Shenzhen Stock Exchange "Walking Into The Listed Companies": The Front Line Explains The Plan To Improve The Quality Of Enterprises, And Takes Various Measures To Help Prevent And Resolve Risks

The annual Shenzhen Stock Exchange "into the listed companies" activity season.

Each year's activities focus on the corresponding theme. Listed companies actively report problems to the exchange and put forward opinions and suggestions. The exchange deeply understands the situation of enterprises and helps enterprises solve problems. Through "face-to-face" contact, the service effect of the exchange can often achieve twice the result with half the effort.

In 2020, the theme of "going into the listed company" will focus on "improving the quality of listed companies and resolving the risks of listed companies".

Recently, the State Council issued the opinions on further improving the quality of listed companies, putting forward 17 key measures in six aspects.

In order to implement the relevant contents of the opinions, the Shenzhen Stock Exchange has set up a special working group to improve the quality of listed companies, forming a work plan and working account for the implementation of the opinions. One of the most important things is the interview with Mr. Dong and Mr. Gao.

During the three-day investigation with the research team, the reporter of 21st century economic report noticed that the themes of equity pledge, goodwill, cash flow, profitability, risk mitigation by capital market tools, and improvement of the quality of listed companies are most concerned by enterprises and regulators. Listed companies are also actively taking measures to prevent and resolve risks.

Actively respond to high equity pledge

Although in recent years, with the improvement of market conditions and the introduction of various supporting policies, the risk of A-share pledge has been greatly alleviated. However, when the market goes down unilaterally, the risk of stock pledge is still easy to cause systematic risk, and the prevention and resolution of stock pledge risk is still faced with arduous and complex work.

In the process of visiting, the risk of equity pledge has been mentioned many times. Many listed companies have stated that they should actively communicate with shareholders and reduce the proportion of equity pledge.

For example, for a listed company in precision manufacturing industry, the proportion of major shareholders' pledge is relatively high, and part of the pledge is to provide credit reference for listed companies to apply for M & A loans from banks. According to the company's chairman, major shareholders have taken positive measures to reduce the pledge rate since last year, including selling and purchasing assets for repayment.

The senior executives of a listed company which mainly engaged in metal processing business also said that the controlling shareholders were trying to solve the problem of high pledge by recovering financing funds as soon as possible and looking for new financing channels.

Prudent merger and acquisition, actively resolving goodwill risk

As an excellent representative of Chinese enterprises, listed companies are the "basic plate" of the real economy. They not only bear the expectations of employees and shareholders, but also are the pillar strength to stabilize the upstream and downstream industries and support the national economy. However, in the early years of M & a boom, many enterprises blindly pursued market hot spots and even used high leverage for financing expansion, resulting in high goodwill hanging, subsidiaries out of control, the performance deterioration of merger and acquisition target dragging the parent company, performance gambling failure, huge goodwill impairment and other risk events occurred frequently.

In the process of this visit, focusing on the main business and preventing the risk of gambling and goodwill caused by M & A activities has become one of the main topics in the communication.

In the previous years, a listed company in precision manufacturing industry acquired new assets by issuing shares and paying in cash. Its business expanded to the design and development of consumer electronic products, brand promotion, overseas online operation and offline channel development. According to the chairman of the company, this year is the last year of the gambling period of the acquisition. In the process of corporate governance integration, he has a deep feeling. He thinks that many M & A cases in the current market are prone to various problems in the process of performance gambling.

The chairman of the company believes that in the process of performance gambling, the company can not be too involved in the control of the target company. First of all, the performance commitment party will think that the listed companies are intervening in the operation, and if the gambling is not completed, it will easily lead to wrangle. This problem is particularly prominent in cross-border M & A. Secondly, it is easy to exclude the management personnel sent by the listed companies and prevent them from actually participating in the operation and management. For the performance commitment side, in order to complete the performance, they often only consider the short-term planning of the enterprise, ignoring the long-term development, which is not conducive to the long-term value of listed companies. It is suggested that the regulatory authorities should continue to optimize policies, strengthen the on-the-spot investigation and guidance training of listed companies, so that mergers and acquisitions can really play a role in promoting the healthy development of listed companies and becoming stronger and bigger.

Some entrepreneurs who have experienced the failure of M & A or learned the lessons of M & A in the early stage have also expressed their attitude, treat M & A prudently, and actively take measures to integrate with M & A assets. Earlier, the general manager of a listed company, whose performance was greatly frustrated by the acquisition of preschool education business, pointed out that in the future, the company will not make large-scale mergers and acquisitions to expand new business, but focus on the existing main business and strive to realize business digital transformation.

Focus on main business and improve enterprise quality

The 21st century economic reporter noted that "focusing on the development of the main business and improving the quality of listed companies" is the "consensus" among the executives of all the listed companies interviewed.

The practice of capital market development has proved that listed companies must continue to cultivate their main business, operate steadily and prudently, and broaden the moat. Only in this way can they successfully cross the economic cycle and cope with external uncertainty.

In the process of cross-border financing, we should keep away from the market and use the tools to stimulate the development of the market.

In recent years, a listed company engaged in instrumentation business has launched the stock option incentive plan, aiming to further establish and improve the staff incentive and restraint mechanism, and mobilize the enthusiasm of the staff of the listed company. The chairman of the company said that in the future, the company will continue to focus on its main business and deeply explore the field of measurement and weighing. On the one hand, it will deeply plough into the market of intelligent microcomputer combined scales, focus on developing differentiated customized models, and provide customers with a complete set of system solutions; on the other hand, it will gradually enrich the company's product line, such as the field of commercial scales.

In addition, the company's executives also said that they would be committed to improving the level of corporate governance, mainly through improving information disclosure, strengthening investor relationship management, exploring capital replenishment means and high-level dividend returns, etc., to fully demonstrate the company's internal value and responsibility to the majority of stakeholders, so that investors can share the fruitful results of the company's value growth We should actively repay investors, practice equity culture and fulfill social responsibility.

The senior management of a listed company focusing on the main business of building waterproofing also pointed out that the company will continue to adhere to the main business, resolutely not make frivolous investments, blind cross-border mergers and acquisitions, and make full use of the listed company's brand, governance, financing and other advantages to further expand and strengthen.