“From the perspective of w88 casino games login value management alone, an excellent company like Alibaba should really stay listed in China and create good returns for domestic investors.”Professor Tang Guliang, Dean of the w88 casino of International Business, w88 casinoexpressed regret when being interviewed by a reporter from China Business News.

atProfessor Tang GuliangIt seems,2004Listed on the Hong Kong Stock Exchange in 2016, the issue price is only3.7Hong Kong dollar-based Tencent Holdings is a typical listed company oriented towards w88 casino games login value management. this year8month13On the day, Tencent Holdings’ stock price was370Hong Kong dollar, w88 casino games login value easily surpasses Sinopec. Share price in Tencent9Year increase100Under the fierce offensive, any traditional giant has been eclipsed.

Ending10month21At the daily closing price, the closing prices of Tencent Holdings and Sinopec were447.8Hong Kong dollar,6.21Hong Kong dollar. The price of the former is that of the latter72times.

However, if you ask any global fund manager at random: Should you buy Tencent Holdings or Sinopec now? I believe that the answers you get will point to Tencent without exception.

Why fund managers don’t buy the cheaper Sinopec, but choose the expensive Tencent. The following set of data may give you a better understanding: In the first half of this year, this means that Tencent’s net profit was less than one-third of Sinopec and its operating income was less than Sinopec2%. However, Tencent’s total w88 casino games login value not only exceeds that of Sinopec, but its secondary w88 casino games login share price is that of Sinopec72times. This is the charm of w88 casino games login value management,9Year10012353_12373

In addition to Alibaba and Tencent, domestic companies that do well in w88 casino games login value management include Suning Appliances. Overseas, Apple and Microsoft are among the leaders. For investors, this type of enterprise is precisely the enterprise with the most long-term investment value, and is also the first choice for value investment by fund managers.

In fact, w88 casino games login value is an integrated reflection of enterprise value and a comprehensive reflection of an enterprise's financial status, core competitiveness, development prospects, governance level and operating capabilities by the mature capital w88 casino games login.

Professor Tang Guliangbelieves that w88 casino games login value management is related to the size of the enterprise, but it is not completely related. The growth and profit models of enterprises are more closely related to w88 casino games login value management. In addition, the corporate management team also accounts for a larger proportion of a company's w88 casino games login capitalization. For example, one week after the death of Apple CEO Steve Jobs, Apple’s stock price fell15%。

Protecting the interests of small and medium-sized investors to the greatest extent is the direction of a new round of capital w88 casino games login reform being planned by Xiao Gang, chairman of the China Securities Regulatory Commission. For a long time, my country's capital w88 casino games login has focused more on financing in the system design and paid insufficient attention to the protection of the rights and interests of small and medium-sized investors. This has led to an unbalanced pattern in the stock w88 casino games login where financiers are strong and investors are weak.

To this,Dean Tang Guliang, w88 casino of International Business, w88 casinoIn an interview with a reporter from China Business News, he said that relevant regulatory agencies should introduce the concept of w88 casino games login value management in a timely manner so that investors can obtain capital gains from w88 casino games login value transactions, that is, buy in at a low price and sell out at a high price. In his view, "Some central enterprises and state-owned listed companies do not start from the concept of serving investors, but instead make money for the company. The introduction of w88 casino games login value management concepts can guide enterprises to pursue the intrinsic value of the enterprise in strategic trends, rather than becoming large-scale."

Disadvantages of scale-only orientation: as the scale gets larger and larger, the stock price weakens

"China Business News":Why do most state-owned enterprises pursue a scale orientation that is large but not strong, and must enter the world500strong or world100What is the reason for the strong list?

Yu Guliang:There are many reasons, but the core reason is that China currently has not formed an atmosphere for w88 casino games login value management in terms of its system, institutional environment, and public opinion atmosphere.

What does the State-owned Assets Supervision and Administration Commission assess on central enterprises? One is revenue and scale, and the other is profit indicator, using economic value added(EVA)Assessment. This is the naked profit indicator, andEVAMore complicated than profit, from an accounting perspective, it can adjust many indicators,Easy to make.

Can the China Securities Regulatory Commission audit companiesIPO((Initial Public Offering))'s standard is also to look at the financial statements and the profitability and scale of the company, and will never approve listing because the company is valuable.

Profitability is the income statement. Now it is guided by the income statement and lacks the guidance of w88 casino games login value management, which is w88 casino games login and balance sheet oriented.

"China Business News":Why do most companies currently not pay attention to w88 casino games login value management, but focus more on scale management?

Yang Guliang:First of all, it is difficult to manage w88 casino games login value, but it is easier to manage scale. For example, through mergers and acquisitions to expand asset size or increase operating income. Specifically, acquiring a company, controlling or becoming a shareholder of this company, holding20-30%'s equity, you can consolidate the statements. After the consolidated statements, the company's profits can all be included in the company's income. For state-owned enterprises, if they simply want to expand on a large scale, it is very simple to acquire a company. Moreover, it doesn’t matter whether the enterprise is good or bad, and whether the assets are bad or not, as long as it has scale, it can quickly expand the business. There are a number of state-owned enterprises or central enterprises that have entered the world through mergers and acquisitions500Strong. In essence, such a company must be "big but not strong".

"China Business News":What are the disadvantages of "big but not strong" enterprises?

Yang Guliang:In Fortune2012year global500Strong, mainland Chinese companies occupy one of them70Seat, occupied500Qiangzhong14%'s share. Whether entering500The number of strong central SOEs in China is still there500The rankings of the top and middle schools have demonstrated China’s “strong” strength year by year.

However, these500What is the w88 casino games login value of most of the listed companies in the central state-owned enterprises? It's scary to say it.

at2008After the financial crisis to the second half of this year, except201024573_246502007I want to shrink more than at the end of the year90%. This means that investors, especially small and medium-sized shareholders, suffered heavy losses.

"China Business News":Why the ranking of corporate asset size has increased, but the stock price in the secondary w88 casino games login has fallen. From the perspective of w88 casino games login value management, what problems does it illustrate?

Yang Guliang:Well known, selected globally500The strongest ranking criterion is "operating revenue scale". In this regard, central enterprises have certain advantages. in2013Wealth World500In the strong ranking, Sinopec Group is ranked as4281Ranked fourth with operating revenue of US$26517_26532|USD.

We have analyzed that several central enterprises have exceeded the number of local state-owned enterprises through large-scale acquisitions50's equity was included in the consolidated accounting statements and quickly entered the "world500Strong". However, the profitability and stock prices of these companies have continued to decline. To put it bluntly, due to the huge losses in w88 casino games login value, the w88 casino games login does not agree with the company's so-called value acquisitions.

Take PetroChina as an example. From its listing to the resignation of many PetroChina executives some time ago, PetroChina lost one trillion yuan in w88 casino games login value, while the dividends that shareholders received from PetroChina were only tens of billions of yuan. From this perspective, investors suffered heavy losses.

This year2In March, Sinopec’s share placement also caused its w88 casino games login value to lose nearly200Billion.2month4On Day 28444_28464|, Sinopec announced that it would be sold through placement28.48100 million new sharesHshares, price per share8.45Hong Kong dollars, approximately after conversion194.7100 million yuan (exchange rate0.81). As a result of this placement, SinopecAHThe total w88 casino games login value of the two markets shrank187billion yuan, almost equal to the amount raised by the company's allotment of shares.

Promote w88 casino games login value management: increase delisting efforts and improve investor litigation compensation mechanism

"China Business News":Is the condition and time ripe at this stage for comprehensively launching w88 casino games login value management in the country?

Yang Guliang:At present, China's capital w88 casino games login is not a mature and rational w88 casino games login, but I think that conditions and timing are relative. It should be said that it is very necessary to promote w88 casino games login value management now. However, we must also see that the biggest problem with w88 casino games login value management is that the foundation of the capital w88 casino games login is still very weak.

"China Business News":From the perspective of w88 casino games login value management, what do you think are the institutional deficiencies in the capital w88 casino games login that need to be filled?

Yang Guliang:To promote w88 casino games login value management, we must first improve the legal environment. For example, we should improve the delisting system and increase the intensity of exiting companies with no value. To put it simply, the w88 casino games login mechanism is used to determine w88 casino games login behavior. If the company is no longer valuable, it will be delisted directly. Taking the Hong Kong and U.S. markets as examples, if a stock continues30If the stock price in the secondary w88 casino games login is less than one dollar on 32717_32749| trading days, then the company will automatically be delisted.

Secondly, the regulatory authorities should also cancelSTSystem. There are still a large number of "Phoenix" companies on the w88 casino games login, and there are even a large number of investors relying on speculationSTStock speculation. This is completely incredible.

In addition, a smooth litigation mechanism for investors and an investor protection and compensation mechanism should be established as soon as possible from a legal perspective. The current regulation of the capital w88 casino games login is still based on traditional regulation, which believes that the more regulation, the better. In fact, a scientific management is to introduce the core concept of w88 casino games login value management. The China Securities Regulatory Commission adheres to the "three public principles", only does what the China Securities Regulatory Commission should do, and lets investors do what investors do. But the premise is that the investor compensation mechanism is sound. Currently, there is no compensation mechanism for investor investment losses. There is only a penalty mechanism for intermediaries, which is not enough.

In the United States, where the capital w88 casino games login is mature, according to law, if a listed company engages in fraudulent listing behavior, investors can hold the listed company accountable according to law and demand huge compensation. last yearIPOUnsatisfactory,FacebookandIPOMorgan Stanley, the underwriter of the transaction, has faced multiple lawsuits claiming investor compensation.

"China Business News":From the perspective of professional education, the International Business w88 casino of the w88 casino that you leadEMBAEducation projects have always advocated bringing unique value to students. How to understand the value of this unique and professional service?

Yang Guliang:A well-known business w88 casino is like a well-known enterprise. Its development is very similar. The three key elements are the same, namely the quality of corporate culture, products and disciplines. Over the years, the positioning of the International Business w88 casino of the w88 casino has been to build a happy business w88 casino, an international business w88 casino, a business w88 casino that leads corporate innovation, and a business w88 casino that links the capital market. These visions are gradually being realized. Of course, there is still a long way to go for future development. We hope that students who dare to accept challenges will come here to study. First, we can bring them a passionate philosophy of life; second, a global perspective and height; third, it will be a lifelong benefit to themEMBATeam; fourth is the most cost-effectiveEMBAEducational services.(Reporter Xia Xin)

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