Research On Value-based Management Decision Of Listed Companies

Since the stock market reform began in 2005,China's stock market has entered the full circulation era of stock.In this context,how to improve the intrinsic value of the enterprise through reasonable and effective value management has become an important issue in front of all listed companies.Through the "market value management tide" which was first proposed by nine new countries in 2014,"to encourage listed companies to establish market value management system",listed companies widely pursue "maximization of market capitalization" and ignore the intrinsic value of enterprise reality.In 2017,the Ministry of Finance issued the Ministry of finance,"Management Council application guidelines No.100th-strategic management".The reform of management accounting mainly takes value management as a strategic orientation and pays attention to the value creation of enterprises.Therefore,we need to set up a tool system to scientifically measure the value.However,because the traditional enterprise performance evaluation system tends to pay attention to the financial indicators such as income and cost,and the other key success factors that affect the long-term development and value creation of the enterprise,the lack of strategic and forward-looking traditional performance evaluation can not satisfy the demand of value management.Therefore,it is imperative to change the strategic decision analysis of enterprises.Enterprises need to establish a set of strategic decision-making system based on value management to better promote the creation of enterprise value.The research question of this paper is:how does a listed company conduct strategic oriented value management?The main problem is that Chinese enterprises have some misunderstandings about the strategic map,which is only considered as a performance evaluation tool,but not as a management tool and management concept to guide the formulation,composition,description and execution of the enterprise strategy.The Chinese and foreign scholars have not studied the strategic map and the enterprise value management decision.This paper starts with the logical connection between the strategic map and the value management decision,and obtains the driving factors of the enterprise value under the strategic map dimension through the theoretical analysis,and analyzes the management decision of the enterprise price combined with the case.In this paper,we find that the process of strategic management should be carried out in the process of strategic analysis-Strategic Analysis-strategic implementation-strategic evaluation control-strategic adjustment and strategic adjustment.At the same time,in the process of enterprise's pursuit of value maximization,we should make use of the value management tool-the strategy of strategy oriented analysis.The coordinated development and optimization of all aspects of enterprise value drivers.On the basis of the analysis of the management defects in the strategic map dimension,the management should take measures to reduce the gap between the value of the enterprise and the target value,and finally realize the optimization of the enterprise value.The innovation and application significance of this article lies in the theory that this paper studies the decision of enterprise value management,which is helpful to the realization of the theory of value management and is of great significance to the perfection of the theory of value management.In practice,on the one hand,guide the external investor how to obtain the limited performance letter.On the other hand,it is undoubtedly important to guide the management layer of the company to judge whether the current management mode conforms to the value management concept and provides the corresponding value management strategies and proposals for the listed companies.Finally,for the regulators,value management is of great reference value for their evaluation,evaluation of enterprise performance and management responsibility.