What is the significance of market value management? Market value management = value management? Stock price management
The "Nine Articles of New China" promulgated in May, 2065438+2004 pushed the market value management of listed companies back into public view. Summarizing the increase list of A-share listed companies in 20 14 years, it is found that 60% of the former 10 listed companies, 66.7% of the former 15 listed companies and 58% of the top 50 listed companies are involved in the M&A concept. With the further improvement and deepening reform of China's capital market, the market value management of listed companies has undoubtedly become one of the most grounded front positions.
In essence, market value management of listed companies = value management? Stock price management. In other words, market value management can be divided into two aspects:
First, market value management = value management. This aspect is about the company's value-added and value creation. All management methods that can be used to maximize the company's value within the scope of legal compliance can be classified into the category of market value management. Of course, these methods are not limited to management methods. If the company's value creation is the engine, then market value management is like a gear, embedded between the entity operation and capital operation of listed companies, driving the benign operation of both.
Second, market value management? Stock price management. If you want to do a good job in market value management, you must realize that market value management is not only the stock price, but also the signal of whether the company realizes the value it has created in the secondary market, right? At the end? , not? Ben. The premise of this smooth signal transmission is the effectiveness of the company's information disclosure and the effectiveness of the market. It is forbidden to put the cart before the horse, because what the company really needs to pay attention to is obviously something other than the stock price.
At present, there are two main modes of domestic market value management.
Structured fixed increase mode.
Since mid-August, 20 14, the regulatory authorities have explicitly prohibited individuals or institutions from participating in the fixed increase of listed companies through three-year structured products. The issuance department of the China Securities Regulatory Commission issued a notice saying that listed companies must promise that the final investment does not include any leveraged structured design products when issuing targeted pricing additional projects with a lock-up period of three years. Its main purpose is to prevent major shareholders or senior managers of listed companies from manipulating stock prices through leveraged financing.
M&A fund model:? PE+ listed company? .
Compared with general consulting companies that do market value management, PE is more sophisticated in doing market value management of listed companies. This model can be traced back to the M&A Fund established by Silicon Valley Paradise and Dakang Animal Husbandry in 20 1 1. At that time, the IPO was suspended, the listed companies lined up, and the PE industry entered a cold winter. So PE company and listed companies turned to M&A, and Dakang Animal Husbandry and Silicon Valley Paradise jointly established M&A Fund, which successively acquired upstream and downstream enterprises in the industrial chain such as Hexiang Animal Husbandry in Wuhan, Hua Fu in Hunan and Dengfeng in Wuhan. Obviously, from the short-term results, PE's income is obviously better than that of listed companies: listed companies not only have to transfer their shares at low prices, pay consulting fees, but also promise PE to withdraw from the acquisition of uncertain assets. From 20 1 1 to the end of 20 12, the share price of Dakang animal husbandry secondary market fell by more than 45%, and the net profit also fell all the way to negative. Until 20 13 years, real estate development enterprises were introduced through additional issuance? Peng Xin department? Only by realizing business transformation can profits and stock price performance slowly pick up. On the other hand, the income of Silicon Valley Paradise is relatively stable and immediate: first, the management fee income of M&A fund; Second, it can lock the exit channel of listed companies and improve the safety margin of their investment. This model has been used one after another, and even integrated the PE concept of outsourcing service providers in mergers and acquisitions of listed companies, which not only became the initiator of M&A funds, but also became one of the important shareholders of listed companies.