The domestic capital market is near the lows over the past eight years, how to make the revitalization ? This is a difficult issue.
Afternoon, the world's leading strategy consulting firm Boston Consulting Company (the "BCG") Greater China Managing Director Lin Jiemin of the "First Financial Daily" said that the reform of the stock market value of the company and the comprehensive implementation of management strategies, perhaps Change this situation. At the same time, BCG also issued a related report, which studied 12 industries in 596 listed companies five years of total shareholder return (TotalShareholdersReturn, under the "TSR")
The experience of the company's top three
Value Management in China is becoming increasingly important. In the relatively poor market environment, if which company management structure, quality and transparency of statements, management quality and investor relations professional management of outstanding performance, it will be higher than its competitors access to the capital price premium.
"China alone investors in the stock can not be sustained enthusiasm of Chinese enterprises in the capital market's success," "Chinese enterprises must be prepared to fundamentally change the management of their enterprises, and this information passed on to a convincing way investment Persons ", BCG Beijing office manager Farmiga said. Global capital market reached a peak since 2000 after the sudden drop in 1999 to 2003, with an average annual TSR was -0.9%. Then, the global expectations of premium (a company's market value of its inherent fundamentals of the poor) rapidly approaching zero. But interesting is that the expectations of the average premium dropped at the same time, the company's top premium is Bujianfanzeng.
According to BCG report, in the past five years, the world's top 10 enterprises expect premium growth of 92 percent, while the total sample of 596 enterprises have to expect a premium to 11%. At the same time, fundamental values of the world's top 10 enterprises increased by 28% and the total sample of the enterprise value of 11%.
Lin Jiemin that this is the current stock market environment investors who recognize the inevitable result of increased capacity. With what is best for the company to raise the very eyes of investors "The fundamentals improve, the proper use of valuation multiples of cash to reconsider the distribution of three important aspects."
"Business fundamentals is the discounted future cash flow value", the fundamentals improve the investment through cash flow and return on assets of the business profit growth two ways to realize. "The former means that the profit increase is too low, while the latter means that growth."
"Enterprises should first of a clear positioning themselves to see their need is to improve the profitability of doing homework, or to advance through the expansion of profitable business to promote growth." "According to our experience, a company can only be successful at the same time Good thing, if an enterprise trying to achieve two objectives, which is trying to shake off losses difficulties achieving growth, which is usually the outcome of their goals can not. "
Enhance the fundamentals have cash, then with the use of free cash flow of funds issue. The distribution of free cash flow over the impact of free cash flow to the direct contribution to the TRS, such as increasing the credibility of the quality of company earnings, show the determination of management, such as.
In the past, the majority of managers believe that the distribution of free cash flow contribute little to the overall TSR, or even lower TSR, such as the shareholders are often seen as a distribution to the lack of growth management plans, can not find good investment opportunities for further recognition. However, significant signs that the current investors in the distribution of high value creation strategy for the preference is much greater. "In recent years, because of the large number of corporate governance and financial scandals caused a crisis of confidence of investors." BCG Beijing office manager Farmiga that.
"Using the valuation multiples is to understand the valuation multiples of the driving factors, often based on experience within the industry investors hope that the judgement of the main drivers of valuation and positive guidance." Lin Jiemin said.
"Fundamental value, investors expect free cash flow and value creation is a dynamic system an integral part." BCG Chicago office responsible for the management of the value of the EricOlsen this special emphasis.
Five steps to create strategic value
Create strategic value on, Lin Jiemin managers of Chinese enterprises to provide a five-point views.
"Business managers must first understand their starting point." Lin Jiemin to understand that at least some of the qualitative aspects of quantitative data.
We must first understand the value of the past to create what is the source, internal company fundamentals, investors expected free cash flow and the evolution of what is the history; strict review of current business plan for the effects of the implementation of these plans will achieve what the TSR; Expansion of the scope of further promoting the industry to create value of the basic trend of competitiveness, industry's top companies is how to do ? What is the next most important driver of value creation, understanding how the capital markets of this industry to carry out assessment, how do you explain the nearest competitor in the valuation multiples between the differences and finally to understand investors to understand their What factors will be a priority, existing or target investors confidence that your plans how.
The second step is to choose appropriate TSR goal. In fact, the objective of formulating the correct one is the achievement of gender balance: aggressive goals and to continue to maintain a balance between the goal. Goals after the enactment of the best ideas 2-3 different TSR performance, and to seriously discuss the debate.
The third step is to identify the current plans and objectives of the plan differences. In the process of setting goals, will find that executives hope to achieve the level of the TSR with the company currently plans to include the differences between the objectives.
At this time, can change in the short term financial strategy to shorten the gap, reducing the rate of assets and liabilities the company is a good choice. This will reduce capital costs and improve the price-earnings ratio, and increased risk aversion of investors to the attractiveness of increased dividend payment can not only increase shareholder returns, can sometimes improve the price-earnings ratio, strengthen the internal constraints, forcing managers to Cash from operating or poor performance of the portfolio assets of the release.
But if we significantly reduce the gap, enterprise managers must find new ways to improve fundamentals, this will affect strategy. For example, to achieve your goal of seeking higher TSR growth ? If yes, what is the origin of this growth ? The number of internal investment, the number of acquisitions from ? Growth and how to achieve balance between profits ? And so on.
The fourth step is the more important steps, but also the strategy is to clearly communicate to all the people in charge of the business, to TSR into a department manager can be implemented to quantify the business objective, we should establish the accountability system, set up a special investment Relations functions of investment transparency.
Step 5 is constantly reflect on strategies, managers must always reflect on their own assumptions and priorities, the key is that at any time should know that in time the company, industry, investors are in a cycle of what the entire stage, and needs to be done What can we create a corresponding change in the value of the balance between the three dimensions.波士頓咨詢報告指出：價值管理是上市公司吸引投資者的利器
國內資本市場已接近八年來的低點，如何使之恢復活力？這可是個傷腦筋的問題。
16日下
午，世界著名戰略咨詢公司波士頓咨詢公司(下稱“BCG”)大中華區董事總經理林傑敏對《第壹財經日報》說，股票市場的改革以及公司價值管理戰略的綜合實施，也許可以改變這種狀況。同時，BCG還發布了壹份相關報告，這份報告研究了12個行業中596家上市公司5年的股東總回報(TotalShareholdersReturn，下稱“TSR”)
頂尖公司的三點經驗
價值管理在中國變得越來越重要。在比較差的市場環境下，如果哪家公司治理結構、報表質量和透明度、管理質量以及投資者關系的專業管理方面表現突出，就將獲得比競爭對手高的資本價格溢價。
“僅憑投資者對中國股票的熱情無法持續中國企業在資本市場取得的成功”“中國企業必須準備好從根本上改變其管理企業的方式，並將這壹信息令人信服的方式傳遞給投資者”，BCG北京辦公室經理米嘉說。全球資本市場自2000年達到頂峰後驟然下跌，在1999年~2003年，年均TSR僅為-0.9%。隨之，全球期望溢價(壹家公司的市場價值與其內在基本面之差)迅速接近為零。但有意思的是，在平均期望溢價下降的同時，頂尖公司的溢價卻不減反增。
根據BCG報告，在過去5年中，全球十大企業期望溢價增長92%，而596家總樣本企業期望溢價卻為-11%。同時，全球十大企業基本價值增長28%，總樣本企業基本價值為11%。
林傑敏認為，這是當前選股人市場環境下投資者識別能力提高的必然結果。頂尖公司是憑借什麽讓能力提高的投資者非常看中呢？“基本面的提升、恰當利用估值倍數、重新考慮現金派發是三個重要方面。”
“基本面也就是企業業務未來現金流的折現價值”，基本面的提升是通過投資的現金流回報和營業資產的贏利性增長兩種途徑實現的。“前者意味著提高過低的利潤，後者則意味著增長。”
“企業首先要對自己進行明確的定位，看自己需要的是努力做功課提高贏利能力，還是向前進通過擴大贏利業務來促進增長。”“根據我們的經驗，壹家公司只能在同壹時間成功作好壹件事，如果企業試圖實現兩個目標，也就是力圖實現增長擺脫虧損困境，其結局通常是哪個目標也達不到。”
基本面的提升產生現金，於是有了自由資金現金流使用的問題。自由現金流的分配帶來的影響超過了自由現金流對TRS的直接貢獻，例如增加公司贏利質量的可信度，顯示管理層的決心等。
在以往，大多數管理者認為自由現金流的分配對總體TSR貢獻不大，甚至會降低TSR，因為股東往往將這種分配看作是管理層對缺乏增長計劃，無法找到有利再投資機會的承認。然而，顯著跡象表明，現在的投資者對高分配的價值創造戰略的喜好程度要大得多。“因為近年出現的大量公司治理與財務醜聞造成了投資者的信任危機。”BCG北京辦公室經理米嘉認為。
“利用估值倍數就是了解估值倍數的驅動因素，往往根據經驗判斷行業內投資者期望的主要估值驅動因素，並積極進行引導。”林傑敏說。
“基本面價值、投資者期望和自由現金流是壹個動態價值創造體系中不可分割的組成部分。”BCG芝加哥辦公室負責價值管理專項的EricOlsen這樣強調。
價值創造戰略五步驟
關於價值創造戰略，林傑敏給中國企業的管理者們提供了五點意見。
“企業管理者首先要了解自己的起點。”林傑敏認為至少要了解幾個方面定量定性的數據。
首先要了解公司過去價值創造的源泉是怎樣的，公司內在基本面、投資者預期和自由現金流的演變歷史是怎樣的；嚴格審查當前業務計劃產生的效果，實施這些計劃將取得怎樣的TSR；擴大分析範圍，進而分析推動本行業價值創造的基本競爭趨勢，行業頂尖公司是如何做的？什麽是未來最重要的價值創造驅動因素，理解資本市場如何對本行業公司進行評估，如何解釋妳與最接近的競爭者之間在估值倍數上的差異；最後還要了解投資者，了解他們將什麽因素放在優先地位，現有或目標投資者認為妳的計劃可信度如何。
第二步就是要選擇恰當的TSR目標。制定正確的目標其實更是壹個兩性平衡的實現問題：積極進取的目標和能持續保持的目標之間的平衡。目標制定後，最好設想兩到三個不同的TSR表現情況，並認真商討辯論。
第三步是找出當前計劃與目標計劃的差異。在設定目標的過程中，會發現高層管理者希望達到的TSR水平與公司目前計劃中包含的目標之間存在差異。
這時，可以變化財務戰略在短期內縮短這壹差距，降低公司資產負債率就是壹個不錯的選擇。這樣就可以降低資本成本，提高市盈率，並增加對風險規避型投資者的吸引力；加大股息發放不僅能增加股東回報，有時還能提高市盈率，加強內部約束，迫使經理人將現金從運營或業績不佳的組合資產中釋放出來。
但如果要顯著縮短差距，企業管理者必須要尋找新的方法來提升基本面，這將影響戰略。比如，實現妳的TSR目標是否要求更高的增長？如果是，這種增長來自何處？多少來自內部投資，多少來自收購？增長與利潤之間如何實現平衡？等等。
第四步是更重要的步驟，也就是要將戰略清晰地傳達給所有的業務負責人，要將TSR轉化為部門經理人可以實施的量化經營目標，同時建立問責制度，設立專門的投資者關系職能部門實現投資透明。
第五步是不斷反思戰略，管理者自己必須經常反思他們的假設與重點，關鍵之處是在任何時候都要及時知道公司、行業、投資者構成正處於在整個周期的什麽階段，以及需要做什麽才能相應轉變價值創造三個維度之間的平衡。