会计学院知识库

股权分置改革的推进使得股东开始重视股价与持股市值，进一步催生了市值管理的需求，现今，市值管理已成为上市公司追求公司价值最大化，为股东创造价值的重要战略手段。股权质押作为股东常用的融资手段，在享受其低成本高效率融资优势的同时，也要承受其可能带来的风险。为降低其潜在风险并促进股东价值增长，控股股东的市值管理动机进一步加强。

在研究过程中，首先对国内外相关研究和理论基础进行梳理分析，在全面了解研究现状后，以上海莱士为案例研究对象，在分析其股权质押情况后，进一步剖析市值管理的动因。而后发现上海莱士在股权质押后，采取了多种市值管理手段以缓解质押风险，包括股东和高管增持、并购扩张、证券投资，以及投资者关系管理和改善主业经营状况等。随后，通过构建市值管理效果评价模型，分别探讨了公司在价值创造、实现以及溢价因素方面的表现，对该公司的市值管理实施效果进行全面综合的评价分析。

经过深入研究发现：股权质押的状况在一定程度上影响上海莱士市值管理行为的选择；上海莱士的市值管理效果前期较好，后期逐渐减弱，具有相对递减性；莱士市值管理存在短板，忽视价值创造，管理体系不够完善。与此同时，本文也从市值管理和股权质押两个角度向企业管理、法律法规以及外部监管层面提出相关建议，为我国市场规范市值管理行为、完善市值管理机制提供了有益的参考。

The advancement of the split-share structure reform has led shareholders to pay more attention to stock prices and the market value of their holdings, which has further generated the need for market value management. Nowadays, market value management has become an important strategic means for listed companies to pursue the maximization of corporate value and create value for shareholders. As a commonly used financing method for shareholders, equity pledges enjoy the advantages of low-cost and efficient financing while also bearing the potential risks. To reduce these potential risks and promote shareholder value growth, the controlling shareholder's motivation for market value management has been further strengthened.

During the research process, relevant domestic and foreign studies and theoretical foundations were first analyzed and sorted to fully understand the current research status, Taking Shanghai RAAS as a case study, the motivations for market value management were further analyzed after examining its equity pledge situation. It was found that after the equity pledge, Shanghai RAAS adopted various market value management methods to mitigate pledge risks, including shareholder and executive shareholding increases, mergers and expansions, securities investments, investor relationship management, and improving the performance of its main business. Subsequently, by constructing an evaluation model for market value management effectiveness, the company's performance in value creation, realization, and premium factors was explored, providing a comprehensive and integrated evaluation and analysis of the company's market value management implementation effectiveness.

After in-depth research, it was found that the status of equity pledges affects the choice of Shanghai RAAS's market value management behavior to a certain extent; the effectiveness of Shanghai RAAS's market value management was initially good but gradually weakened over time, exhibiting relative diminishing returns; there are shortcomings in RAAS's market value management, such as neglecting value creation and having an inadequate management system. Meanwhile, this paper also provides relevant suggestions from the perspectives of market value management and equity pledges to corporate management, laws and regulations, and external regulatory levels, offering a useful reference for standardizing market value management behavior and improving market value management mechanisms in the Chinese market.