Pi Haizhou: Market Value Management Calls For "Two Protectors"

For the A share market, market value management is undoubtedly a new thing. Although the market value management has often been mentioned before, it will benefit from the "opinions on further promoting the healthy development of the capital market" issued by the State Council in May 9th last year (that is, the new "nine countries"). The new "nine states" clearly stated that "encourage the listed companies to establish a market value management system". The market value management of listed companies arises at the historic moment.

The purpose of the new "nine states" is to encourage listed companies to establish a market value management system with a purpose of at least two. One is based on the need to protect investors' legitimate rights and interests. If the share price of a listed company falls below the issuing price, the net price or the stock price is too low, the interests of investors will be damaged. Second, it is also necessary to protect the interests of listed companies, because in such circumstances, capital operation and financing behavior of listed companies will also be affected. Therefore, it is necessary for management to encourage listed companies to establish a market value management system.

But the market value management is obviously "distorted" by "crooked monks". For example, in December 19th last year, Zhang Xiaojun, a spokesman for the securities and Futures Commission, announced that he had included the cloud network of China Science and technology, Hundred round trousers industry The 18 stocks, including those involved in the market investigation, are involved in the investigation of illegal manipulation of the market. According to Zhang Xiaojun's introduction, there are many cases in which the stock market has been manipulated in the name of "market value management". Some institutional investors collude with listed companies, and use listed companies to selectively disclose information to raise stock prices. Under the name of "market value management", insider trading and stock price manipulation came to the top of the hall.

Moreover, some companies use "market value management" to protect large shareholders. In October 29th of last year, the "strategic cooperation agreement on market value management services" was signed with CITIC Securities. The two sides have concluded strategic partnership on the basis of equality, voluntariness and mutual trust and cooperation. The company intends to introduce CITIC Securities as a cooperative broker for the company's capital operation. The purpose is to professionally comb the company's strategic planning and acquisition ideas so as to seize the opportunity of industry consolidation and promote the rapid and steady development of the company. And in signing this " Market value management agreement At the same time, the company also released a major shareholder reduction plan: the major shareholder of the group is scheduled to reduce its holdings by no more than 24 million shares through block trading or centralized bidding in the 6 months from November 3, 2014 to May 2, 2015, that is, no more than 10% of the total shares of the company. Using "market value management" to reduce convoy for large shareholders is a great invention of "Zheng Hai" magnetic materials.

The reason why market value management has been misled by "crooked monks" is due to the lack of "two protectors" in market value management. Without the escort of the "two protectors", the market value management has become a little girl who is dressed as a person. Let some ulterior motives take out the market value management according to their respective purposes.

First, the lack of laws and regulations led to the lack of strict laws in the stock market. This is actually an old problem in China's stock market. This problem is also reflected in market value management. It is obvious that even if we manipulate stock prices, even if the listed companies collude with the agencies, what is the result? Investors are the ultimate buyers. Because of this, the manipulation of stock prices has become a trend in China's stock market. Even market value management has become synonymous with manipulation of stock prices.

Two is Market Value Management At present, there is not a clear code of conduct. The management has not yet issued a top-level design and standardized boundaries are not clearly defined. In fact, for the current situation of China's stock market, the A share market only needs to implement a simple market value management. First of all, the main body of market value management can only be listed companies, or controlling shareholders of listed companies, or executives and employees of listed companies. As a third party institutional investor (not including the management of ESOP), it should not participate in the market value management. Because as long as there is institutional participation, facing the temptation of insider trading and huge profits brought by stock price manipulation, it is a very difficult task for participating agencies to do something illegal.

Second, measures to manage market capitalization are limited to repurchase and increase holdings. The time point of market value management is chosen when the share price breaks down, and the stock market is depressed and the stock value is undervalued. For example, when the share price of new shares and new shares breaks down, the listed companies are required to buy back the stock or increase the shares by the major shareholders. For example, when the share price of a listed company falls below its net assets, the share repurchase will be carried out by the listed company, or the stock will be increased by the large shareholder, and the stock will be increased by the employee stock ownership plan. In fact, under the present circumstances, the market value management of listed companies can do this, that is, the protection of investors' interests is well protected.

Therefore, in terms of market value management, it is imperative for the management to come up with a code of conduct as soon as possible, and make top-level design for market value management, so that the listed companies will bid farewell to the state of blind people. On this basis, if we try to improve the laws and regulations of the stock market, we will draw up a set of draconian laws by the current mechanism of amending the securities law. Only in this way can market value management be ignored.