3 6 Ke·2025-05-14 04:28Group 1 - The core viewpoint of the article is that a significant transformation in market value management is underway in China's capital markets, marked by new regulations and frameworks aimed at enhancing corporate quality and shareholder returns [1][10][37] - The China Securities Regulatory Commission (CSRC) issued guidelines defining market value management as strategic management actions taken by listed companies to improve investment value and shareholder returns [1][10] - The State-owned Assets Supervision and Administration Commission (SASAC) has incorporated market value management into the performance assessment of central enterprises, indicating a shift towards systematic management practices [1][10] Group 2 - The evolution of market value management theory has transitioned from a focus on short-term financial metrics to a more holistic approach that includes long-term value creation and stakeholder interests [2][4][5] - Traditional theories emphasized shareholder value maximization, but their limitations became evident during financial crises, highlighting the need for a more comprehensive framework [2][3][4] - The introduction of dynamic capability theory and ecological value theory represents a shift towards a "co-creation value" paradigm, emphasizing sustainable practices and long-term strategic responses [5][6] Group 3 - The policy evolution of market value management in China has moved from spontaneous market behavior to a more structured and regulated approach, with significant reforms initiated since 2005 [10][11] - The introduction of the registration system and the establishment of specific market value management obligations for various stock indices mark a critical phase in regulatory development [11][13] - The upcoming "precision drip irrigation" phase of policy implementation aims to ensure that market value management is executed by the companies themselves, reducing instances of "pseudo market value management" [13][14] Group 4 - Successful case studies, such as CATL, illustrate the effective implementation of market value management through innovation and strategic alignment with ecological and technological advancements [25][30][31] - The failures of companies like Hengkang Medical serve as cautionary tales, emphasizing the importance of genuine performance and compliance in market value management practices [20][24] - The future of market value management in China is expected to focus on integrating technology maturity assessments and adapting policies to market dynamics, fostering a sustainable and innovative corporate environment [15][16][17]