"2012 China Listed Companies Market Value Management Performance Evaluation Report" Recently Released

Recently released.

After eliminating the loss, restructuring and the less than 180 days of trading day in the 2012 annual report period (April 30, 2011 to April 30, 2012), this year

A total of 64 listed companies were sampled, accounting for nearly 80% of the total capacity of the plate.

Through the comprehensive evaluation of three aspects of value creation (VC), value realization (VR) and value relevance (RV), the conclusion is: 2012 the performance of textile and apparel industry market capitalization performance is poor, with an average score of 38.48 points, which is lower than that of the whole market.

The total score of market value management was 40.14 points, ranking sixteenth in the 24 level industries of Shen Wan, which is in the middle and lower reaches, and is quite different from the financial industry, extractive industry and food and beverage industry.

The completion of the split share structure reform at the end of 2006 has replaced market capitalization as a new benchmark for net asset cost capital. The practice of market value management reflects the profound pformation of Chinese Listed Companies' management philosophy and business philosophy, that is, the pformation of business objectives from profit maximization to value maximization, and the pformation of enterprise management from profit orientation to value and market value orientation.

Because

It is the basis, value realization is the goal of market value management, and the matching degree of value relevance measurement and value creation is three, and the weights of the 40% indicators are 40%, 40% and 20% respectively.

Value creation is mainly evaluated from two aspects: BV and GV.

The basic value is assessed from the profitability, value creation and value creation efficiency of listed companies.

Profitability is measured by earnings per share (EPS), operating profit margin (ROM) and net assets yield (ROE). The value creation is measured by the economic value added (EVA), which takes into account the cost of capital. The efficiency of value creation is measured by the efficiency of capital, namely the EVA rate.

In terms of profitability, the main business yield reflects the income of the main business of the enterprise. The net assets yield reflects the profitability of the enterprise's own capital, and the earnings per share can be viewed from the perspective of shareholders.

Because the prediction of future value creation ability is very difficult, the growth of the past is generally replaced by the growth of the past.

Value realization not only examines the market performance of MV, but also examines the market premium factors and the health of market capitalization. The corresponding weights in three aspects are 30%, 50% and 20% respectively.

The total market value (TMA) of a company is the most direct and important indicator of value realization.

We consider market performance from the scale, efficiency and growth of total market capitalization, with corresponding weights of 40%, 40% and 20% respectively.

In terms of scale, the total market capitalization of listed companies is chosen, and Tobin Q (reflecting the market capitalization capacity of unit capital) is selected in terms of efficiency, and the growth rate of total market capitalization in the latest year is chosen in terms of growth.

The market premium factor MP mainly includes investor relations IR, corporate governance level CG, equity incentive SI, CSI 300 share status, industry leader and institutional investor's holding and so on, corresponding weights are 15%, 10%, 15%, 20%, 20% and 20% respectively.

In view of the fact that there is no objective quantitative evaluation of the investor relations management level and governance level of each listed company, we use the index of the annual gold medal secretaries and Shanghai and Shenzhen two cities elected by the new fortune magazine respectively.

The industry leader is the largest proportion of the company's operating income in the company's industry.

Health VH as an indicator reflecting the track of market capitalization changes is evaluated from three aspects: turnover rate, regression residuals and volatility. The corresponding weights are 40%, 30% and 30% respectively.

The meaning of turnover rate is the pursuit of turnover rate at a relatively good level; regression residuals represent the volatility of relative market movements; fluctuating fluctuation represents strong speculation.

Because China's securities market is an emerging market, the intrinsic value of a company is often not accurately reflected. Underestimation and overestimation are more common. Especially, it is not uncommon for people to suppress and lift a company's share price. Therefore, it is necessary to introduce the index of value relevance RV to evaluate.

We evaluate the relative correlation between value and market value of a company after adjusting the value creation and value realization in all A share companies in the year. The smaller the absolute value of the difference is, the higher the correlation degree is.

The evaluation results of 2012 show that the current market management status of Listed Companies in China is not optimistic, especially for textile and garment industries whose performance is relatively backward. In the face of increased export pressure and intensified competition in the industry, how to improve the performance of market value management is a huge challenge.

It is gratifying to note that there are still seven wolves, Mei Bang dress, Luo Lai home textiles and other enterprises to be commendable. The market value management performance ranked 37, 40 and 46 among the 1952 listed companies, becoming a rare bright spot in the industry.

Liu Guofang (executive director of market value management research center of Chinese listed companies)

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Participate in the discussion

Xiamen three dimensional silk environmental protection Limited by Share Ltd Limited by Share Ltd

Huafang textile Limited by Share Ltd secretaries Zhao Jiangbo

Jiangsu Broadway automotive fabric group Limited by Share Ltd secretaries general Xu Qiu

Shanghai Jialin Jie textile Limited by Share Ltd Dong Yun Lingyun

Beijing Toread Outdoor Products Co secretaries Zhang Cheng

Shanghai Huafeng microfiber material Limited by Share Ltd Dongming Cheng Ming

Liu Zhaohe, manager of Mei Xinda Group Co., Ltd.

Yantai Taihe new material Limited by Share Ltd securities representative Dong Xuhai

Office staff of Jiangsu Luen Fat textile Limited by Share Ltd

Discussion topic: defects in market value management of textile and apparel listed companies

01, the nature of the industry is the biggest obstacle.

The reality that we have to face is that the overall performance level of the textile and garment industry is lingering in the lower reaches.

Compared with the management of mature financial, mining and other industries, what is the defect of market value management of textile and apparel listed companies? Most enterprises believe that the limitation of the nature of the industry is the biggest obstacle to improve the company's market value management.

Zhao Jiangbo: the textile industry that belongs to the traditional manufacturing industry is mostly labor-intensive enterprises, and the upstream industry mainly relies on raw materials to dominate the value creation factors. However, raw materials such as cotton and other agricultural products are easily affected by climatic, regional and macro policies. Therefore, the most important index factor of market value management of Listed Companies in the industry is the value creation index, which is difficult to control, and only through corporate governance, investor relations management, industry rankings and other factors to make up for the defects.

Comparatively speaking, the clothing enterprises that belong to the downstream industries of the industry are in better condition.

At present, the practice of public and stock market value management is good. It has important reference significance. The chairman and the actual controller attach importance to the value investment of the market value management to shareholders, and actively interact with investors from the company's strategic planning and operational efficiency level, thus reflecting the social responsibility of the business owners.

Xu Qiu: as a traditional manufacturing enterprise, it is not very realistic to achieve annual explosive growth. In a short time, it is impossible to accomplish the pformation. The most important thing is to do well in the main business and business development related to the main business.

At present, the market value of listed companies is too much to manage, but some of the listed companies' concept of speculation has made many measures and methods disappear like a flash in the pan, which has virtually hurt the enthusiasm of many small investors, especially retail investors.

Dong Xuhai: because the cycle of textile and garment industry is too strong, it is difficult to give investors reasonable performance expectations.

02, the department management process is too slow.

Enterprises respond positively to market demand for market value management. The difference lies in whether they are implemented in the form of departments or in the form of processes.

Over the past few years, although the importance of setting up the market value management department of listed companies is clear at a glance, its progress is not optimistic.

Restricted by the status quo, most companies tend to make decisions based on internal and external businesses.

Wang Rongcong: at present, the company does not have a special market value management department, and the task of docking with the capital market is mostly undertaken by the secretaries.

Due to the lack of organizational effectiveness, resulting in inefficient, it is difficult to convey all the value information of the company to investors in a comprehensive, real, timely and accurate manner.

Therefore, establishing a system of market value management and organization is extremely urgent for the company.

Zhao Jiangbo: at present, it is mainly led by the Secretary of the board and is responsible for monitoring the market value management through the office of the board of directors of the company.

Listed companies should grasp their own characteristics, learn advanced market value management experience, and use scientific and compliant management methods and means to maximize value creation, optimize value management, and ultimately maximize shareholder value.

In order to achieve effective market value management, we must first attach importance to market capitalization, and guide the listed companies and management to attach importance to market value management through effective incentive and restraint mechanisms. Second, we must thoroughly study the market value, grasp the fluctuation of market value and improve the market value management ability; third, we should examine the market value, enhance the power and pressure of the listed companies to enhance their market value, and incorporate market value into the performance appraisal system of listed companies; fourth, we must manage the market value, analyze the factors affecting market value, and identify the management focus.

Grasp the market value management content, because enterprises make appropriate decisions.

Dong Xuhai: the company is mainly responsible for the management of the market value through the securities department.

Ensuring the development of the industry standard, promoting healthy competition of enterprises, and improving the effectiveness of the two level market are urgent problems to achieve good market management performance at present.

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03 "real interaction" needs to be improved.

The important significance of listed companies' market value management lies in achieving the good performance of the two level market. At the same time, when the market value management is getting more and more attention, how to actively interact with the two level market still seems to be troubling business managers.

Xu Qiu: the core and foundation of the market value management of listed companies should be placed on the strength of the company and the improvement of the internal value of the company so as to return the two level market, and at the same time, manage the investor relations better.

To establish a good and harmonious relationship with investors such as brokerages, investment companies, funds and retail investors, so as to promote the development and strategic adjustment of listed companies.

In addition, we should implement the stock option incentive plan at the right time.

Lingyun: since 2011, the performance of the entire two level market has been obvious to all, and the market has continued to slump, and many market factors are difficult for enterprises to control.

It can be said that how to achieve the good performance of the two level market through real and virtual interaction is even more difficult.

Zhao Jiangbo: in the future capital market, market value will become a key index to measure the comprehensive strength of listed companies. The important policy orientation of performance evaluation of listed companies is an important mechanism for maximizing the value of shareholders and companies, and an important guarantee for implementing the equity incentive mechanism of listed companies, improving financing efficiency and preventing hostile takeovers from competitors and other industries and capital operation activities.

Zhang Cheng: Chairman Sheng Faqiang, after withdrawing from his daily management, has invested more efforts in planning the company's future development strategy and corporate culture, as well as providing solid support for the company's long-term and healthy development in the future.

While performing the obligation of information disclosure in a real, accurate, complete, timely and fair manner, the company carries out interactive exchanges with investors through telephone, fax, network, and scene, so as to facilitate investors to understand the operation and management status of the company in time.

Through the disclosure of corporate information, we can ensure that the company's decision-making is more rational and avoid too casual and sloppy problems.

04 which management mode is the most effective?

Compared with the more mature market value management system abroad, China is still in its infancy, but market value management is indeed becoming an important factor to consider the performance of Listed Companies in China.

How to establish a market value management model that fits itself and how to manage effective market value has become one of the most concerned issues at present.

Multi angle linkage

Wang Rongcong: promoting the circulation market value through intrinsic value management is the core of market value management.

The goal of the company's market value management is to maximize the value of the company and create value for shareholders, but it is not only to maximize the market value, but to enhance corporate governance level, business thinking and realm, and to upgrade management and management, thereby enhancing the management premium of shares and actively developing capital market marketing so as to realize the effective dissemination of corporate value.

Zhang Cheng: through the strict control of the quality of products and services, the improvement of company system and the strengthening of investor relations, the creation of a pparent and pparent corporate image is bound to effectively guarantee the market value of the three.

The board of directors of the company has not only added a number of outstanding internal executive representatives, as well as experts from corporate governance, law and other aspects of external institutions, to further enhance the decision-making ability of performing duties, and at the same time, the board of supervisors has also been reorganized in order to give full play to the supervisory role of the board of supervisors in the management, finance and major decisions of the company, and the professionalization and professionalization of the management team has been continuously improved.

Xu Qiu: do a good job in the internal value of enterprises to enhance the following work: formulate practical, short, medium and long-term enterprise development strategy; strive to improve the company's sustained and healthy growth (market share) and higher profitability; information disclosure management compliance, systematicness, long-term effectiveness, truly timely, fair, truthful, accurate and complete; long-term management of corporate governance structure, enterprise "5 independent" principle to carry out work; improve investment management level.

Liu Zhaohe: the core of market value management is the value of enterprises, including the industry status, asset quality, profitability and other factors. In the future, the company should take this as the basis to expand the value of the enterprise.

Specifically, it is to enhance the company's profitability.

In addition, the company should actively communicate with the vast number of investors including potential investors, so that investors can have a better understanding of the company.

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Static braking type

Cheng Ming: the market value management has taken a step forward on suspicion of market manipulation, and it will not be effective in the future. Therefore, under the framework of laws and regulations, the company can fully tap the investment value of the company from the market by fully communicating with investors, so there is no active market value management at present.

Zhao Jiangbo: the implementation of value management in listed companies requires the establishment of an analysis model based on maximizing the long-term real value of enterprises, dynamically analyzing the evolution of competition pattern and the trend of enterprise investment value under the constraints of capital market financing, and linking evaluation and guidance to business strategy, investment and financing, mergers and acquisitions, restructuring and business operations, constantly optimizing business models and profitability, improving operational efficiency and capital gains, and strengthening core businesses, splitting and depreciate capital value businesses, and strengthening investor relations management.

By identifying business development strategies and value orientation, the external shareholders who are inconsistent with their business and value concepts are eliminated.

But sometimes the effectiveness of stock market's response to information is not equal to the validity of the company's real value.

At present, the company's market value management strategy is mainly to not take the initiative to cater to the short-term speculative shareholders or analysts' unrealistic optimism or pessimistic evaluation of the stock market. They do not care about the stock market's cold or even negative reactions to the short-term stock prices. They insist on the principle of capital allocation based on the principle of maximizing the value of the sustainable development of enterprises and the long-term real capital value, and formulate the company's business development strategy, investment and financing strategy and value distribution strategy.

Conservative traditional type

MediaTek: there are few effective ways to manage market value at present.

At present, the company mainly answers all kinds of problems about the company by telephone and exchange platform to maintain full communication with the public. Other contents related to market value management are few, and there are no specific plans for the time being.

But if there is an effective market value management method, the company is willing to learn and try.

Lingyun: because the company belongs to the pure manufacturing industry, and in the field of textile is also focused on the field of sports fabric, and the market time is not long, so the market value management has not yet formed an effective system scheme, and there is no specific planning. At present, it is mainly in time and pparent information disclosure.

Dong Xuhai: at present, the company mainly relies on timely implementation of information disclosure obligations, daily monitoring of company public opinion, and good communication and communication with shareholders and investors to ensure market value.

However, in recent years, the economic environment has changed too fast and the performance has changed greatly. In addition, there is a lack of direct means of affecting the stock price, resulting in a smaller impact on the market value, and the effectiveness of the two tier market is not good. The market value of the peers listed companies is disproportionate to their performance.