| With the completion of the share-trading reform in my country’s capital market,it has gotten rid of the shackles of the static indicators of net profit and net assets in the past,and turned to market value as the main reference for value realization.Market value has become a new benchmark for my country’s capital market.The concept also came into being.The "Nine Articles of the State" promulgated by the State Council have put a final word on market value management,and encouraged listed companies to establish a corresponding market value management system to help companies realize the harmony between intrinsic value and market value.The original meaning of market value management is to hope that companies can take reasonable and legal measures to help the company’s intrinsic value and market value grow in harmony,but “pseudo market value management” emerges one after another.Market value management has become the target of public criticism.How does proper market cap management work? In recent years,Midea Group has become a leader in the home appliance industry,which is not unrelated to its successful market value management strategy.By studying the Midea Group,which is relatively successful in taking market value management measures,this paper hopes to draw lessons from it by analyzing the market value management performance of Midea Group,and provide some reference for investors and other enterprises.This paper firstly sorts out the relevant theories of market value management,and then introduces the white goods industry in which Midea Group is located and its own development overview,and then introduces the market value adopted by Midea Group in three different stages of value creation,value operation and value realization.The management measures are sorted out,including digital transformation,continuous R&D innovation,expansion of e-commerce channels,etc.,and then through the construction of a performance analysis model,it is analyzed from the four dimensions of value creation,value realization,value correlation,and premium factors,and at the same time,Gree is calculated.The performance of electrical appliances and Haier Smart Home was compared and analyzed with Midea Group,and finally the conclusions and enlightenments of this paper were drawn.Through the performance analysis of the market value management of Midea Group,we have sorted out the reasons for the steady growth of the market value of Midea Group.We can get the following inspirations: First,the core of market value management lies in value management.Supported by good performance,no matter how good the market value performance is,it will be short-lived.Only by continuously improving the company’s true value creation ability will the company’s market value growth have a solid foundation.Second,when there is a certain bottleneck in the development of the enterprise,reasonable capital operation is the value.Effective means of operation,including mergers and acquisitions,private placement of strategic investors and other measures,can help the company to break through the situation quickly and find new growth points;third,the company’s market value performance sometimes deviates from the company’s intrinsic value changes.It is possible to repurchase shares from the secondary market at a lower price for future equity incentives or write-offs.In this way,a signal that the company’s stock price is undervalued can be conveyed to the market,and the company’s stock price can be corrected.Fourth,the company should pay attention to investment.The interest demands of investors,regular cash dividends every year is an important way to give back to shareholders,and actively handling the relationship with investors(especially institutional investors)can reduce the information inconsistency between the company and investors.Symmetry helps investors understand the intrinsic value of the company and realize the coordination between market value and intrinsic value. |
