Pseudo-Market Value Management Of ZOY Home Furnishing CO.,LTD.

On May 9,2014,the State Council issued the "Several Opinions on Further Promoting the Healthy Development of the Capital Market",which for the first time included "market value management" into the top-level system design of the capital market.The policy pointed out that listed companies can manage market value when necessary to achieve market value alignment with the intrinsic value of the company.However,due to the self-interest of the company’s shareholders,the concealment of market value management and the lag of supervision,in recent years,there have been many illegal acts of companies manipulating stock prices in the name of market value management to achieve high cash-out,which has damaged investment.The legitimate rights and interests of the public are undermined and the stability of the financial market is undermined.Among them,the false market value management behavior of ZOY Home Furnishing CO.,LTD..has attracted widespread attention from the public.It has received two regulatory inquiries from the China Securities Regulatory Commission,affirming that the false market value management behavior will be severely punished,and requiring a thorough investigation of the ZOY Home Furnishing CO.,LTD.case.In response to this typical example,this paper uses the case analysis method and the event research method to study the management of the false market value of ZOY Home Furnishing CO.,LTD.:combing the whole process of the event,constructing an identification framework,and using the event research method to verify the identification results,explore the Motivation and impact of the incident.The study found that:(1)the registration system aggravates the polarization of the company’s market value,which is an environmental factor for small-cap companies to conduct pseudo-market-value management;the self-interest motive of major shareholders to reduce their holdings and cash out is the fundamental reason for the pseudo-market value management;the unsound corporate governance structure And the excessive concentration of tradable shares has created convenient conditions for the management of pseudo market value.(2)Constructed a pseudo-market capitalization management behavior identification framework of "collecting abnormal market information--retrospecting the historical trend of stock prices--analyzing the concentration of chips-searching for large--value transaction entities",and used the excess rate of return method to verify the identification results and test the validity of the identification framework.effectiveness.The value of this paper is to propose a false market value management behavior identification framework based on capital market indicators.This identification framework can effectively improve the identification ability of small and medium investors in the securities market,help regulators to detect false market value management behaviors in a timely manner,and protect the interests of small and medium investors.It is of great significance to improve the government’s regulatory capacity.