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   我国股权分置改革后，市值管理概念应运而生，国内部分上市公司开始进行市值管理的主动尝试，不断探索科学的市值管理方法，尝试建立行之有效的市值管理模式。经过近十年的发展后，国务院、证监会通过将“市值管理”概念纳入国家级政策文件以及创业板注册制改革等方式支持上市公司进行市值管理，极大地激励了上市公司建立市值管理制度的积极性，我国市场对市值管理的探索与研究逐渐步入标准化和制度化阶段。

  根据中国上市公司市值管理研究中心发布的报告，受制于我国弱式有效性的证券市场以及较低的市场资源配置效率，我国部分企业的内在价值在市场中无法得到有效反映。本文选取我国家电制造业企业海尔智家作为案例公司，通过文献检索、统计分析等手段，利用财务指标对比、自由现金流估值以及管理层回购行为证明海尔智家处于低估值状态。结合市值管理绩效评价体系，分析其2017年至2020年的市值管理状况以及市值管理绩效排名出现下降的原因，对海尔智家基础价值创造能力、成长价值创造能力、内在价值实现能力进行评价，发现其市值管理存在的主要问题如下：公司管理层缺乏对市值管理的重视，海外并购导致核心盈利能力下降，研发投入与利润产出不匹配，投资者关系管理与营销公关能力的欠缺。针对具体问题和缺陷从构建市值管理制度、增强核心盈利能力、优化研发投入与利润产出、提升投资者关系管理、注重媒体公关管理等方面提供相关建议。

  笔者以当前国内证券市场弱式有效背景下的上市公司海尔智家为例，通过研究发现其处于低估值状态下的市值管理能力存在的问题与缺陷，并尝试提供相关建议，以期改善其内在价值与市值不匹配的状况。在我国证券市场全球化进程加速的背景下，处于低估值状态的上市公司更需要通过构建科学合理的市值管理机制，使内在价值尽可能在市场中得以体现，希望相关建议能够为与海尔智家具备可比性的低估值上市公司提供相应的启示和参考，改善该类企业价值背离与被低估的状况，实现长远健康的发展。

     After China's split share structure reform in 2005, the concept of market value management came into being. Some domestic listed companies began to actively try market value management, constantly explore scientific market value management methods and try to establish an effective market value management model. After nearly a decade of development, the State Council and the CSRC have supported listed companies in market value management by incorporating the concept of "market value management" into national policy documents and the reform of gem registration system, which has greatly encouraged listed companies to establish market value management system. The exploration and research of market value management in China's market has gradually entered the stage of standardization and institutionalization.

    According to the report released by the market value management research center of China's listed companies, subject to China's weakly efficient securities market and low market resource allocation efficiency, the internal value of some Chinese enterprises can not be effectively reflected in the market. This paper selects Haier Smart Home, a Chinese household appliance manufacturing enterprise, as a case company, through literature retrieval, statistical analysis and other means, using financial index comparison, free cash flow valuation and management repurchase behavior to prove that Haier Smart Home is undervalued. Combined with the market value management performance evaluation system, this paper analyzes its market value management status from 2017 to 2020 and the reasons for the decline of market value management performance ranking, evaluates Haier Smart Home's basic value creation ability, growth value creation ability and internal value realization ability, and finds that the main problems of its market value management are as follows: the company's management lacks attention to market value management, Overseas mergers and acquisitions lead to the decline of core profitability, the mismatch between R & D investment and profit output, and the lack of investor relationship management and marketing public relations ability. In view of specific problems and defects, this paper provides relevant suggestions from the aspects of constructing market value management system, enhancing core profitability, optimizing R & D investment and profit output, improving investor relationship management, and paying attention to media public relations management.

    Taking Haier Smart Home, a listed company under the background of weak efficiency in the current domestic securities market as an example, the author finds the problems and defects in its market value management ability under the condition of undervalued value, and tries to provide relevant suggestions in order to improve the mismatch between its internal value and market value. It is hoped that under the background of globalization, Haier's listed companies will be able to accelerate the construction of the market value and underestimate the internal value of the securities market as much as possible, Improve the deviation and undervaluation of such enterprises, and realize long-term and healthy development.