| With the reform of shareholding structure in 2005,China has the institutional background for the implementation of market value management.The proposal of “New Country Nine Articles” in 2014,has officially listed “market value management” as a programmatic document.With the increasingly advocacy of market value management by regulators,the importance of market value management has gradually become prominent in market activities,and market participants have also paid more and more attention to market value management behavior.In fact,in the practice of capital markets,the market value management activities of listed companies are becoming more and more popular.However,at the same time,more and more listed companies are suspected of conducting reverse market value management behavior(RMVM),but the current academic field is still less concerned about this reverse market value management behavior.Therefore,through the event window of Vanke’s suspected RMVM behavior,this paper chooses Vanke as a case and carries out a step-by-step exploratory study.From the three aspects of motivation analysis,market value management level evaluation and the path of RMVM,this paper gradually analyses Vanke’s RMVM behavior,and answers respectively whether Vanke is really conducting RMVM behavior as saying,why Vanke should carry out RMVM,and what is the path of Vanke RMVM.Through research,this paper draws corresponding conclusions on the motivation,evaluation and path of Vanke RMVM.Firstly,for the motivation of Vanke’s RMVM,this paper finds that Vanke’s senior executives had the tendency to strengthen its control over the company.To meet this tendency,they purchased the company’s stock through the business partner system in order to increase its control over the company.In this case,the lower share price is beneficial to the executives of Vanke.Based on this,this paper judges that Vanke has the motive of RMVM.Secondly,for the evaluation of Vanke’s market value management level,this paper uses the index system to evaluate Vanke,and finds that Vanke’s market value management level from 2012 to 2016 is a onward trend,while the market value management level from 2010 to 2011 and 2017 is a downward trend.Finally,for Vanke’s RMVM path,the conclusion of this study is that during the period of Vanke’s reverse market value management,the company did not take positive measures to carry out market value management as it did in the positive market value management stage after encountering negative events on the level of market value management.These paths include: not obviously improving dividend payout level,not actively improving managerial relationship management level;not adopting institutional innovation or incentive measures to actively prevent brain drain;not doing the corresponding public relations work well after the gold medal director was selected secretly;not doing the media public relations work well after the failure of transforming commercial real estate;not specifically explaining the failure of equity incentive plan.At the same time,this paper also brings some enlightenment to market regulators,investors and listed companies through the study of Vanke. |
