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2014年5月9日,国务院颁布《关于进一步促进资本市场健康发展的若干意见》,明确提出“鼓励上市公司建立市值管理制度”。“市值管理”首次被写进资本市场顶层制度设计的纲领性文件中。我国上市公司市值管理进入到全新的规范化和制度化阶段。随着市值管理概念的不段升温,市值管理也越来越被上市公司、机构投资者、个人投资者所重视。在我国股票市场整体有效性不足、上市公司市值与其内在价值偏离的情况下,市值管理有其合理性和必要性。但是,各种以“市值管理”之名涉嫌违规信息披露、内幕交易、操纵市场之实的行为也不断涌现,对我国资本市场的健康稳定发展造成了不利影响。
On May 9, 2014, the State Council promulgated the “Opinions on Further Promoting the Healthy Development of the Capital Market” and clearly put forward the “Encouraging Listed Companies to Establish Market Value Management System”. “Market Value Management ” was first written into the programmatic document designed at the top of the capital market. The market value management of listed companies in China has entered a new stage of standardization and institutionalization. With the concept of market value management is not heating up, market value management is also more and more listed companies, institutional investors, individual investors attach importance. Under the condition that the overall effectiveness of the stock market in our country is not enough and the market value of listed companies deviates from its intrinsic value, market value management is reasonable and necessary. However, all kinds of acts of disclosing illegal information, insider trading and manipulating the market in the name of “market value management” have also been continuously emerging, adversely affecting the healthy and steady development of China’s capital market.