中国林业上市公司市值管理研究

发布时间：2018-08-31 13:02

【摘要】：上市公司市值具有重要的意义：市值高低直接反应公司实力的大小，股东财富的强弱，直接影响资金获取渠道的多寡，影响融资成本高低，进而影响企业政策与社会资源配置。正因为如此，上市公司的市值越来越受到股东及其他投资人的高度重视，同时也引起社会的广泛关注。在此背景下，基于价值管理理论的市值管理体系逐渐被认识并被用以指导公司管理，评价公司及管理层能力的指标体系也在探索中不断完善。但相比其他行业，林业行业上市公司却呈现市值增长缓慢，再融资尤其是股市再融资比例较低等问题。本文以上述现象为研究对象，在市值管理理论演进基础上，分析林业上市公司市值管理必要性，进而对林业上市公司的市值管理进行常规性评价与关键指标评价，发现中国林业行业上市公司市值管理存在的表面问题主要来源于主营业务利润单薄，从而引致价值经营困难，进而导致价值实现难以进行，而存在的深层次原因主要是林业上市公司经营中产生的生态效益未能被界定为营业收入，仅能通过财政补助获得一定程度的补偿，由此限制了价值经营及价值实现。而继续维系这一市值管理模式，林业上市公司价值难以完全体现，林业行业的资源配置难以优化，这将影响林业行业的发展，进而对绿色中国的建设不利。改变这一状况，必须从以下几个方面进行应对：一是政府改进生态补偿机制，尤其是对林业上市公司创造的生态价值的补偿为生态价值购买，增加其主营业务收入；二是营林企业必须纵向一体化，向关联度较高的第二、第三产业进行拓展，谋求较高经济效益；三是适度多元化经营，，如扩大林下经济以及经济林。
[Abstract]:The market value of listed companies is of great significance: the market value directly reflects the size of the company's strength, the strength of shareholders' wealth, directly affects the amount of access to funds, the level of financing costs, and then affects enterprise policies and social resource allocation. Because of this, the market value of listed companies has been paid more and more attention by shareholders and other investors. Under this background, the market value management system based on the value management theory has been gradually recognized and used to guide the management of the company, and the index system of evaluating the ability of the company and its management has been continuously improved. However, compared with other industries, listed companies in the forestry industry have shown slow growth in market capitalization and low refinancing, especially in the stock market. On the basis of the evolution of market value management theory, this paper analyzes the necessity of market value management of forestry listed companies, and then evaluates the market value management of forestry listed companies on a regular basis and a key index. It is found that the superficial problems in the market value management of listed companies in China's forestry industry are mainly due to the thin profits of the main business, which leads to the difficulty of value management and the difficulty of value realization. The deep reason is that the ecological benefit produced by the forestry listed company can not be defined as the operating income, and can only be compensated by the financial subsidy, which limits the value management and the realization of the value. However, it is difficult to fully reflect the value of forestry listed companies and optimize the resource allocation of forestry industry, which will affect the development of forestry industry and will be disadvantageous to the construction of green China. To change this situation, we must deal with it from the following aspects: first, the government should improve the ecological compensation mechanism, especially the compensation for the ecological value created by forestry listed companies to purchase ecological value and increase its main business income; Second, forestry enterprises must integrate vertically and expand to the second and third industries with high correlation degree to seek higher economic benefits; third, moderate diversification, such as expansion of undergrowth economy and economic forest.
【学位授予单位】：南京林业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F326.25;F832.51

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