The Market Value Management Research Of Listed Companies Based On The Share Repurchase

State share sale reform which Started in 2005 was considered as a new revolution at China's capital market. This change not only ended the differences between the tradable share and non-tradable share which is unique to China at the securities market. But also made two major functions of capital market, value found and value upgrade, to restore gradually. In the full circulation times, the market value management as a new subject which significance and functions receives unprecedented increased. As an efficient tool to raise the value, share-repurchase has been applied in the listed company in recent years. This approach can enhance public investors ' confidence in a company, further upgrade the corporate value, maximize the shareholders'benefit and the corporate value.This paper in 2005-declared 2010 the stock buyback listed company as a sample, using event study and multiple regression analysis, the research based on the stock buyback in listed companies in China market. Research shows that on management of the listed company stock buyback to repurchase the performance of the growth and value significant growth. This article also investigated using multiple regression analysis of China's listed companies market promotion, the results show that the performance after net rate and repurchase, operating performance of the level of 1% next significant and presented negative correlation between assets and repurchase operating performance under 5% level in significant negative relationship and present; Industry a number and net assets yield and repurchase operating performance after the next significant and 1% level positively related relationship, total assets and operating performance after the buyback under 5% level significantly positive correlation and presents.Based on the market value management and taken the share-repurchase as the prerequisite conditions, the full article expounded effects analysis to market value which was taken by the listed companies after having a share-repurchase. The result of empirical analysis shows company's market value, and finally puts forward the necessity of market value management. The thesis consists of four facets: The first chapter presents the domestic and overseas situation of study to the market value management and stock buyback .The second chapter presents some relevant basic theory about market value management and stock buyback. The third chapter verifies the effect of market value by using event study on the share-repurchase, and test the hypotheses of company's manage achievement influence by using multiple regression method. Based on the empirical study the fourth chapter puts forward the conclusions and recommendations relevant with the front one.