基于微观动力视角我国上市公司市值管理绩效评价的研究

Research on China Listed Company's Performance Evaluation of Market Value Management in the Perspective of Microcosmic Dynamical

内生动力不足一直是困扰我国上市公司市值管理、监管层科学监管和投资者理性投资之重要问题。构建上市公司市值管理动力保障、评价和实现的"三个环节"机制尤为紧迫。笔者在上市公司内含价值分层及管理理论基础上设计一套由上市公司内外部经济技术指标构成的市值管理绩效评价指标体系,并通过对其公开披露财务报表板面数据的有效性实证检验。实验证明该指标体系具有较好的现实解释力和较为广阔的应用前景。

Endogenous dynamics shortage has plauged China listed company＇s market value management as well as important issues the scientific supervision and rational investor may face. Entitlement constructions, evaluation and implementation mechanisms on China listed company＇s market value management are urgently needed. In this paper, we construct a series of performance evaluation of market value management indexes, which are composed of external and internal economic and technical indicators based on the stratified embedded value and management theory. Moreover, we use the publicly disclosured financial statement panel data to test the conclusion＇ s effectiveness. The empirical results verify the indexes have a good explanatory power and can be applied extensively.