responsibilities and different values of tradable shares and non-tradable shares of listed companies change. The domestic capital market has entered the era of full circulation, which has laid a historical background for the management of market capitalization of listed companies. Market value management and market value has gradually become a new symbol of comprehensive strength of listed companies, a new benchmark of capital operation, and a strategic management project to maximize the value creation and optimize the value of listed companies and shareholders. First of all, this paper introduces the research background and significance, the research framework and the research methods of the paper. Secondly, combing the relevant theories and literature review of market value management at home and abroad, from the market value creation, value management and value realization of the three ways to discuss the process of market value management. Then based on this paper the target company JF company's current operating situation, the industry market value performance as well as the market value management present situation carries on the analysis, lists the chart to carry on the elaboration. On the premise of combing the current situation of market capitalization management of JF Company, the author formulates and sets up the market capitalization management strategy, and puts forward the optimization scheme of value creation strategy. IV According to the market capitalization of the industry as well as market capitalization evaluation design for its market capitalization management evaluation model, and on the basis of the model of market capitalization management effectiveness analysis and put forward improvement strategies. This paper hopes that through systematic analysis and strategy analysis, JF company market value management evaluation and improvement strategy to provide ideas and realizable path to try to improve its market value management deficiencies. For the JF company to enhance the core competitiveness of the capital market in the future, but also for other industries and cross-industry listed companies to provide market capitalization management reference. Keywords: Market value management; Investor rights and interests; Market value management evaluation V 目 录 摘要.....................................................................................................................................I Abstract................................................................................................................................III 第一章 绪论......................................................................................................................- 1 - 1.1 研究背景与意义.........................................................................................................- 1 - 1.1.1 研究背景..........................................................................................................- 1 - 1.1.2 研究意义..........................................................................................................- 2 - 1.2 市值管理研究综述.....................................................................................................- 3 - 1.2.1 价值管理..........................................................................................................- 3 - 1.2.2 市值管理的本质..............................................................................................- 5 - 1.3 研究内容与框架.........................................................................................................- 6 - 1.4 研究方法.....................................................................................................................- 7 - 第二章 市值管理理论综述..............................................................................................- 9 - 2.1 市值管理概念与内涵.................................................................................................- 9 - 2.1.1 市值的概念......................................................................................................- 9 - 2.1.2 市值管理的内涵..............................................................................................- 9 - 2.2 市值管理的内容.......................................................................................................- 10 - 2.2.1 价值创造........................................................................................................- 11 - 2.2.2 价值经营........................................................................................................- 12 - 2.2.3 价值实现........................................................................................................- 12 - 2.3 市值管理的影响因素...............................................................................................- 13 - 2.3.1 交易市场........................................................................................................- 13 - 2.3.2 行业前景........................................................................................................- 14 - 2.3.3 经营业绩及偿债能力....................................................................................- 14 - 2.3.4 投资者关系....................................................................................................- 14 - 2.4 市值管理的策略.......................................................................................................- 14 - 2.4.1 立足基本面，做好经营管理........................................................................- 14 - VI 2.4.2 优化核心业务组合和资本架构....................................................................- 15 - 2.4.3 加强投资者关系管理....................................................