發(fā)布時(shí)間：2018-01-03 01:43

  本文關(guān)鍵詞：樂視網(wǎng)市值管理案例研究　出處：《沈陽(yáng)工業(yè)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 市值管理 樂視網(wǎng) 案例研究

【摘要】：隨著我國(guó)資本市場(chǎng)的不斷發(fā)展和進(jìn)步,市值管理作為資本市場(chǎng)的熱點(diǎn)話題,其重要性被更多的人認(rèn)同,雖然我國(guó)實(shí)踐市值管理有十年的時(shí)間,卻依然有很多上市公司不清楚如何進(jìn)行合理有效的市值管理,實(shí)現(xiàn)企業(yè)內(nèi)在價(jià)值的提升,并在市值上表現(xiàn)出來。歷年對(duì)上市公司市值管理內(nèi)容的研究文獻(xiàn)不占少數(shù),而對(duì)市值管理手段的應(yīng)用和效果方面的研究文獻(xiàn)卻少之又少,因此本文的研究重點(diǎn)就是對(duì)市值管理手段的有效性進(jìn)行分析。首先,本文對(duì)市值管理的相關(guān)文獻(xiàn)綜述進(jìn)行梳理,詳細(xì)地闡述了市值管理理論;其次,在此基礎(chǔ)上,以樂視網(wǎng)為案例研究對(duì)象,運(yùn)用文獻(xiàn)研究法、案例研究法、事件研究法、財(cái)務(wù)指標(biāo)分析法等一系列研究方法,將樂視網(wǎng)在不同時(shí)期發(fā)生的市值管理行為進(jìn)行了詳盡的案例介紹;再次,本文又重點(diǎn)分析了高送轉(zhuǎn)、兼并收購(gòu)和股權(quán)激勵(lì)三種手段是否對(duì)樂視網(wǎng)市值管理有效,其中,對(duì)于高送轉(zhuǎn)手段的分析主要從送轉(zhuǎn)動(dòng)因、樂視網(wǎng)股價(jià)變動(dòng)、股票超額收益率、高送轉(zhuǎn)前后市值變動(dòng)、股票流動(dòng)性變動(dòng)等方面展開;對(duì)于兼并收購(gòu)手段的分析主要從被收購(gòu)方價(jià)值評(píng)估情況、收購(gòu)的支付方式、樂視網(wǎng)股價(jià)變動(dòng)、超額收益率和兼并收購(gòu)前后市值變動(dòng)等方面展開;對(duì)于股權(quán)激勵(lì)手段的分析主要從樂視網(wǎng)股價(jià)變動(dòng)、超額收益率、股權(quán)激勵(lì)前后市值變動(dòng)、樂視網(wǎng)股權(quán)激勵(lì)行權(quán)情況等方面展開;而后,又對(duì)樂視網(wǎng)進(jìn)行綜合分析,分析其盈利能力、成長(zhǎng)能力及托賓Q指標(biāo);通過重重分析,得出上市公司市值管理的啟示并提出相關(guān)建議;最后得出本文結(jié)論,合理運(yùn)用市值管理手段,可有效提升市值。希望通過本文對(duì)樂視網(wǎng)市值管理手段有效性的研究,可以為其他上市公司的市值管理提供思路,并供其參考。
[Abstract]:With the continuous development and progress of capital market, market value management as a hot topic of capital market, its importance is recognized by more people, although our country has been practicing market value management for ten years. But there are still many listed companies do not know how to carry out a reasonable and effective market value management to achieve the intrinsic value of the enterprise. And in the market value of the study literature on the market value management content of listed companies is not a minority, but the application of market value management tools and the effect of the research literature is very few. Therefore, the research focus of this paper is to analyze the effectiveness of market value management tools. Firstly, this paper reviews the relevant literature review of market value management, and expounds market value management theory in detail. Secondly, on this basis, take Letv net as the case study object, using a series of research methods, such as literature research, case study, event research, financial index analysis and so on. The management behavior of market value happened in different period was introduced in detail. Thirdly, this paper focuses on the analysis of whether the three methods of high transmission, merger and acquisition and equity incentive are effective to the management of Letv market value. Among them, the analysis of the means of high transmission is mainly from the transmission motivation, Letv net stock price changes. The excess return rate of stock, the market value change before and after the high transfer, the stock liquidity change and so on; The analysis of the means of merger and acquisition is mainly carried out from the aspects of the value evaluation of the acquired party, the way of payment, the stock price change of Letv net, the excess return rate and the change of market value before and after the merger and acquisition. The analysis of the means of equity incentive is mainly from the aspects of the stock price change of Letv net, the excess return rate, the change of market value before and after the equity incentive, the exercise of the right of the stock right incentive of Letv net and so on. Then, the author makes a comprehensive analysis of Letv net, analyzes its profitability, growth ability and Tobin Q index. Through the analysis, the author draws the inspiration of market value management of listed company and puts forward some relevant suggestions. Finally, this paper draws a conclusion that the rational use of market value management means can effectively enhance market value. I hope that through this study of Letv network Letv management tools effectiveness, can provide ideas for other listed companies Letv management. And for its reference.
【學(xué)位授予單位】：沈陽(yáng)工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832.51;F49

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本文編號(hào)：1371853