Comparative Study On The Effect Of Market Value Management Of Listed Companies In China

Since the share reform in 2005,China has started the era of full circulation,and the business objectives of listed companies changed to pursue the maximization of corporate values.After paying attention to the company's stock prices,stockholders began to chase the maximization of shareholder wealth.In fact,the development of China's capital market has not reached the level of developed ones,so it is not enough to apply the value management theory directly when exploring the values of listed companies.Thus,on the basis of value management which is combined with the actual situations of China's capital market,the concept of Market Value Management came into being.Market Value Management combines the maximization of shareholder wealth with the maximization of corporate value,which has become a significant factor that listed companies',managers must consider when strategically deploying.At present,the practice results of Market Value Management in the capital market have not matched its importance because of the short development experience of Market Value Management.Moreover,the theoretical community has not been researched thoroughly as well.All these backgrounds lead to the fact that some managers hold a one-sided understanding of Market Value Management in the practice of enterprises,and mistakenly believe that the Market Value Management is the misperception of stock prices manipulation from time to time.In addition,with the influx of large capital into the circulation markets,Market Value Management has experienced a new era of capital.However,there are not many companies with significant market value management behaviors in the A-share market.Therefore,an analysis of the excellent cases of market value management in listed companies in China is of great significance for the practice of market value management.In this paper,Wuliangye and Luzhou Laojiao which have large market capitalizations were selected as the analysis objects in the liquor industry.Based on the market value management behavior of the two companies,the Market Value Management strategies of the two companies were compared and the differences between the market value management of the two companies were explored and different effects produced by them attempt to provide reference for market value management of other listed companies.