The Influence Of Market Value Management On Enterprise Investment Behavior

In 2014,the State Council clearly proposed to "encourage listed companies to establish a market value management system".In 2017,the "19th National Congress of the Communist Party of China Report" put forward six strategies including priority of efficiency,reform of efficiency,and improvement of total factor productivity.As one of the most important financial decisions of an enterprise,investment decisions are considered by scholars and practitioners to be an important factor in market value management.Based on this,the research question of this paper is: Can market value management in turn affect the investment behavior of enterprises?The research ideas of this paper are as follows: First,this paper deduces the influence mechanism of market value management on the investment behavior of listed companies by combing the existing literature and theories,and constructs the "market value managementrelieving financing constraints,catering to ordinary investors-investment behavior" in this paper.theoretical system.Based on this,this paper divides the market value management activities of Anta since its listing in 2007 into value creation,value realization,and value operation,and analyzes the behavior and effect of each part of the market value management activities.Then,explore the impact of Anta’s market value management on the source of Anta’s investment funds,investment scale,investment direction,and investment efficiency.Finally,the conclusion of this paper is obtained.This paper finds that the market value management effect of Anta Group is divided into two stages as a whole.Before 2017,there was little change.From 2017 to 2020,the trend of stock price,company market value and adjusted stock return rate is all rapid rise.Anta’s excellent market value management can positively affect the source,investment scale,investment direction and investment efficiency of enterprises’ investment funds.First,in terms of influencing the source of investment funds,Anta’s market value management effect is better,its financing constraints are lower,and its cash flow level is higher;second,in terms of affecting investment scale,Anta’s value management activities need to cater to ordinary investors.It will affect its overall investment level,which is divided into: fixed capital investment scale,intangible capital investment scale,human capital investment scale;third,the multi-brand development strategy in Anta’s value creation activities makes its investment industry tend to expand horizontally,the internationalization strategy makes it change the investment area from domestic to international;fourth,Anta’s market value management will affect its investment efficiency.Anta’s market value management effect is generally divided into 2017,and the market value management effect after 2017 is better than 2017.Before,its overall investment efficiency was also better after 2017 than before 2017.The research value of this paper lies in: this paper conducts an in-depth study of the various performances of a single company in the past 14 years since its listing,and introduces comparative companies to analyze how the market value management strategy of Anta Sports Goods Co.,Ltd.affects the investment behavior of the listed company.,and conduct an indepth analysis.While it has certain theoretical significance,it also provides a meaningful reference for the market value management of other listed companies in the domestic sporting goods industry.