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Preferred Stock Pilot Approach To Promote IPO Reform Is Good

2014/3/22 22:15:00 24

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Zhang Xiaojun, a spokesman for the securities and Futures Commission, said, "a href=" http://www.91se91.com "> SFC < /a > today issued a pilot management method for preferred stock, involving nine chapters and seventy articles. 
 what is preferred stock? 
 preferred stock is relative to common share. It mainly refers to the right to profit dividends and the allocation of surplus property, preferring to common stock. 
 preferred shareholders do not have the right to vote and be elected. Generally speaking, they do not have the right to participate in the operation of the company. The preferred shareholders can not withdraw their shares. They can only be redeemed through the redemption clause of the preferred stock, but they can stabilize dividends. 
 in addition, preference shares have three main characteristics: .
 1, preference shares usually specify dividend yield in advance. Since the dividend rate of preferred stock is fixed in advance, the dividend of preferred stock will not be increased or reduced according to the company's operating conditions, and generally it can not participate in the dividends of the company. However, preferred stock can get dividends before the common stock. For the company, because of the fixed dividend, it does not affect the profit distribution of the company. 
 2, the right scope of preferred stock is small. Preferred shareholders generally do not have the right to vote and to be elected. They do not have the right to vote for the major operation of a joint stock company, but in some cases they can enjoy the right to vote. Limited voting rights impose strict restrictions on the voting rights of preferred shareholders. Priority shareholders do not have the right to vote or restrict voting rights in general shareholders' meetings or reduce voting rights. However, when convening meetings to discuss matters related to the interests of preferred shareholders, priority shareholders have the right to vote. 
 3, if the shareholders' meeting of the company needs to discuss the claim related to the preferred stock, that is, the claim of preferred stock is prior to the common stock and is inferior to the creditor. 
 Prospect: the bank and energy industry take the lead in testing water /p >
 the industry believes that banks, energy and other sectors of the company are expected to take the lead in the pilot issue of preferred stock, but some companies in other industries are expected to appear on the first batch of pilot lists. Overall, the asset liability ratio of pilot companies is relatively high. 
 for which companies may be the first to test the water to issue preferred shares, a number of research reports released by many brokerages consider the major shareholder's shareholding ratio, ROE, dividend rate, valuation and scale level. The conclusion is that banks, electricity, transportation, construction, coal and other industries are expected to take the lead in the blue chips. 
 Qilu Securities Research Report said, "a href=" http://www.91se91.com/news/index_s.asp "> commercial < /a > banks issuing preferred shares will effectively supplement the first capital adequacy ratio and ease the pressure of equity financing. The capital management measures of commercial banks (Trial) provide room for other tier 1 capital instruments, and estimate the size of the preferred shares in the industry is about 600 billion yuan. The preferred stock issued at the same market value is 6%-8% lower than the common stock's diluted earnings per share. It is expected that the issuance of preferred shares is expected to enhance the overall valuation of the banking sector 15%-20%. 
 Dongguan Securities Research Report, the power industry debt ratio is generally 70%-80%, some enterprises even more than 80%. Because of the high debt ratio of electricity enterprises, the financing difficulties are relatively large, both direct and indirect financing costs are higher. However, the advantages of low valuation and stable dividends make it easier for power companies to become preferred stock pilots. Overall, the impact of preference shares on the power industry is optimistic, but at the same time we should see that the profitability of thermal power enterprises will fall this year, thereby dragging the overall performance of electric power enterprises. 
 Zhang Jinhua, deputy director of the office of the board of Agricultural Bank of China, said that the company now has a plan to issue preferred shares, but the specific provisions will be adjusted after the issuance of the preferred stock pilot management method. Considering that the public offering must pay a fixed dividend, it is difficult to judge the future interest rate trend, so the company prefers to float the dividend and adopt a non-public offering method with a scale of not more than 80 billion yuan. The main purpose of the company's issuance of preferred stock is to supplement the tier one capital and to dispel the market's concerns about whether the company will raise funds from the two tier market, and is expected to help the company's stock valuation. 
 influence: bring positive effect to the market /p >
 Northeast Securities believes that the preferred stock is expected to first introduce the preferred stock system in the IPO and refinancing. If further innovation is made, the preferred stock will be introduced into the stock, and some stock stocks will be converted into preferred stock. At present, the emphasis is on the former, but the latter's innovation has more Chinese characteristics. Based on the relative narrowing of domestic investment and financing channels, the potential of China's preferred shares is greater than that of the United States. Therefore, it is good for the stock market to diversify and improve returns, which is conducive to the reform of new shares and to the development of financial and entrepreneurial enterprises. 
 CICC reports that the introduction of preferred stock will bring positive factors to the market, and will benefit large cap stocks, especially in the financial sector and some industries that face merger and reorganization and industrial restructuring. The issuance of preferred shares will help banks replenish capital, significantly reduce the pressure of common stock financing, help brokers to expand their business scope, and bring new investment channels to insurance companies, so that they can obtain stable dividends in a sufficiently long period and increase the stability of investment returns. 
 Li Daxiao, director of the British Securities Institute, said today that the preferred stock system is conducive to restoring the financing function of blue chips, increasing the vitality of blue chips, providing the source of funds for some mergers and acquisitions, and stabilizing the market value through repurchasing the company's share price, which is a policy measure to rescue the market. 
 Guo Jin Securities said that the preferred shares issued most favorable banks: < a href= "http://www.91se91.com/news/index_cj.asp" > preferred shares < /a > can supplement the tier one capital, which can reduce the pressure of equity financing. Recently, the price of refinancing of China Merchants Bank and Ping An is basically 1xPB, the financing cost is equivalent to ROE level (about 20%), and the cost of preferred stock is only 6%-7% (considering tax problems, pre tax cost is 8-9%). In addition, insurance, brokerages and other industries linked to net capital can also benefit from the enrichment of equity capital instruments. Insurance can also benefit from abundant investment types, and the yield of 6-7% bank's perpetual preferred stock is more matched than its 5-6% yield and 5 year sub debt. Finally, favorable industries with low PB, high ROE and financing needs, such as building decoration, real estate and so on.