Reporter Xiong Yue.
*The interactive investor relations platform of the exchange is a bridge between listed companies and investors, and also a window to see the investor relations management of listed companies. As a "star company" with strong profitability in A-shares, good investor relations management is a reflection of the level of corporate governance.
Looking back on 2023, how well have listed banks done in their investor relations management?What indicators do investors focus on listed banks?The reporter combed through the more than 1,700 "soul torture" sent by investors to 42 listed banks during the year (including a small number of suggestions and complaints) and found that dividends, increase holdings, repurchases, etc. are high-frequency keywords.
At the same time, through calculation, the response rate of 42 listed banks (calculation formula: reply rate = number of replies to the number of questions, the closer the value is to 1, the higher the response rate), of which 14 have handed over the "full score answer sheet", truly "all questions must be answered";The response rate of 21 was 06 or more (excluding values of 1);The response rate of individual banks was less than 02。
Which banksDo "answer all questions"?
As of December 27, investors had asked a total of about 1,774 questions to 42 listed banks during the year, and each listed bank received about 4 "soul torture" from investors every month. Among them, 1,470 received responses from listed banks, with a response rate of about 083。
Specifically, 14 listed banks have handed over "full score answer sheets", truly "answering all questions". These listed banks are Bank of Xi'an, Bank of Jiangyin, Bank of Shanghai, Bank of Suzhou, Zhangjiagang Bank, Qilu Bank, Bank of Qingdao, Qingnong Commercial Bank, Chongqing Rural Commercial Bank, Changshu Bank, Bank of Xiamen, Ruifeng Bank, Shanghai Rural Commercial Bank and Sunong Bank.
The three national joint-stock banks - Ping An Bank, Industrial Bank and Shanghai Pudong Development Bank - attracted the most attention and received the most questions from investors, with 182, 146 and 104 questions from investors respectively. Correspondingly, the response rates of these three joint-stock banks are also among the highest, respectively. 98。As of December 27, the market capitalization of these three listed banks was 177 billion yuan, 301.6 billion yuan and 193.7 billion yuan respectively, ranking 11th, 8th and 10th among the 42 listed banks.
Overall, 21 of the 42 listed banks had a response rate of 06 or more (excluding the value of 1), the proportion is 50%;The response rate of individual banks was less than 02。Zhang Xinyuan, head of research at Co-Found Think Tank, a domestic consulting agency, believes that from the overall situation reflected in the data, the listed banks have responded well to questions on the investor interactive platform this year, and most banks have paid full attention to and responded to investors' questions.
InvestorsWhat are the issues that are of most concern?
So, what are the areas of listed banks that are the thousands of questions raised by investors?In general, in addition to the more conventional number of shareholders and the disclosure time of regular reports, dividends, increase in holdings, repurchases, interest margins, performance status, real estate-related businesses, and non-performing loan ratios have all become the focus of investors' attention.
Especially when the valuation of bank stocks fell during the year, many investors asked listed banks "can they boost stock prices and enhance investor confidence by buying back and canceling shares, and increasing shareholder or executive holdings?"”
At the same time, dividends are a key word that appears frequently in questions, and many investors have called on listed banks to increase their dividend ratios. In response, many listed banks responded that they would balance profit retention, capital replenishment and shareholder dividends.
For example, in response to investors' questions, Ping An Bank said: "The low dividend is mainly due to the continuous growth of the bank's business scale in recent years, and the capital has been relatively tight, and the increase in dividends will further reduce the adequacy ratio, especially the core Tier 1 capital adequacy ratio." In the future, the Bank is willing to increase the dividend rate when the conditions are met. ”
The valuation of the listed banks themselves is low, and if the dividends are reduced, investors' willingness to invest may be reduced. However, with the increase in dividends, the capital replenishment may be reduced accordingly, and the scale of loans will also be affected, which is also facing problems. Lou Feipeng, a researcher at the Postal Savings Bank of China, said.
On the one hand, listed banks should use retained profits to supplement capital, support loan business, and serve the development of the real economyOn the other hand, listed banks also need to safeguard shareholders' rights and interests, create value for shareholders, and use retained profits for shareholder dividends.
At present, the net interest margin of the banking industry continues to be under pressure, and investors are particularly concerned about the performance of the intermediary business income of listed banks. In addition, information on the proportion, distribution, and quality of real estate-related loans, as well as the non-performing loan ratio, have also been repeatedly asked by investors.
How to improveInvestor Relations Management Level?
The reporter noticed that some listed banks have poor timeliness in replying to questions, and some listed banks are more template-based and routine-based in their responses, with less effective information content, which greatly reduces the quality of communication between listed banks and investors, and even becomes a mere formality.
Tian Lihui, dean of the Institute of Financial Development of Nankai University, told reporters that the response rate of some listed banks to investors' questions is not high or the quality of replies is poor, reflecting the lack of communication awareness and limited public relations capabilities of banks. In response to this situation, banks should strengthen internal management, enhance public relations capabilities, improve the transparency of information disclosure, and pay more attention to investor relations management. At the same time, the regulatory authorities should also strengthen the supervision of bank information disclosure, and urge banks to improve the accuracy and timeliness of information disclosure.
Tian Lihui believes that listed banks should fully recognize the importance of investor interaction platforms, actively participate in replies, collect investors' opinions and suggestions, and regularly summarize and improve, so as to establish a good investor relations management mechanism. Making good use of the investor interaction platform will help improve the transparency and competitiveness of listed banks, enhance investor trust and satisfaction, and promote the long-term development of banks.
* |Baotu network production |Zhang Wenling