公司价值增值虽具有普遍性

　 公司价值增值虽具有普遍性，但其增长的发生是有条件的，增长程度也是有多种因素综合作用决定的。因此，上市公司的价值增值管理，应重视对增值动因的分析，找到决定公司价值增值的主要指标，才能度量其价值增值的真实程度。

　上市公司价值增值及其度量方法研究

　青岛大学企业理财研究所 孙 涛

　国内外公司发展的实践证明，在市场竞争的条件下,公司价值增值具有普遍性。上市公司的价值增值主要通过公司盈余的资本化和资本重组两个渠道，公司价值的增值程度，主要取决于其未来一定时期的现金流量按照一定资本成本贴现计算的资产溢价和同时期的增长期权价值。国外公司价值的增值以美国为代表，世界上发展最快的公司是美国的沃尔玛公司，近20年的平均增长速度大于30%，其次是美国的IBM公司，近30年的平均增长速度大于20%。从投资收益率的角度来分析，美国的戴尔公司最为优秀，1995年至1999年的年均总股东收益率高达140%，是美国计算机行业平均总股东收益率的3倍多。在我国，以海尔公司的增长速度最快，1996年到2002年的平均增长速度高达77%， 2002年销售收入达到720亿人民币，折合约87亿美元，与排名世界第一的沃尔玛公司2002年2445亿美元的销售额相比还具有很大差距。本文试图通过对上市公司价值增值动因的分析，探索上市公司价值增值的度量方法及其应用，以指导我国上市公司的价值增值管理。

　影响上市公司价值的主要因素分析

　在市场经济条件下，增加公司价值逐步成为上市公司价值管理的主要任务，从公司价值评估的角度考虑，公司价值增值取决于多种因素，这些因素构成了上市公司价值增值的基础，影响和决定着上市公司价值的形成以及价值增值程度。上市公司的价值管理以增加价值为主要目标，从我国上市公司的发展实践来分析，造成上市公司价值增值主要因素有：公司战略、公司环境、技术进步、公司理财、内部控制、公司整合、公司治理和信息系统等八个方面,这些因素构成上市公司价值增值的基本模型。

　1．公司战略（Company Strategy）。战略一词来源于军事，是指对战争全局进行的筹划和指挥。公司战略是由军事意义的战略延伸而来，是指公司的最高管理层通过对公司重大的、带有全局性和决策性的问题的谋划，以有效利用人、财、物、信息等资源，实现经营目标的一系列活动的统称。上市公司价值增值过程中的公司战略，既包括公司上市前的战略活动，也包括上市后的战略活动，无论上市前后，有效的公司战略都可以增加公司的价值。在市场经济条件下，战略管理对增加公司价值的作用越来越巨大。

　2．公司环境。上市公司的经营环境包括内部的资源环境和外部环境两部分，内部资源环境体现了股东投入资本的水平和公司持续经营的能力，决定着上市公司的生产经营能力和目前的获利水平，是公司内部条件和综合能力的体现，特别体现着公司的技术水平、管理水平以及发展能力，这些因素在很大程度上决定着上市公司未来时期的净现金流量，决定着目标公的价值及其增值能力。外部环境体现着上市公司的经营能力，通过市场占有率和公司品牌的对外影响发映出来。影响上市公司外部环境的因素是多方面的，包括社会环境、政策环境、市场状况、竞争对手的状况、税收环境、金融环境、国家宏观调控手段等。外部环境的优劣直接影响者公司目标的市场价值和未来净现金流量的贴现价值。

　3．技术进步。在公司发展过程中，技术和管理是价值增值的两个轮子，技术进步是促进公司价值增值的硬指标，管理是促进价值增值的软环境，两个方面必须协调发展才能有效地促进公司价值增值。按照经济学的理论解释，技术进步可以大大降低公司生产商品的社会必要劳动时间，从而通过按照社会必要劳动时间进行商品交换而获得超额利润。更重要的是公司技术进步大大提高了生产效率，最大限度地扩大公司规模，提升了公司的素质和竞争实力，可以实现有效地控制市场，合理利用资源，减少资源浪费、提高经济效率和效益。技术进步是社会经济发展的必然规律，上市公司之间的竞争主要是人才和技术的竞争。因此，上市公司在市场竞争和价值增值管理中，应十分重视促进公司的技术进步。

　4．公司理财。现代市场经济条件下，股东以所有者权益最大化为目标，经营者以利润最大化为目标，均带有一定的片面性，合理的理财目标应该是公司价值最大化。理财是公司增加价值的基本手段之一，公司理财主要包括：筹资、投资和盈利分配三部分内容，筹资成本的高低直接影响者公司价值评估的贴现率，融资数量的多少直接影响着公司的节税效益和剩余利润的多少；投资的水平及其正确性决定着投资收益率的高低，也影响者上市公司未来的净现金流量；盈利分配不但决定着上市公司的资本积累，也在很大程度上起着对经营者、管理层、工程技术人员及其广大职工的激励作用。公司理财是一种管理手段，其核心任务是取得筹资、投资和利润分配的协调发展，达到效率最大化。

　5．内部控制。公司内部控制产生于美国20世纪30年代，经历了萌芽、成熟、发展三个阶段。1992年，美国“反对虚假财务报告委员会”所属的内部控制专门研究委员会发起机构委员会(简称COSO委员会)，在进行专门研究后提出专题报告：《内部控制一整体架构》，也称COSO报告，提出了内部控制整体架构主要由控制环境、风险评估、控制活动、信息与沟通、监督五项要素构成。从会计控制和管理控制两个方面对公司内部业务进行要素控制活动，目的在于规范公司内部控制活动的规范化，使内部控制活动有利于促进公司价值的递增。

　6．公司整合。公司整合的本意是指通过一定的程序，采用一定的方法对公司现有资

　源进行整理和合并以提高利用效率的过程。随着社会经济的发展，整合的含义不断拓展，不断发展成为公司发展过程中所有观念、组织、资源、信息等多要素、全过程的有效组合、协调发展的市政管理手段。即包括公司发展过程中自身影响要素的合理配置，也包括公司重组后不断提高效率的过程。整合是改变上市公司原有弊端，提升其技术水平、管理水平、生产能力、获利能力、发展能力的重要手段。整合的关节环节是观念整合，业务整合和经营整合，通过一系列的整合工作，使上市公司发挥最大的协同效应（Synergy），产生最大的价值增值。在上市公司的发展过程中，管理者存在着重视重组后整合，而忽视日常资源整合的现象，应尽快得以改善，使公司整合发挥其最大效能。

　7．公司治理（Corporate Governance）也称公司管制、公司督导，它是用来协调公司内部不同利害关系者之间利益差别和行为的一系列法律、文化、习惯和制度的统称，有狭义和广义两种含义。狭义的公司治理，是指所有者主要是股东对经营者的一种监督与制衡机制。即通过一种制度安排，来合理地配置所有者与经营者之间的权利与责任关系。广义的公司治理是涉及到广泛的利害相关者的关系治理，包括股东、债权人、供应商、雇员、政府和社区等与公司有利害关系的集团。公司治理起着规范上市公司行为，处理股东大会与董事会，董事会与经理层以及监事会与董事会和经理层之间的关系，同时还要解决代理、监督、约束、激励等方面的问题，把上市公司的内部发展动力都激发出来，以促进上市公司价值的递增。

　8．信息系统。在市场经济条件下，信息系统在公司发展中的重要作用逐步显示出来，成为公司管理的重要手段。影响公司价值增值的信息主要有国家的政策信息、社会经济发展信息、市场动态信息、技术信息、资源信息、会计信息等等。这些信息可以通过计算机网络及时、迅速、准确、安全地产地到信息使用者的面前，对加快信息收集、提高决策效率、增加公司价值等起到了较好的效果。随着我国科学技术水平的提高和社会经济的发展，信息系统在公司价值管理中的作用会越来越大，信息系统也会越来越完善，上市公司价值也会随着公司信息系统的完善和有效发挥作用而得以不断提高。

　上市公司重组的价值增值分析

　上市公司的价值增值除考虑以影响因素外，还必须要从上市公司的市场价值出发，通过对上市公司经营业绩的分析，衡量其股票的增值动因及其增值幅度，并通过未来时期的自由现金流量贴现的方法来评估其内在价值，然后把公司市场价值与内在价值对比，寻找其提升价值的新途径。在内在价值评估的基础上，分别对公司的内部条件和外部环境两个方面进行公司价值的改进和改善，最后通过财务工程进行公司资产的重组，提升其潜在价值，使公司整体价值达到增值。根据以上分析，可以构建上市公司价值增值的重组模型（见图1），这个模型对公司价值增值的影响经过五个步骤，实现三级价值提升。下面应用财务学和会计学的基本理论对公司价值增值的重组模型进行具体分析。

　1．对上市公司当前市场价值进行估算。这是上市公司价值提升的第一个步骤，在这个步骤中，要根据公司的股东权益价值和账面负债价值确定股票市场价值的准确数值，以此作为公司价值提升的基础。例如某上市公司已经发行股票6000万股，每股发行价格为2.5元，则公司的市场权益资本总额为1.5亿元，如果该公司的账面债务总额为8000万元，则上市公司的市场总价值为2.3亿元，这就是上市公司目前的公司市场总价值。

　2．应用现金流量贴现的方法评估公司的内在价值。公司价值由未来时期现金流量的现值决定，为确定公司实际的内在价值，就应适当选择预测期间进行未来自由现金流量的预测，然后确定公司预测期后持续经营的价值，并确定进行贴现的加权资本成本率，分别对整个公司和公司内部的各个相互独立的部门和单位进行现金流量贴现，以评估其内在价值，确定公司实际的内在价值及其构成。通过把公司内在价值与目前市场价值进行比较来发现公司内在价值与市场价值的差距，并努力把公司的市场价值提升到内在价值，实现上市公司价值的第一次提升。

　3．改进公司的内部条件，提升其内在价值和市场价值。内部条件是公司发展的基本要素，良好的内部条件是公司发展的基础，公司内部条件的利用效果直接影响着公司价值的状态。如果公司内部条件得不到有效配置，呈现出利用的低效率，即使公司具有良好的内部条件，也可能会产生价值毁损。因此，公司价值管理，在进行了内在价值评估以后就应该着手进行内部条件的改进。改进公司内部条件的重点应是降低现金流出量，即降低相关投入成本，从而提高公司的息税前利润。内部条件的改进，是实现第二次价值提升的关键一步。

　4．改善公司的外部环境，提升其内在价值和市场价值。公司发展能力的提高是通过内部条件和外部环境两方面的合力作用实现的，内部条件的改进，使公司具有了发展的基础，但如果没有外部环境的配合，其内部势力不会最大限度地发挥出来。通过公司外部环境的改善，可以实现公司资源的优化配置，提高公司的品牌价值和获利能力，最终使公司的内在价值和市场价值都得到有效提高，实现上市公司价值的第二次提升。

　5．进行上市公司的全面重组，提升其整体价值。经过以上两个阶段的公司价值提升，基本实现了内部资源的合理利用和外部环境能力的有效发挥。但这种内部条件的改进和外部环境的改善，不会使公司长期低效的资产迅速提升效能，不可能使公司存在的薄弱环节和缺陷迅速得以改进和补充，也不会使内部机制、机构或制度彻底改变低效状态。这就需要推行公司财务工程，进行全面的公司重组，剥离已经进入衰退期，没有发展前途，影响公司整体经济效益的资产或部门，对一些存在配置不合理，效率较低的部门或单位进行重新组合，根据公司发展需要增加投资或采用并购手段增加公司资产，进行组织机构和运营机制的调整，加强研发投入，提高公司发展的动力和后劲。经过全面性的公司重组，会最大限度地提升公司的整体资产价值，提高公司的内在价值和市场价值，实现上市公司价值的第三次提升。

　上市公司价值增值的推动要素

　公司价值的因素模型和重组模型对公司价值的影响程度最终必须要通过公司未来时期内的净现金流量贴现价值及其增长期权价值来衡量。因此，这些重要的影响因素并不是上市公司价值增长的推动要素，根据国外公司价值评估理论，上市公司的内在价值等于未来一定时期的净现金流量的贴现价值和持续经营价值的现值之和；公司的增长期权价值，则应根据B-S微分方程，构建考虑一定红利率的实物期权（Real Options）度量模型来度量。因此，净现金流量、加权资本成本和增长期权价值是上市公司价值增长的推动要素。这三个公司价值增长的推动要素取决于相应的经济结果指标，这些指标的优劣决定着公司价值增值的程度，公司价值增长的推动要素模型见图2。

　1．净现金流量。上市公司的净现金流量是未来一定期间内现金流入量与现金流出量的差额，这一指标的大小直接取决于公司的投资收益率、销售增长率、投资规模、积累比率以及价值增长的时间长短。在这些价值推动要素指标中，投资收益率与投资规模的乘积决定了公司在一定生产规模下的盈利水平，销售增长率决定了公司盈利的增长水平，积累比率决定了公司盈利中用于追加投资的部分，价值增值时间决定着上市公司价值的提升程度。

　2．加权资本成本。公司从事生产经营投入的资本分为权益资本和负债资本，权益资本是股东投入的资本属于所有者权益，负债资本是公司的借入资本属于债权人权益。权益资本和负债资本由于来源不同其资本成本也有很大不同，一般来说，权益资本由于股东要求的分红比率较高其资本成本也就较高，而负债资本要求支付的利息率远低于股东要求的回报率则资本成本较低，并且由于我国会计制度对负债资本产生的债务利息具有免交所得税的规定，因此，公司负债经营具有减税效应。在公司价值评估中计算净现金流量的贴现值一般使用权益资本和负债成本的加权值，并且这一比率还要受公司筹资风险的影响，负债资本中负债的形式、期限、利率、筹资费率等都对贴现比率产生着作用。

　3．增长期权价值。上市公司未来价值的增长是一种期望，上市公司获得了这种未来时期价值增长权利，就需要对公司进行不断投资。上市公司期权价值的大小主要取决于未来时期的净收益水平、增长比率、投入资本的多少以及价值增值的时间长短等。按照期权理论，期权有看涨期权和看跌期权，在进行上市公司期权价值计算时，我们只期望目标公的价值递增，存在递增期权。而对上市公司价值下降的状况，由于不是经营者所期望的，对短期的价值递减不作计量。对公司增长实物期权的计量，可以看作是一个可以取得一定收益的现金流量，利用考虑红利率的增长期权模型来度量。

　上市公司价值增值的度量模型

　如果用(V表示上市公司一定时期的价值增值总额，VI表示上市公司的内在价值，VN为上市公司的净资产价值，P为上市公司的增长期权价值，则上市公司的价值增值总额为：

　 （1）

　上市公司在发展过程中有三部分价值构成，即：净资产价值、资产溢价和增长期权价值，这三种价值具有各自不同的经济含义。净资产价值VN是上市公司的账面价值，在数额上等于总资产价值减去负债总额。资产溢价是公司内在价值与净资产价值的差额，可采用现金流量贴现法估算内在价值，从上市公司的财务报告中取得账面股东权益价值，便可比较准确地计量上市公司的资产溢价；增长期权益价，是指对上市公司未来时期的获利能力看涨，由于公司具有实物的性质，其增长期权价值要通过公司载体发挥作用，产生价值，可采用实物期权的方法进行价值度量。

　1．上市公司资产溢价的度量模型。资产溢价是上市公司商誉价值的成本，按照我国现行的会计制度，商誉价值在公司股权不发生变更前是不记账的，只有当公司发生股权转让或合并时，才通过评估或协议记入股权收购公司或合并公司的账面价值。上市公司的商誉价值等于内在价值与账面价值的差额，内在价值一般用未来期现金流量贴现的方法评估，它在数值上等于上市公司股权变更年度实际能够创造的利润水平决定的原始价值和股权变更后利润的增长率决定的未来期增长机会的价值。如果用(VIN表示上市公司的资产溢价，则有：

　 （2）

　式中的净资产价值VN可以从上市公司的资产负债中得到，它在数值上等于上市公司的总资产（S）与总负债（D）的差额，即VN=S-D。如果上市公司股权变更年度的税后净利润为E0，普通股股数为Q，优先股股息为F，则每股利润可以表示为：EPS0=(E0-F)/Q，若上市公司收益得再投资比率为R，股东权以资本收益率为k s，则由上市公司目前盈利水平决定的内在价值VIM可以表示为：

　 （3）

　如果上市公司被股权变更后一定期间内以变更年度的每股利润为基础增长，其预期增长率为g，则由未来盈利增长决定的内在价值VIW可以表示为：

　 （4）

　由于上市公司的内在评估价值VI=VIM+VIW，根据以上分析可以确定上市公司资产溢价的度量模型为：

　 （5）

　上市公司资产溢价的度量也可以从总量上利用权益现金流量贴现方法，如果用ECFt表示权益现金流，WC n表示非营运资本价值,预测年限为n，其他字母含义同上，则资产溢价总额为：

　 （6）

　2．上市公司增长期权溢价的度量模型。期权（Options）源于金融期权（Financial Options）是一种金融衍生工具，它是一种期权拥有者在兑现日或该日期之前以兑现价格购入目标资产的选择权。公司所有者在公司发展一定时期后会取得超出公司内在价值的部分超额价值。它表明公司形同于股票具有期权的性质，是一种实物期权（Real Options）。实物期权有多种形式，公司未来时期的价值增值属于增长期权（Growth Options）。假设上市公司每年的利润增长是均匀的，可以看作是年红利率为，增长率为g的增长期权。如果把公司的资金流分为两部分：收益流R和成本流C ，其中收益部分的终值可以看作是公司未来一定时期标的资产的市场价值，而成本流部分的终值可认为是上市公司期权的执行价格。参照期权定价模型的推导方法，应用Ito定理，并进行离散形式的分析，得到如下微分方程：

　 （7）

　此方程的边界条件为：，；当时，有；，对微分方程求积分得：

　 （8）

　式中：；；

　公司价值增值的度量实例

　为了说明公司价值增值度量方法的应用，我们选择新长江入主华联商城的案例进行并购定价研究。华联商城（0889）现改名为渤海物流，于1997年10月30日上市，公开向社会发行A股股票3000万股，每股面值1元，每股发行价格3.78元。为实现上市公司再融资1999年4月与安徽新长江集团公司签订股权转让协议，进行公司股权重组。2000年6月华联商城成功地在证券市场以10股配3股，每股13元的价格进行了再融资，实际发行2847.025万股，扣除发行费用以后的实际筹资额为3.63亿元。2000年8月新长江集团公司以每股2.302元的并购价格，收购第一大股东秦皇岛华联商城集团有限公司所持有的4952.25万股，总并购价款1.14亿元，用长江网络公司的股权支付1.06亿元，另支付现金800万元。从此，新长江集团公司成为华联商城的第一大股东，持股比例达到21.86%，原第一大股东秦皇岛华联商城集团公司变成第二大股东，持股比例为11.89% 。表1给出华联商城被并购前1996-1999年的主要经济指标，下面应用上述的价值增值度量方法来分析这一并购案例中上市公司股份定价的合理性。

　表1 华联商城1996-1999年主要经济指标统计表

　序号 指标名称 1996年12月 1997年12月 1998年12月 1999年12月 1 资产总额（万元） 35566.28 41740.75 64559.76 71383.99 2 负债总额（万元） 23181.67 16290.46 37410 39088.43 3 总股本（万股） 8005 11005 19808.99 19808.99 4 流通股（万股） 0 3000 5400 5400 5 内部职工股（万股） 2272 2272 4090.08 4090.08 6 主营业务利润（万元） 2273.071 2607.921 4973.197 11483.298 7 净利润（万元） 3064.257 2559.826 1703.584 5939.663 8 每股收益（元） 0.383 0.233 0.086 0.3 9 每股净资产（元） 1.55 2.31 1.37 1.60 10 净资产收益率（%） 24.74 10.06 6.28 18.73 资料来源：华联商城（0889）的上市公司财务报告（1997-1999年年报）、上市公司公告等

　从上表中可以看出，华联商城1996-1999期间的年均净利润为3316.83万元，年均净资产收益率为15%，为了排除负债对公司价值的影响，采用权益现金流量贴现法进行价值评估，把平均净利润的50%作为股东权益的初始值，假设股东权益保持5%的增长率，预测年度为10年，如果10年以后持续经营期间的净利润仍然以5%的速度增长，公司评估价值如表2所示。

　表2 华联商城公司价值评估计算表

　年限 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Fn ECFt 1659 1741 1828 1920 2016 2117 2223 2334 2450 2573 43320 ku 0.870 0.791 0.719 0.653 0.594 0.540 0.491 0.446 0.406 0.369 0.335 V0 1442 1377 1314 1254 1197 1143 1091 1041 994 949 14523 如果不考虑华联公司的非运营资本，评估价值应等于预测年限现金流量的贴现价值与连续价值的贴现值之和，即：

　（万元）

　即上市公司的股票内在价值为52651万元，每股股票的内在价值为52651/19808.99(2.26元。相应的资产溢价为：

　=52651-32295.56=20355.44（万元）

　对于期权增长价值，考虑用内在价值最为支付成本，以股票市值最为支付期望价格，则按照市价计算的华联商城的平均总市值为19808.99(3.78=74878万元，考虑放弃并购可能失去的收益增长率为5%，如果权益现金流的测算标准差为0.5，根据上面确定的增长期权定价模型则有：

　 则上市公司的总价值为：

　=52651+18102+2633=67482.54万元

　由此决定的上市公司的每股收购价格P应为：P=（V/Q）=（67482.54/19808.99）(3.41元。实际上，在公司并购中目标公司的价值处以上三部分外，还应具有一部分协同效应价值，如果协同效应价值率为5%，则协同价值应为：52651(5%(2633万元，则目标公司的总价值应为67482.54+2633=70115.54，由此计算的每股收购价格应为：70115.54/19808.99(3.54元。显然新长江用每股2.3元的价格收购华联商城21.86%股份收购价格偏低，仅支付了上市公司的内在价值，华联商城转让股权的价值损失VS为：

　（万元）

　结论

　公司价值增值虽具有普遍性，但其增长的发生是有条件的，增长程度也是有多种因素综合作用决定的。因此，上市公司的价值增值管理，应重视对增值动因的分析，找到决定公司价值增值的主要指标，才能度量其价值增值的真实程度。本文在对上市公司价值增值一般影响因素分析的基础上，进一步分析了资产重组对公司价值的影响，进而确定了公司价值增长的未来时期现金流量、加权资本成本和增长期权三个主要动因，把公司价值区分为净资产价值、资产溢价和增长期权价值三部分，应用现金流量贴现和实物增长期权的理论与方法，构建了相应的上市公司价值增长度量模型，并以华联商城价值评估为例，进行了公司价值度量的实证分析，为上市公司的价值增值管理提供了一种行之有效的定量分析手段。

　参考文献

　1．孙涛，王立杰∶《上市公司并购中目标公司的三段论定价方法研究》，载《价格理论与实践》2003第4期。

　2．[美]杰弗里.C.胡克著，陆猛译：《兼并与收购实用指南》，经济科学出版社2000年版。

　3．Copeland T E, Koller T, and Murrin, J．Valuation：Measuring and Managing the Value of Companies．(3rd Edition), New York：John Wiley & Sons．2000．

　4．Weston J F，Weaver S C．Mergers and acquisition， New York ：McGraw-Hill, 2001．

　5．Wang Lijie, SunTao．Analysis on the Economic Performance in Mergers & Acquisition．

　Journal of China University of Mining and Technology．2003（1）．

　６．孙涛∶《公司并购中目标公司的定价理论与方法研究》，2003年10月打印稿。

　Measures for the routine management of moral education in Middle SchoolsMethod of conventional management of moral education in middle schoolFirst, the guiding ideology:School moral education is an organic whole of the whole education work, always adhere to the school adhere to the moral education, education for this product, and actively promote the quality education, the school building efficient curriculum system of moral education, moral education, improve the sense of attraction and appeal, enhance the moral education work for through and timeliness. Teach everyone, service education and management education, and school moral education work must be with family education and community education closely together, to form a concerted pattern, and strive to create a good atmosphere for education, and to promote the all-round development of students, to establish a scientific moral education full of vigor the For long-term mechanism.Two, the goal of moral education:To guide the students to form the correct world outlook, outlook on life, values, to cultivate students' unity and mutual assistance, honest and trustworthy, law-abiding, good quality, hard work, set a good XX students ideological quality, psychological quality and image quality. The formation of excellent moral education curriculum system and management system, the construction of school. The society, family moral education network, to achieve full member education, environment education, education service people, educating people. Traditional moral education initiativesThree, the routine work of moral education:Daily moral education:1, the daily morning exercises or class-break setting-up exercise and discipline inspection and appraisal of public signs;2, daily cleaning and inspection;3, the daily student school appearance, dress, wearing school card check;4, the daily duty guide to the leadership class discipline three rounds.Weekly moral education work:L, the flag raising ceremony and the "national flag" speech under the flag raising ceremony held on Monday";2, every week a class meeting, the meeting;3, every week "two exercises, cleaning and hygiene, behavior norms, attendance" situation published cloth appraisal, and the issue of the code of conduct;;4, weekly work week.Monthly moral education work:1, at least once a month, the theme of education activities, to patriotism education, behavior norms of education as the focus, combined with major retreat day.2, the monthly class quantization assessment and class teacher assessment, selection of behavior for the standard model class.Moral education in each term:1, at the end of each semester to form "three good student", "outstanding student cadres", "civilized student".2, at least once a semester, parents will be.,Student etiquette conventionA, the school leavers1, dress neatly to wear school card, step posture correct, full of spirit; cycling of the same students, at the school gate and get off, go to the car line of the school; are not allowed to ride a bicycle in the campus, bicycle according to the specified location;;2, no time to school, had to leave school. A special reason to leave school early to school, the teacher signature issued on release;3, order out of the school gate, not chasing;B, classroom activities4, the classroom desks and chairs, arranged in order, decorate beautiful;5, the students on duty should promptly clean the blackboard, sweep the floor, turn off the lights, close the doors and windows, lock the door;6, keep the classroom clean, no spitting, no littering debris and other debris;7, not in the desk, doors and windows, walls, etc. The Painted graffiti graffiti board;8, the preparation of the bell ring, sitting in their own position, and do a good lesson preparation, keep the classroom quiet;9, when the class to stand up to the teacher Shi Hangli; class speech first raise their hands;10, listen attentively. Speak to raise their hands to answer questions, to stand up to loud sounds;L1, not to be late, do not leave early, not late into the classroom to play truant. Standing in the doorway shouting "report", raised by the teacher agreed to in classroom;;L2, to concentrate on self-study, do not do and learning has nothing to do;13, do not copy homework, do not cheat in the exam;C, assembly activityIn L4, the flag raising ceremony, solemn, neat, orderly queue team, for the national flag stood for salute. The national anthem, the original should be standing.15, exercise to do fast, quiet, qi;16, the rally should be punctual, keep quiet speak first to Su; teachers and audience charming year ceremony, the end of the speech of thanks; to watch the performances, games, applause to appropriate moderation.D, campus health177, keep the corridor clean, sanitary, quiet, do not push, do not push, do not play slapstick;18, do not pour from upstairs downstairs, spitting, throwing debris;19, clean area on duty to seriously do the clean health work area;20, take good care of the campus environment, do not litter. Paper towels, peel, beverage bottles, food packaging bags, etc. should be thrown into the designated bins;2L, love and care for school facilities and equipment, care of flowers and trees on campus park;E, civilized and polite22, teachers and visitors to take the initiative to say hello, smiling;; answer question to teachers, guests stand up, generous, humble, polite;;23, the use of good manners, please, please, you, Hello, thank you, no, no, no matter, goodbye;244, the use of body language: smile, shake hands, waving, clapping, right salute comity, stand up to answer questions;255, respect and help the old, young, sick, disabled, and walk out of the way, car seat, shopping, let;26, eat at home please elders sit, or your home or go home to parents to say hello;277, respect for teachers, teachers first comity long walk, criticism and education, the teacher, to listen to, don't argue, don't hit Dingding. Is there a problem, explain afterwards;28, do not casually into the classroom, into the teacher's office, to call the report;29, to unity and friendship among the students, and do not give students a nickname, do not bully the small students, students have difficulties, to help each other;30, the contradiction between students, to self-disciplined, and their more self broad-minded toward others, criticized;31, the male and female students exchanges to be dignified, generous nature;F, moral accomplishment32, dress and speech and deportment should pay attention to the occasion, do not wear slippers class and to participate in meetings, the party will not wear, with their age and identity copy does not match the clothes and ornaments. Not Hair Coloring, boys do not have long hair; girls do not perm perm, do not wear high heels. Pepe put into the school to school card, conversation good manners.33, no swearing, no profanity, no smoking, no drinking, no stealing, no gambling, no minors into the business of Internet cafes;34, form the habit of saving habits, advocate plain living, without ostentation and extravagance, not compare;35, without the consent of others, not to use other things, borrow things to be returned on time, damage to the compensation, pick up things to be handed over to the father;36, honest, trustworthy and commitment to the other side can not be done, to apologize and explain to the other side, to achieve understanding.Class quantitative assessment1, classroom discipline:Attendance: in the normal class or school for the mid-term exam during the period, absenteeism or absent 1 people class deducted 1 points, the 1 passengers arrive late or leave early leave class buckle, buckle points is not a plus.The classroom teacher in the class and the middle order: every stage during the exam, exam, exam, class or disorder, by the teacher to reflect the class is true, a deduction of 2 points. The class where self ZiXiKe classroom disorder, after examination to check real persons, a deduction of the class of 2 points.2, subject contest: where was awarded the National Award for the class of 110 points in the competition and all kinds of disciplines in the race, won the National Award for everyone the was 5; by the provincial award for the class of 6 points, a provincial award to the people was 3 by the municipal incentives;; give the class Gaga 4 points, a reward for municipal people for the year 2; by the excitation to the class level awards overtime 2 points, each grade award to the University by over 1 points.3, night repair management: attendance at 2 rising class. The students' attendance status by grade examination, a day after the summary of electronic text on Friday night to make room at night. The moral confusion class discipline, a deduction of 2 points, the late repair time stay outside the classroom students, according to the lack of from each treatment, 1 points deducted.4, class content class appearance:Each month by a group of Youth League, student organizations, inspection and assessment, who was awarded first prize for the year 66, two prize plus 5 points, third-prize prize plus 4 points, excellent prize plus 3 points.No serious implementation of the class, a deduction of 5 points.5, student instrument:Students should be simple and elegant appearance, do not stay with my age, identity does not conform to the hair, do not wear earrings, rings and necklaces and other ornaments, do not wear clothing does not conform to the identity of students, no makeup, not in the classroom without wearing a collarless sleeveless vest, the public does not wear drag slippers.Violation of the provisions of the deduction of 1 points per person.6, the title of honor and discipline:Was awarded the honorary title of the national class to the 550 points, at the national level to give the class Gaga 10; at the provincial level to the provincial class Gaga 20 points, to the class of Gaga 5; to the municipal level class plus 110 points, plus 33 points to the class university; for the class of 5 points, the 1 points to the class.This class of students who are law school discipline punishment, deducted 3 points. The class was detained by the public security organ such as punishment, deducted 20 points. If the class such as the emergence of major accidents, according to the relevant provisions of the school separately.7, good and good:Students or class of each body to do a good thing or a pickup thing like a class to the discretion to increase 0.. - 2 points, up 2 points reward collective activities encourage the highest limit, plus a week high of 2 points. If found to resort to deceit false, after examination and verification, to cancel the class this year the appraised qualifications.8, labor:The school's general room layout work task: after examination and verification, to complete the task, good class for each plus 2 points, to complete the task of the general class is not a plus no penalty, not to complete each task as the deduction of 2 points.9 classes, classrooms and each class is responsible for the staircase, corridor and health:The classroom and responsible for the staircase, corridor should be kept clean, every day by the Youth League, students will organize inspection, not clean, every time the button the class 1.10, property insurance:Every month the organization of the general affairs office of school class property, inspect the protection and use of facilities, such as property preservation good, to the class of 2 points. If Gaga man-made damage, except in addition to each class and school General Affairs Office of the signing of the contract in accordance with the provisions of compensation, but also quantitative deduction the deduction of the class. Check for damage in the classrooms of broadcasting and television system button 20; the damage of a blackboard plate deducted 10 points; the damage of a class desk or podium deducted 5 points; the damage of a bad chair or bench deducted 2 points; the damage of a glass button 2 for everyone.11, style competition:In the school field track and field campaign by the total score of the first group of 8 points, second plus 7 points, 6 third points, 5 fourth points, 4 fifth points, 3 sixth points, 2 seventh points, 1 eighth points.Won the first prize plus 88 points in the military parade, two prize plus 6 points, third-prize award outstanding awards plus 4 points, 2 points.In the school arts festival won first prize award two prize plus 8 points, 6 points, 33 prize plus 4 points, 2 points. Excellence AwardWhere a person on behalf of participate in sports competitions in various sports competitions and won the provincial than before eight, a person in the class to add 3 points; won the top eight in the city of various body sports, a person to the class 2 points.In the school organization of inter class sports for the collective first to the class plus 6 points, two prize plus 4 points, third-prize Award for outstanding 33 points, 2 points.In the year of grade group, small sports competition organized by the student union in the collective first Gaga 4, two prize, three prize plus 3 points, 2 points, prize plus 1 points.12, team activities:By the Provincial Communist Youth League as the advanced league or brigade office, to the place was 10;; by the City Communist Youth League as the advanced league or brigade department, to the place was 8 points; the school committee was rated as advanced group branch branch or brigade department awarded the regiment, branch and branch brigade Department in the class plus 5 points.According to the requirements of the students to participate in group activities, was informed of the class to the class to add 3 points, was informed criticism and evaluation of the deduction of 3 points.133, morning exercises, the flag raising ceremony and various sets of meetings, extracurricular activities:Lack of a person times deducted 1 points.Moral education, sports and health Yiyi room on each class queue, discipline, number of inspections and assessments, divided into four levels in the appraisal.14, score requirements::Each class based 100/ week, training class, key class points right value multiplied by a monthly summary, scores are sorted in the school and grade level according to the scores, and were cited by the school.15, reward:The weekly quantitative average ranking in the grade of single unit, according to the 30% 'code of conduct to "excellent class fan, school behavior rules of excellent class" honorary flag, monthly from the norms of behavior in the top 122 outstanding class - 15 "code of conduct demonstration classes, the school issued" code of conduct in the demonstration class "honor card and 100 yuan prize.At the end of every school year scores by the total score points are arranged from high to low in the advanced class. To draw municipal, provincial and national advanced class family level collective shall have first advanced in school class.The teacher in charge of the quantitative assessment1, the assessment of nuclear data archiving and storage, and assessment of nuclear data together as a future class of advanced collective body, top ten moral model selection, on the basis of performance bonuses according to the class director.2, the teacher in charge by the school class management quantitative assessment leading group to conduct the assessment, the specific assessment work is responsible for the moral education.3, the performance of each month issued a bonus 200 yuan per capita, are divided into three levels. One by one: 240 yuan, two 200 yuan, three 160 yuan. According to teacher evaluation scores according to the ratio of 2:66:2 release.4, the class teacher in charge to quantify the assessment component: in order to quantify the class and grade assessment of the average score of 500% as the class management effect:In a timely manner to the grade group, moral education room reported student discipline, violations of the situation. As real reported to the specific circumstances of the case deducted 2 points / person.Attend a meeting of directors working overtime, absenteeism buckle 5 points late deducted 1 points.In accordance with the provisions of the various table to hand over all kinds of table space, planning, summary and so on, do not pay 1 times 5 points deducted, late 1 times deducted 1 points.. not on time to hand in the hand of the class teacher manual > the 100 points.According to the requirements of a good class Gaga 1 points, a lack of each deduction of 2 points.According to the requirements of each semester to 3 times the class teacher Ren exchange, each missing a deduction of 1 points.Every Monday to carry out a second class, a lack of a point deduction. In the class meeting to observe the activities of the class competitions live class, won the first prize plus 5 points, two prize 3, third-prize plus 22 points.The teacher actively writing de moral education papers in national journals published plus 8 /1 articles published in journals of provincial level; the 5 points /1 Sylvia; plus 33 points /1 in the city or school exchanges.A detailed record of the class management, especially backward into the health education transformation. Inspection inspection of passengers 2 -5.A teacher to student family interview time, lack of a 1 point deduction. The weekly class for a talk to students, lack of records deducted a talk.Class teacher work in strict accordance with the < > manual requirements fill, not according to the requirements of moral education be given the appropriate points.The four place often lack a deducted 1 points, for a deduction of the deduction.Class teacher should conscientiously perform their duties, if the work due to the bad influence, the school principal long room accountability, and cancel the month's performance efficiency incentives.Students leave1 please leave must be justified, not because of non - non - non - non - non - non - members of the marriage, funeral and leave.2 normal class time to take leave, teacher, director of the two main moral approval system, the approval by half a day, reported the grade group record case; more than a day for approval by the director of moral education group.3 leave should be written leave off the false reason, leave the number of days. The parents must be signed by the examination and approval system for approval.4 sick leave must be a hospital certificate.5 night self-study leave, the principle of leave should be carried out in advance, such as the case of special circumstances, to take duty teacher duty class leadership two to leave the examination and approval.6.. If the sick or urgent boarders to return to school on time, parents are required to directly to the class teacher leave, and then inform the teacher in charge of the branch deputy director of dormitory room. After completing school moral education and leave procedures.The flag raising ceremony students in principle, please leave.Does not fulfill the formalities leave, without leaving the program; or not perfect, extended leave, except in special circumstances may go through the formalities, the general situation in truancy.It is not practical. Please, get all that resort to deceit. Practise fraud, as a truancy.10 each class to strictly implement the registration system and leave what disease, the daily leave for a fake student to moral education.11 at the end of each semester, for each student, sick leave days, aggregated into comprehensive quality manual book < >, < > student registration form in the notice of the parents.Requirements of students&