Research On A New Kind Of Market Manipulation Concealed By Market Value Management Of China’s Listed Companies

In 2008,the stock price and market value of listed companies fell sharply,and the market value management needs of listed companies and shareholders were stimulated.Under such a background,market value management became a hot spot to be chased.The overall effectiveness of China’s stock market is insufficient,but market value management can enhance the company’s intrinsic value and correct the deviation between the company’s market value and its intrinsic value from three aspects: value creation,value management and value realization.And some successful market value management practices have made the concept of market value management gradually recognized by the regulatory authorities.As the market value management boom,the behavior of market manipulation in the name of market value management has attracted the attention of the regulatory authorities.Since 2014,there have been some new changes and new features in market manipulation: there have been cases of manipulating the stock prices in the name of “market value management” through new means such as the issuance of selective information by listed companies.“Pseudo-Market Value Management” has gradually entered Public vision.However,what kind of market value management can be judged as market manipulation? Can the current laws and regulations governing market manipulation effectively discriminate "pseudo-market value management" ? What is the current status of market manipulation and “pseudomarket value management” in China’s securities market? What are the techniques? What are the characteristics? What makes the "pseudo-market value management" ? These are all issues that need to be clarified and resolved.This article consists of seven chapters:The first chapter is the introduction,which mainly focuses on the research background,research ideas and research methods,and puts forward the main contributions of this paper.The second chapter is literature review.It mainly summarizes the existing literature related to market value management from the perspective of market value management connotation,relationship with value management,market value management strategy and performance evaluation.The relevant literature on market manipulation from market manipulation types and means,judgment and the metrics and other angles is also combed.Then we summarize the existing research results on both market value management and market manipulation.The third chapter include the concept definition and theoretical overview.Firstly,it introduces the main concepts of this paper and the differences and judgments between them.The theoretical basis used in this paper which will be used as a basis for later analysis is also introduced.The fourth chapter presents the status of Chinese listed companies using market value management to manipulate the market.The modus operandi and the background of crimes involved in typical cases are divided,and the traditional market manipulation cases and “pseudo-market value management” market manipulation cases are compared."Market value management" market manipulation cases are compared with each other to summarize the means and characteristics of market manipulation of "pseudo-market value management".The fifth chapter introduces the background of the case.Taking the market manipulation of the East Group and sending it as an example,we sort out the background,origin,turning point and results,and pave the way for further analysis.The sixth chapter is a case study,which analyzes the case from three aspects: motivation and intention,discrimination of market value management and market manipulation,the cause of “pseudo-market value management”.The seventh chapter presents the research conclusions,suggestions and prospects.Firstly,the market manipulation techniques,characteristics and judgment methods under the pseudo-market value management is summarized.Then we propose corresponding suggestions for the formation of "pseudo-market value management".Finally,we put forward the research prospect for further study in this paper.The innovation of this paper is that,firstly,few studies in the past have selected a number of “pseudo-market value management” cases and summarized the main contents of the case,and compared the methods and characteristics of the “pseudomarket value management” manipulation case.Secondly,the case of the East Group selected for in-depth case study in this paper is very concealed in the modus operandi.In-depth research of this case not only help explore the regulatory loopholes behind its success,but also help further clarify the market operation behavior in the securities law.The method of this case is different from the previous case,and the “pseudo-market value management” case library has been expanded to provide enlightenment for the improvement of relevant regulatory systems and laws and regulations at the regulatory level.Finally,this article interprets 25 typical cases.There are two specific cases help reverse the identification of the market manipulation behavior in the Securities Law,and it is found that the elements involved in the law in the judgment of market manipulation by CSRC are not perfectly matched with the elements on which the actual administrative punishment is based.Thus,some suggestions for improvement are proposed.The inadequacy of this paper is that the first-hand information of the case study data cannot be got because of the lack of field investigation.The case study data relies to a large extent on the administrative punishment issued by the CSRC.Some of the data are different from the actual announcement of the listed company,although not having a substantial impact,has somewhat weakened the accuracy of the data.In addition,due to the limited academic ability of the author,the analysis is not comprehensive enough.