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Ranking Statistics Of Market Value Management Performance Of 74 Listed Textile Enterprises

2013/6/26 20:35:00 52

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Textile Enterprises Textile Listed Companies Textile Industry

the report on the performance management of Listed Companies in China in 2013 shows that in the 23 sectors of the whole country, < a target= "_blank" href= "http://www.91se91.com/" > textile > /a > a target= "_blank" href= "target=" > the market value management performance of the listed companies has an average score of 36.97 points, which is lower than the average score of the market value management performance of the listed companies, ranking 21. Compared with the 2012 year market value management performance report card, the industry rankings dropped 5 places, becoming a shocking "countdown third". 
 concrete analysis shows that in the four first level indicators that affect market value management performance, the value creation score of textile and apparel industry listed companies ranked thirteenth and the value realization score ranked twenty-second, and the market premium score ranked twentieth. The overall performance of market value management performance is weakening, especially in terms of value realization and market premium. 
 < 2013 China listed company market value management performance report > 74 < a href= "http://www.91se91.com/news/ > > textile enterprise < /a > ranking statistics 
 > strong > 1 A stock market value management performance initially stabilized. /p >
 2202 companies participate in performance ranking 
 2013 (according to market value data from May 1, 2012 to April 30, 2013), a total of 2469 listed companies on time disclosed 2012 annual report data. In order to ensure that the market value management performance evaluation is based on the sustainable operation of listed companies' existing businesses, the listed ST listed companies (including non share reform companies) in 2012, the reorganization listed companies identified by the SFC reorganization committee during the year, and 267 companies with less than 180 trading days in the stock market during the year, and a total of 2202 A share companies participated in the 2013 year's market value management performance ranking. 
 evaluation of market value management "three indicators" 
 market value is the external performance of listed companies' intrinsic value. To evaluate the performance of a listed company's market value, we must first consider its "value creation level". Because China's securities market is a "new and spanitional market", market value often can not accurately reflect the intrinsic value of the company. Underestimation or overestimation is widespread. For market value of shareholders, market value is the ultimate embodiment. Therefore, evaluating the performance of a listed company's market value depends on its "value realization ability" in the capital market. Emphasizing the value realization capability does not mean that the higher the premium level is, the better the bubble will eventually burst. Therefore, when evaluating the performance level of market capitalization, we should consider third factors, "market value health". The weights of the above three indexes are 30%, 40% and 20% respectively. 
 non-financial factors, /p.
 the factors reflecting the value realization ability of listed companies include not only traditional financial indicators, but also various non-financial indicators, and the influence of these non-financial indicators in different periods is also changing. Therefore, in the evaluation of index system, the premium factor index is added as a supplement, which includes non-financial indicators such as gold secretaries, corporate governance, equity incentives, Shanghai and Shenzhen 300, industry leaders, and institutional changes. The index weight is 10%. 
 private enterprises have achieved the best results in the past 7 years, 
 evaluation results showed that the overall performance of A share market value management rose from 40.14 to 40.48 at the end of 2012, an increase of about 3%. Among them, the performance level of private enterprises has increased rapidly, achieving the best results in the past 7 years, the performance of central enterprises has dropped significantly, the central enterprises in the countdown accounted for 1/4, the small market value companies have improved rapidly, while the heavy assets and large market capitalization companies have declined significantly. Overall, the overall performance of A stock market value management has been showing signs of stabilization since its deep fall in 2011. 
 2 index system takes account of reality and future 
 revenue and net profit growth rate reflects sustainability capacity 
 practical ability of value creation is considered from three aspects: value creation quantity, value creation efficiency and profitability. The value creation quantity is measured by EVA (economic value added) value, and the value creation efficiency is measured by EVA rate. Profitability is measured by operating profit margin, net asset yield and earnings per share. Among them, the main business earnings rate 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. 
 practical ability based on value creation can only reflect the information of a certain time point, and can not reveal the trend. Therefore, we should also consider growth indicators, and use the growth rate of operating revenue and net profit growth to reflect the sustainable development ability of listed companies. 
 scale, efficiency and growth indicators are indispensable. 
 market value not only reflects the intrinsic value of the enterprise, but also reflects the future value of the enterprise. The greater the market value created by listed companies, the greater the capital market premium realized by enterprises. Therefore, the market value index can be considered from three aspects of market value, efficiency and growth. In terms of scale, the total market value of listed companies is chosen; in terms of efficiency, Tobin Q, which reflects the ability of market capitalization of unit capital, is chosen to measure the growth or decrease of market capitalization. 
 value creation and value realization stress matching "/p >.
 when the listed company's internal value and market value deviate from the market value, it is necessary to use the corresponding value relevance index to evaluate it. The value relevance index is used to evaluate the matching of value creation and value realization of a listed company. Serious undervaluation and overestimation both indicate that there are deficiencies in the market value management of such companies. The relative correlation between the value and market value of a company's value creation and value realization in all the A share companies in the year is evaluated. The smaller the absolute value of the difference is, the higher the correlation degree is, the lower the vice versa. 
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 3. Three dimensional selection of preferred stocks TOP10 /p >
 card Nu Di road value creation ability "first share" 
 > a href= "http://www.91se91.com/news/index_c.asp" > textile industry < /a > the highest scoring company in value creation is card slave Road, ranking first in the textile and garment industry, ranking fiftieth in 2202 listed companies. Judging from the two two level indicators that affect value creation, the rank of card slave road is also excellent, among which the basic value ranks seventy-fourth in the country and the growth value ranks 158th in the country. 
 the reason for this is that in 2012, the company's business profit margin scored 72.86 points, ranking first in the industry, and earnings per share of 1.76 yuan / share, second only to the 2.72 yuan / share of Luo Lai home textiles, ranking second in the industry. Other indicators that affect value creation are relatively excellent, making the overall value creation of card slave road excellent. It is suggested that the company should maintain the advantage of value creation, increase the new profit growth point, reduce costs and increase gross profit margin, so as to enhance the growth value of the company. 
 textile industry value creation ranking TOP10 
 Semir < a target= "_blank" href= "http://www.91se91.com/" > dress < /a > value realization ability "first share" 
 the value of the whole listed companies in the textile industry is weak. Even in the industry, Semir clothing, which has the best value realization ability, ranks only 350 in the country. 
 from the three indicators that affect the realization of value, the total market of Semir clothing is worth 80.52 points, ranking 265 in the country, ranking in the middle and upper level; the total market value growth rate is 11.37 points; it ranks 2118 in the 2202 companies of the whole country; it is in the countdown third; Tobin Q scores 35.69 points, ranking very much behind the list, ranking at 942, all at a backwardness level. 
 from the perspective of value realization, the market value growth rate of Semir clothing is not ideal. The performance of the company's total asset premium index, Tobin Q, is poor, thus dragging down the value realization score. It suggests that the company should enhance investor confidence in the development of the company by strengthening media publicity and guidance, strengthening the positive interaction with investors, and so on, thereby promoting the growth of market value. "Q" 
 textile industry value realization TOP10 
 YOUNGOR premium ability "first share" 
"P >" from the premium factors affecting the market value management performance of the listed companies, a href= "http://www.91se91.com" > YOUNGOR < /a > is the best, the market value premium score is 27.43 points, ranking the twenty-fifth in all the selected companies, ranking first in the textile industry. Among them, the gold medal secretaries, corporate governance, and Shanghai and Shenzhen 300 three indicators scored 100 points, showing excellent performance. Relatively speaking, the increase in equity holdings and equity incentive scores were relatively poor, indicating that compared with the previous year, the reduction of corporate entities and the poor performance of company equity incentives. 
 suggest that the company should strengthen communication with institutional investors, such as doing a good job in the research of reception institutions, conducting reverse research, enhancing institutional investors' understanding of the company, and promoting institutional investors to increase their holdings. At the same time, it suggests that the company should actively promote equity incentive in combination with the actual situation, closely integrate the interests of the company's executives and the company's interests, and improve the company's market value management capability. 
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 > a href= "http://www.91se91.com" > textile industry < /a > premium factor rank TOP10 
 4 textile industry market value management improvement suggestion 
 resource integration to resolve external pressure 
 the external environment can not be changed, only through its own adjustment to respond positively. Resource integration is the first thing to do. Part of the heavy assets industry is stranded in the huge fluctuation of external environment, and the profits are slipped. The assets invested in large amounts in the early stage are not only unable to generate the expected revenue, but also require a large number of assets depreciation on time. If we can adjust the assets structure and proportion according to the changes of the external environment, it will help the company to lighten its burden and enhance its ability to resist risks. Some high-energy consumption enterprises are constrained by the lack of macro policy regulation and development. It is better to introduce new assets in time and achieve gradual spanformation instead of being left behind. 
 eliminate communication barriers with investors 
The positive interaction between P and investors makes the value of the listed company recognized by investors. Mutual communication promotes investors to understand the company and allows investors to understand investors' investment preferences. Mergers and acquisitions need capital support from the capital market, while capital market investors' recognition of the value of investment determines whether the company can carry out refinancing smoothly and use capital leverage to achieve rapid development. It can be seen that good investor relations management can fully reveal the intrinsic value of the company on the one hand, and on the other hand, investors can listen to their feedback and opinions on the company's problems and future development strategies. Therefore, benign investor interaction will help companies achieve a reasonable capital premium. 
 establish effective incentive evaluation mechanism 
 data show that equity incentive helps to promote the development of enterprises. In 2013, the industry with more equity incentive has achieved faster development, for example, the value performance of the information technology industry has increased from twelfth in 2012 to seventh. In this industry, 7 listed companies have launched the equity incentive plan. It can be seen that a reasonable assessment and incentive can lock in the growth goals of the company, inspire the management to give full play to the potential, and provide security for the improvement of shareholder value.