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论文编号：	15632
作者编号：	2320233776
上传时间：	2025/12/8 16:36:54
中文题目：	新三板挂牌公司信息披露优化研究——基于T公司价值管理的视角
英文题目：	Research on the Optimization of Information Disclosure for NEEQ-Listed Companies: From the Perspective of Value-Based Management—A Case Study of Company T
指导老师：	李亚
中文关键字：	新三板；信息披露；价值管理；自愿性披露；轻资产企业
英文关键字：	NEEQ; Information Disclosure; Value-Based Management; Voluntary Disclosure; Asset-Light Enterprises
中文摘要：	随着我国多层次资本市场体系的深化发展，新三板作为服务中小微企业的重要平台，对其挂牌公司的治理能力与价值管理水平提出更高要求。然而，新三板市场长期面临流动性不足、估值偏低等问题，其深层次原因在于企业与市场之间的信息不对称。尤其在国有背景的挂牌公司中，信息披露往往停留于合规层面，缺乏主动沟通价值的动力，导致企业内在价值难以被市场充分识别与认可。在此背景下，国务院国资委将市值管理纳入国有企业负责人考核体系，进一步凸显了信息披露作为连接企业内在价值与资本市场价值实现的关键桥梁作用。 本文基于价值管理的视角，将价值管理界定为企业内在价值构建与实现的系统性过程，强调信息披露在这一过程中承担着价值传递与价值实现的核心功能。以新三板挂牌的国有人力资源服务企业T公司为案例，本文系统分析了其信息披露现状与问题，发现其存在三大短板：信息披露严重偏向合规导向，缺乏实质性价值沟通；轻资产行业核心价值未能有效量化与可视化；披露形式传统、渠道单一，传播效率低下，制约了价值传递效果。 针对上述问题，本文提出以价值实现为导向的信息披露优化路径。该方案围绕价值管理的全过程，从制度体系、内容深化、形式创新与传播机制四个维度进行系统设计，具体包括建立分阶段披露与自愿披露机制、量化轻资产价值指标、引入可视化沟通工具、拓展多元化传播渠道等举措。通过强化信息披露的价值传递功能，旨在提升T公司的信息透明度、市场认知度与估值合理性，为其实现长期价值管理目标提供有力支撑。 本研究的主要结论在于：信息披露是价值管理从内在构建走向市场实现的关键环节；新三板挂牌公司应推动信息披露从被动合规转向主动价值沟通，尤其注重轻资产价值的量化表达与有效传播；系统化的披露优化有助于增强资本市场的价值发现能力，改善流动性困境，并为企业的可持续发展奠定基础。本文不仅拓展了价值管理与信息披露理论在弱有效市场及轻资产企业中的应用，也为同类新三板国有中小企业提供了具有操作性的实践参考。
英文摘要：	With the deepening development of China's multi-level capital market system,the National Equities Exchange and Quotations (NEEQ) market,as a vital platform serving small,medium-sized,and micro-enterprises (SMMEs),faces higher requirements regarding the governance capabilities and value-based management proficiency of its listed companies.However,the NEEQ market has long been plagued by issues such as insufficient liquidity and undervaluation,rooted deeply in information asymmetry between enterprises and the market.Particularly for listed companies with state-owned backgrounds,information disclosure often remains at a compliance level,lacking the impetus for proactive value communication,which hinders the full recognition and appreciation of their intrinsic value by the market.Against this backdrop,the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) has incorporated market value management into the assessment system for leaders of state-owned enterprises,further highlighting the crucial bridging role of information disclosure in connecting corporate intrinsic value with value realization in the capital market. From the perspective of value-based management,which this paper defines as a systematic process of building and realizing intrinsic value,information disclosure is emphasized as undertaking the core function of value transmission and realization within this process.Taking Company T,a state-owned human resources service enterprise listed on the NEEQ,as a case study, this paper systematically analyzes its current information disclosure practices and identifies three major shortcomings:a severe compliance-oriented bias in disclosure,lacking substantive value communication;failure to effectively quantify and visualize the core value of its asset-light industry;and traditional disclosure formats,singular channels,and low dissemination efficiency,which constrain the effectiveness of value transmission. Addressing these issues,this paper proposes a value-realization-oriented optimization path for information disclosure.Centered around the entire value-based management process,the scheme is systematically designed across four dimensions:the institutional system,content depth,format innovation,and communication mechanisms.Specific measures include establishing phased and voluntary disclosure mechanisms,quantifying asset-light value indicators,introducing visual communication tools,and expanding diversified dissemination channels.By strengthening the value transmission function of information disclosure,the aim is to enhance Company T's information transparency,market recognition,and valuation rationality,providing robust support for achieving its long-term value-based management objectives. The main conclusions of this study are:information disclosure is a key link through which value management progresses from internal building to market realization;NEEQ-listed companies should promote a shift in information disclosure from passive compliance to active value communication,paying particular attention to the quantitative expression and effective dissemination of asset-light value;systematic disclosure optimization helps enhance the value discovery capability of the capital market,alleviate liquidity constraints,and lay the foundation for sustainable enterprise development.This paper not only expands the application of value-based management and information disclosure theories in weak-form efficient markets and asset-light enterprises but also provides operable practical references for similar state-owned SMMEs listed on the NEEQ.
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