摘要
市值管理产生于中国股市股权分置改革完成后、逐步实现股份全流通的背景下,是西方价值管理在中国股市的发展和延伸。本文借助平衡计分卡这一战略分析工具探讨了影响上市公司内在价值创造的四个关键驱动要素——财务性价值驱动要素、公司治理价值驱动要素、客户关系管理价值驱动要素、投资者关系管理价值驱动要素;在此基础上,从市值管理三大环节——价值创造、价值经营、价值实现出发构建了中国上市公司市值管理框架;最后,提出了加强上市公司市值管理的建议。
On the background of accomplishment of shareholder structure reform and stepwise realization of inclusive circulation of shares in Chinese stock market,the paper starts with researching theory of VBM,analyzes the emergence background and significance of market value management from Chinese stock market,sets up framework of market value management of Chinese listed companies based on three links of value creation,value operation and value realization,discusses four key value driving factors,which are financial value,corporate governance,customer relationship management and investor relations management,by means of strategy analysis tool of Balanced Score Card,proposes the point of 'inner value is comprised of current economy value and potential economy value',and advances several advice of strengthening market value management of Chinese listed companies.
出处
《会计研究》
CSSCI
北大核心
2010年第4期82-88,共7页
Accounting Research
