What is market value management? Give a chestnut.
If the private equity fund, the dealer wants to manipulate the stock price, the process is this:
1, the private equity fund with the major shareholders of listed companies or listed companies to discuss the management of the joint Zuozhuang plan, which includes the amount of capital contribution, the proportion of revenue share, with the listed companies with profit and so on;
2, and then the dealer in the secondary market to suppress the accumulation of listed companies with bad news, such as Jiancang cost of 10 yuan per share;
To raise the level of control plate began to pull up the stock, listed companies with a good profit, such as the annual report performance significantly increased, a high proportion of transfer shares, foreign mergers and acquisitions generous, high-quality assets into the core employee equity incentive program introduced new products, Major breakthroughs, etc.,
At the same time private equity through the relationship between the analysts through the recommended buy report, constantly in the various media on the company’s story and investment value, the stock prices continue to push up, such as from 10 yuan per share push up 30 yuan or even 50 Yuan;
3, and finally in the market again and again in the gradual delivery of the knot, if it is out of the goods, looking for friends in the public offering of funds plate.
4, after the successful shipment, the first bankers and listed companies, major shareholders or core executives in accordance with the agreed proportion of distribution of investment income, and then the dealer out of part of the proceeds allocated to the acquisition of the public fund managers.
With a large number of private enterprises listed, market value management has become a hot spot in China’s capital market today. As the market value management is the first person, no developed market ready to follow the template;
Coupled with the characteristics of China’s emerging capital market, the understanding of the connotation of market value is not surprising, and some will be understood as the market value of market management, then embarked on the road to manipulate the stock price;
And some of the market value management is equal to the investor relationship, so that the more investors to investigate the market value of the company fell more and I do not know why.
It is due to the existence of different market value management understanding, which derived from the strange market value management practice, in general, the formation of the six major market value management model.
First, the brokerage market value management model: revitalize the stock
The rise of brokerage market value management business benefited from the development of brokerage business innovation in recent years, mainly around the listed company’s stock market share of large stock market to design.
1, equity custody
That is, by lobbying the shareholders of the listed company’s equity entrusted to the broker a business department, until the shareholders to reduce the brokerage business income.
This is a traditional brokerage brokerage business, which is also included in today’s brokerage’s market value management business, the main purpose of which in addition to the commission income, but also for the follow-up market management business to create the conditions.
2, the bulk of the transaction
If the shares held by shareholders of listed companies have been lifted, need to cash but do not want to form the impact of the secondary market share price, when the broker can be through the bulk of transactions to help the major shareholders of listed companies to achieve this goal, on the one hand the broker has a trading channel, the other On the one hand the broker can help find the disk or broker directly to the disk.
3, equity pledge financing
When the shareholders of the listed company is still in the lock-up period, or lifted but do not want to reduce the proportion of shares, if the need for money, then the securities companies can be listed companies to carry out equity pledge financing, the shareholders pledged to the broker , From the broker to get a sum of money, due to pay the principal and interest.
The pledge rate is generally about 4 fold, the motherboard 4 fold, small plates and GEM shares 3 fold, but also depends on the future performance of listed companies how. Annual interest is generally around 8%, higher than the bank interest, but the lending efficiency is high, and unlimited use of funds.
4, margin business
If the stock held by the shareholders of the listed company belongs to the stock that can be opened and the shares held are lifted, the broker may lend the stock from the shareholder and return to the shareholder and pay a certain interest.
5, agreed to repurchase
Not in the subject matter of the subject matter of the shareholders of the listed companies such as the need for funds, but optimistic about the future stock price movements, when the broker can provide agreed repurchase business, that is, the listed shareholders to the agreed price to sell the broker to obtain funds, After a period of time to the agreed price from the broker to buy back.
6, high throw low suction
That is, the shareholders of listed companies will be transferred to the brokerage by the brokerage firms, according to the market to do high and low consumption, to the agreed time and then the stock to the shareholders, which high throw low income generated by the two sides agreed by the proportion of distribution. The above is the brokerage to carry out market value management of the six ways, in common is to help shareholders of listed companies revitalize the stock market value, resulting in a certain commission income or interest income.
Second, the large traders market value management model: pulled up the stock price
In recent years, with more and more Peking University enterprise management training in private enterprises onto the small board or the GEM, the private listed companies, the founding shareholders or PE institutions there is a large reduction in cash rush to get some cash Improve life or cash investment income.
In order to reduce the secondary market direct reduction caused by the impact of the company’s share price, reduction of the parties are generally through the bulk of transactions to achieve reduction, the secondary market holdings of huge demand, which gave the secondary market specialized in bulk trading business organizations The unprecedented business opportunities, the bulk of the traders of the market value of the business management of the rise.
The usual bulk deals are that the reductions are generally sold at the closing price of 9.6 fold at the closing price. The stock that needs to be reduced is sold to the bulk traders through the block trading system. The bulk traders will stock the next day or the third day. The secondary market to no less than yesterday’s closing price of 9.6 fold to sell directly.
The discount rate for a large deal is determined by the recent turnover of the stock, the higher discount rate can be raised to 9.8 fold, and even some premium; low discount rate can be as low as 10 fold. However, after the variant of the bulk of the transaction is a bit hit the red line of taste, which is the bulk of the traders selling the so-called market value management, there are two models:
1, the first increase in the transaction after the market value of the transaction management
That is, the listed company to reduce the shareholders in advance with the bulk traders to negotiate a good deal with the agreement, and then a large number of dealers with strong financial strength in the secondary market pulled up the stock price, and then through the bulk of the stock to the normal discount price sold to the bulk traders , The bulk of the dealer the next day or the third day to the day the normal market price to sell.
2, the first bulk of the transaction after the rise of the market value of the transaction management
That is, the holdings of listed companies before the shareholders and then through the bulk of the stock to the normal discount price sold to the bulk traders, large traders and then a strong financial strength in the secondary market pulled up the price to the target price after the sale, the final reduction Shareholders and bulk traders share the proceeds at the agreed rate.
Third, the private equity market value management model: joint Zuozhuang
Despite the legal risk and market risk of Zuozhuang, but because of the huge temptation of high profits, China’s securities market has never missed Zhuangzhuang, Zuozhuang to secondary market for a variety of private equity funds. Zuozhuang way to do a separate village, but also with the listed companies together Zuozhuang, because with the listed companies together Zuo Zhuang win big. Zuozhuang also continue to advance with the times, in order to obtain the support with the listed company Zuozhuang support, but also played to the listed company to do the value of market management under the banner, which is the private equity market value management model.
The basic approach to the management of the market value of private equity funds is to start with the management of the major shareholders or listed companies of the listed companies. This includes the ratio of the capital contribution, the proportion of the income share and the profitability of the listed companies. Level market to suppress the accumulation of listed companies with bad news, such as Jiancang cost of 10 yuan per share; to raise the degree of control plate began to pull up the stock, with a good profit with listed companies, such as annual report results significantly increased, a high proportion of sent Transfer of shares, foreign mergers and acquisitions generous, high-quality assets into the core employee equity incentive program introduced, new products, new technology, a major breakthrough, while private through the relationship through the analyst through the recommended buy report, constantly in various media The company’s growth story and investment value, the stock will continue to push up, such as from 10 yuan per share push up 30 yuan or even 50 yuan;
And finally in the market again and again in the gradual delivery of the knot, if it is out of the goods, looking for friends in the public offering fund access disk. After successful shipments, the first bankers and listed companies, the largest shareholder or core executives in accordance with the agreed proportion of distribution of investment income, and then the dealer out part of the proceeds allocated to the acquisition of the fund manager.
Fourth, the financial public relations market value management model: value marketing
The traditional financial public relations firm’s business is mainly for the IPO company to provide IPO process of media relations management and investor relations management services. Media relations management is mainly for the IPO companies to send a positive report on all types of media, and when the media have negative reports to help IPO companies to set the media, mainly with the media to cooperate, such as advertising, sponsorship activities. Investor relationship management is mainly for the IPO business organization IPO pricing process of roadshow activities and the success of the listing after the celebration and so on.
Overall, the IPO stage of the financial and public relations services knowledge content is not high, therefore, the industry to enter the low threshold, the competition is more intense, but the IPO can be better when living hot. If it is still to provide financial and public relations services on the grounds of lobbying companies are more difficult, for which many financial and public relations companies have also played to the listed companies to provide market management consulting services under the banner of access to listed companies, but its services are still Is the traditional financial and public relations services, such as the listed companies to provide media relations management services and investor relations management services.
Experienced IPO of listed companies to learn a strong ability in the IPO process to learn how to deal with the media and investors, therefore, financial public relations firm’s market value of the company in the promotion of listed companies more difficult.
Fifth, management consulting firm market value management model: industrial integration
Management consulting firm is the first to provide intellectual counseling services to a class of intermediary service agencies, mainly focused on strategic management consulting, marketing strategy consulting, human resources strategy consulting, management consulting, information consulting, capital operation consulting. As China’s outstanding enterprises are listed on the basic, in order to cut into the listed companies to provide management consulting services, in recent years, many management consulting firms have also played for the listed companies to provide market management consulting services under the banner.
The basic content of the market management consulting services provided by the management consulting firm to the listed companies is to develop the industrial development strategy for the listed companies and to formulate the M & A and industrial integration strategies of the capital market to the listed companies in order to help the listed companies Through the epitaxial growth to achieve greater performance, thereby enhancing the market value of listed companies.
Six other companies market value management model: a system perspective
The market value management of listed companies refers to the listed companies based on the market value of the company signal, to take a variety of scientific, effective and compliance value of the means of operation, to maximize the value of the creation of the company to achieve value and value of the optimal management of strategic management behavior. Among them, the value creation is the foundation, the value realization is the means, the value management is the lever. All the business activities of listed companies should lead to the growth of the market value of the company, the purpose is to promote the sustainable growth of listed companies market value for the purpose and purpose.
According to the above six kinds of market value management model of compliance and scientific nature, can be summarized into three categories:
One is evil, that is, market value management into insider trading, manipulation of stock prices and other illegal activities, such as bulk traders and private equity market value management model;
The second is paranoid, although not illegal, it is only one of the means of market value management as the market value of all, to partial general, such as brokerage firms, financial and public relations companies and management consulting firm’s market value management model;
The third is the right way, the market value management is understood as the listed company’s strategic management engineering and systems engineering, the value creation as the basis of market value, the company value of the company’s investment value as a means of good market value, the value of business as The use of good market value to carry out refinancing, mergers and acquisitions and equity expansion opportunities, while the market value in the doldrums through holdings, repurchase and other means to maintain the company market value.
In short, a comprehensive understanding and analysis of the current capital market in China there are six kinds of market value management model, help listed companies to distinguish between scientific and unscientific market value management and compliance and illegal market value management, help listed companies from a strategic height Scientific, effective and compliant systematic market value management, in order to achieve the sustainable growth of the market value of listed companies in China.