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新“国九条”鼓励建立市值管理制度导致市值管理现象大行其道,但是对市值管理的概念、边界及实践中的诸多问题,均存在较大法律争议。实践中市值管理有增持回购、并购重组、股权激励、改制治理、特殊交易等类型,衍生出账户管理、信息披露、涉嫌复合型违法违规等问题。应从规则、执法、自律等多个层面综合治理,具体包括:出台自律规则;通过证明方式创新破解市值管理违法认定难题;明确市值管理规程与要素;优化环境和配套措施等。
The new “Nine States ” encourage the establishment of market value management system led to the prevalence of market value management phenomenon, but the concept of market value management, the border and many problems in practice, there is a big legal dispute. In practice, market value management includes such issues as over-repurchase, merger and acquisition, equity incentive, restructuring and special types of transactions, derivative account management, information disclosure, and suspected illegal and illegal compounding. Should be from the rules, law enforcement, self-discipline and other aspects of comprehensive management, including: the introduction of self-regulatory rules; through proven ways to crack market capitalization management illegal identification problems; clear market value management procedures and elements; optimize the environment and supporting measures.