This newspaper (chinatimesnet.CN) reporters Zhang Mei and Chen Feng report from Beijing.
With the news that market value management has been included in the performance appraisal of the person in charge of the enterprise, the performance of the "Zhongzitou" has been eye-catching recently, and the concept of central enterprises has also been strongly "revived". Some market participants believe that this news will be the "anchor" to stabilize the market.
On January 28, at the New Year Friendship and High-quality Development Roundtable Forum of the Golden Board of Directors of China's Listed Companies, more than 40 listed companies' chairmen, board secretaries and other senior executives and industry experts gathered to discuss the way of high-quality development. Among them, market value management has become a hot topic among representatives of listed companies and industry experts.
Industry experts discuss high-quality development
On January 28, in order to respond to the call of national policies and practice the concept of high-quality development, the New Year Friendship and High-quality Development Roundtable Forum of the Golden Board of Directors of Chinese Listed Companies was hosted by the Golden Board of Directors of Boshing** Chinese Listed Companies, undertaken by the Beijing Provincial Office in Beijing, Tongling Investment Promotion Bureau and Wuwei Investment Promotion Bureau, and co-organized by Hitevision Technology, Zhongguancun, Hals, Kaifeng Agriculture, Yanjing Beer, Gujing Gongjiu, Pengcheng Food, etc. Conduct in-depth discussions on the current economic situation and capital market environment, and work together to practice the high-quality development of listed companies.
At the meeting, Xing Xing, director of Pershing ** Research Institute and founder of the Golden Board of Directors, said that in the context of the new era, high-quality development is not only a national strategy, but also the only way for enterprises to survive and develop. As the backbone of China's economy, listed companies should actively explore the path of high-quality development and enhance their core competitiveness and market influence.
The China Securities Regulatory Commission recently announced that it will completely suspend the lending of restricted shares. Yu Xingxi, former secretary-general of the Beijing Association of Listed Companies, also mentioned this issue in his speech at the meeting, saying that the large amount of cash out by major shareholders after listing is indeed a big problem that affects the world. The purpose of some companies to go public is to cash out, not to do a good job. In this regard, there is an urgent need to establish a more complete system. Stricter and reasonable restrictions should be imposed on controlling shareholders and key shareholders in the IPO and refinancing of listed companies, such as when the total amount of dividends does not exceed the total amount of equity financing, or only a small amount is allowed after three years (which can be specifically limited), etc., and plug the loopholes in disguise through securities lending and short selling and other similar methods, and severe penalties will be imposed on violators.
Representatives of central enterprises emphasized market value management
Yao Wanyi, former deputy director of the Beijing Securities Regulatory Bureau, believes that China's capital market is still in the sunrise stage of development and is pregnant with great upward potential. To build a capital market with Chinese characteristics, it is necessary to break through the traditional model. In the changing market, listed companies should deepen market value management, and this important task is closely related to the chairman, board secretary and other executives of listed companies.
In recent years, the SASAC has been working with the China Securities Regulatory Commission and other relevant departments to promote the high-quality development of listed companies of central enterprises. According to the data, by the end of 2023, the market value of listed companies controlled by central enterprises in China will reach 135 trillion yuan.
According to the research report on January 29, the value reshaping of central state-owned enterprises will be accelerated this year, and the market value management may be carried out from three aspects: improving the value creation ability of central state-owned enterprises, adjusting the state-owned capital structure around new industries, increasing the frequency of repurchase and increasing dividends, so as to consolidate the internal foundation of "China Special Valuation".
According to the research report on January 29, the inclusion of market value management in the performance appraisal of the heads of enterprises is expected to continue to guide the valuation reshaping of central enterprises and improve the market value performance of central enterprises.
At the roundtable forum, Xue Keqing, secretary of the board of directors of China State Construction, delivered a speech as a representative of listed companies of central enterprises, he affirmed the importance of market value management of listed companies in the current capital market environment, and shared the practice and achievements of China State Construction in market value management. He pointed out that the new market environment has put forward new requirements for listed companies, and China State Construction, as a pilot unit, has made significant improvements in cash dividends and investor relations management in the past three years. In the future, the company will pay more attention to the quality of information disclosure, further improve the degree of transparency and standardization, and continue to create value and return for shareholders.
Li Pingping, vice president of Hitevision Technology and dean of the Education Research Institute, said as a representative of private listed companies that taking Hitevision Technology as an example, private enterprises can rely on strong competitive advantages and forward-looking strategic layout to achieve steady development in the complex domestic and foreign economic environment and promote the accelerated rise of their own brands.
Provide energy for the sustainable and healthy development of the capital market
Zhu Wuxiang, director of the Business Model Innovation Research Center of Tsinghua University's School of Economics and Management, said that listed companies are facing new opportunities and challenges in the current economic environment, and enterprises should actively respond to market changes and seize development opportunities.
The company's market value is affected by a variety of factors, including the macro economy, industry, industry and the company's own strategic decision-making ability and competitive advantage sustainability. Market value management is a comprehensive system with a variety of initiatives, including operational initiatives – continuous expansion of new businesses and enhancement of competitive advantages; Business restructuring – injecting high-quality assets and divesting non-value-creating businesses; the quality and content of information disclosure, and a high-quality investor communication mechanism; ** Buybacks during downturns and undervaluations, etc. Zhu Wuxiang said in an interview with the "China Times" reporter that regarding the market value management of listed companies, "it is necessary to consider putting the market value management in front and pre-assessing the negative impact of major decisions and investment and financing plans on the market." For example, the internal holding of listed companies to cultivate innovative business often has large losses in the early stage, and the success is uncertain, so it is necessary to design a development model for innovative business to reduce the negative impact."
How to make suggestions for the sustainable and healthy development of the capital market? Xing Xing said in an interview with the "China Times" reporter that in order to achieve the sustainable and healthy development of the capital market, it is necessary to start from many aspects, such as the regulator should strengthen the supervision of the market and listed companies to prevent excessive speculation and violations in the market; The management needs to further improve the system and rules of the capital market, and improve the transparency of the market, including the transparency of information disclosure and the transparency of transactions, so as to increase the fairness and feasibility of the market. Secondly, as the cornerstone of the development of the capital market, investors can expand the investor base and attract more investors to participate in the capital market, which can not only improve the liquidity and stability of the market, but also help further improve the high-quality development of the capital market.
Editor-in-charge: Ma Xiaochao Editor-in-chief: Xia Shencha.