上市公司市值管理:现状、困境与出路

Market Value Management of Listed Company:The Current Situation,Dilemma and Outway

"市值管理"因"新国九条"正名而被上市公司广泛采用,但由于其概念模糊不清,加之缺乏必要的具体制度规范的引导,实践中市值管理真假难辨,无论在操作层面,还是监管层面,都面临不小困难。为早日解决市值管理实践的乱象问题,应尽快出台《上市公司市值管理制度指引》,并在其中明确市值管理的法律概念内涵、目标定位、工具使用规则等内容。同时加大对伪市值管理的查惩力度,细化相关信息披露规则,从而引领市值管理"回归正途"。

＂Market value management＂ has been widely adopted by listed companies because of ＂New Country Nine Articles＂. However, due to the ambiguity of its concept and the lack of necessary specific institutional norms to guide, it is difficult to distinguish true from false in the practice of market value management, no matter at the operational level or the regulatory level, there are no small difficulties. In order to solve the chaos problem of market value management in practice, the Guidelines for the Market Value Management Systerrl of Listed Companes should be issued as soon as possible, in which the legal concept connotation, target orientation and tool use rules of market value management should be clarified. Meanwhile, the investigation and punishment of pseudo market value management should be strengthened, and the relevant information disclosure rules should also be refined, aiming to lead the market value management to ＂return to the right path＂.