股东价值取向差异与股东利益最大化实践问题——佛山照明案例分析

本文比较分析了业务发展策略、投资行为和红利政策截然不同的2家同行企业上市以来,短期及长期股票投资收益,长期经营业绩和行业竞争地位。在短期投机交易获利偏好主导股票市场的环境下,佛山照明坚持基于增强主业产品市场持续竞争优势的业务发展策略和高派现政策,嘉宝集团采取迎合股票市场短期投机交易偏好的业务发展策略及高股票股利政策。分析结果表明,佛山照明没有给部分短期投机交易的A股股东创造资本高收益,但为大多数长期股东创造了价值。嘉宝集团则相反。本文进一步讨论了“股东价值最大化”在实践中面临的问题。我们认为,股票市场投资者及上市公司控股股东的价值取向都会多样化,股东价值最大化是股东细分市场上的目标股东价值最大化,而不是笼统的所有不同风险偏好的股东价值最大化。本文结果对上市公司股东价值最大化实践、正确运用金融经济学实证研究方法等有启示意义。

The Difference in Stock Owners'Value-orientation,And the Practice of Maximization of Stock Owners' Interests

In this article we have made a comparative analysis on business growth tactics and investment behavior on one hand, on the other hand, two completely different enterprises since their listing in terms of short-term and long-term stock investment yields, the long-term management achievements and competitive position in trade. Under the circumstance that the stock market has been dominated by higher profit made in short-term speculative trade, the Fuoshan Lighting (Company) has been carrying out the tactics of business growth based on the advancement of the sustained competitive advantage in the market of their main profession products, and the policy for high cash dividends, while the Jiabao Company (Group) has adopted the business growth tactics catering to the preference for short-term speculative trade in the stock market and the policy for high stock dividend on shares. Our analysis indicates that Fuoshan Lighting has not made high capital profits for some Share A holders who have engaged in short-term speculative trade while it has created value for most of long- term shareholders and that the Jiabao Company has acted the other way round. This paper has furtherly discussed the problem of "maximization of shareholder's value"in practice. In our view, the value orientation of all investors on the stock market and all shareholders of holding companies will diversify, the maximization of shareholder's value is the maximization of target shareholders'value on the sub-market of shareholders, not the maximization of the value of all non-specific shareholders with partiality for running different risks. This article will be of enlightening significance to the practice of the maximization of value of listed company's shareholders and to the right employment of case study methods of finance economics.