Case Study On Market Value Management Of Vipshop

Since the reform of non-tradable share structure in 2005,all non-tradable shares such as state-owned equity that could not be circulated have entered the circulation field,and the earnings of the shareholders of enterprises' tradable shares and non-tradable shares are also linked with the market value of enterprises,so the market value of enterprises is increasingly valued.As the core platform of future business,Internet ecommerce enterprises are different from traditional industries in terms of business model and industry characteristics.The characteristics of large investment in the early stage,high risk return and long investment return determine that the important direction of financing for e-commerce enterprises is equity financing,so the management of market value is particularly important.How e-commerce enterprises should carry out effective market value management activities to help e-commerce enterprises to operate and make financial decisions is a major issue related to the development of e-commerce enterprises.It is also the main content of this paper.As the former third largest e-commerce company in China,Vipshop has adopted a series of market value management methods in the process due to the decline in revenue growth and the continuous decline in stock price.Vipshop has a good typicality.Based on the reading of vast amount of literature,to understand the market value of listed company of management theory at home and abroad,on the basis of Vipshop company as a case,value management means and effect of Vipshop has carried on the related research and analysis,to explore Vipshop problems and the reasons in the current market value management existed,and gives the corresponding solutions.In this paper,the background,significance and market value management of the case are briefly introduced.Secondly,this paper explains the concept,main content,motivation and theoretical basis of market value management.The content of market value management mainly includes three aspects,which are the creation of company value,value realization and value management,and the subsequent researches are conducted around these three aspects.The third part introduces the basic situation of Vipshop,the change of market value and the relevant means of market value management.The change process of Vipshop's market value can be divided into two stages.The first stage is from the listing of Vipshop in 2012 to 2015,during which the share price of Vipshop rises rapidly.The second stage is after the peak in May 2015,Vipshop valuation showed a continuous downward trend.In the fourth part of this paper,based on theoretical analysis,the actual situation of Vipshop market value management is evaluated by model analysis.The evaluation model used in this paper is based on the evaluation index system of market value management of listed companies issued by the market value management research center of China's listed companies.According to the actual situation of Vipshop,the evaluation factors and scoring criteria of this index system are adjusted,and the evaluation effect of market value management of Vipshop is evaluated based on this evaluation system.It was found that Vipshop remained stable in terms of premium factors,and its indicators in terms of value creation and value realization rose first and then fell.Moreover,this trend overlapped with Vipshop's overall level of market value management and the trend of market value changes to a certain extent.Vipshop in recent years in the end,this paper argues that the market value of the management level,and the cause of the decline is Vipshop in value creation and value realization of negligence,and puts forward related Suggestions according to this conclusion: Vipshop should focus on main business,accelerate the industrial chain integration in order to enhance its value creation ability,completes the crisis public relations,a clear strategic path,strengthen the investor relations management to enhance the ability to implement its value.Through the analysis of the market value of Vipshop management,analysis the effectiveness of its market value management means,find Vipshop problems that exist in the value of management,and put forward the corresponding solution strategy and the suggestion,can help Vipshop better for enterprise management and operation decision-making,improve enterprise value and market value reasonably,which guarantees the healthy development of Vipshop.E-commerce enterprises of the same type can also learn from the relevant experience of Vipshop market value management and improve their own market value management model.