(1) does not cater to the unrealistic optimistic or pessimistic evaluation of the company by short-term speculative shareholders or analysts in the stock market, and does not care about the indifference or even negative reaction of the stock market to the short-term price of the company's stock. It adheres to the principle of sustainable development and maximization of long-term real capital value, and formulates the company's business development strategy, investment and financing strategy and value distribution strategy.
(2) Fully cater to the short-term speculative trading preference of the stock market, and formulate business development strategy, dividend policy and stock market policy. Such a company's capital allocation behavior is often speculative and short-term, which may cause short-term positive reaction in the speculative stock market, but it is also easy to lead to the decline of the competitive position of its main business. In the past, many listed companies in the A-share market took the initiative to cater to the short-term speculative trading preference of the stock market and adopted the dividend policy of increasing holdings or sending shares. The fund-raising behavior was speculative and short-term. Although it has caused short-term positive response in the A-share market, its main business is declining day by day.
The experience of fully circulating American stock market shows that stock analysts often set optimistic growth expectations for companies and force company managers to strive to achieve analysts' expectations. Therefore, although the company has achieved good growth, if it is lower than the optimistic expectations of analysts, the company's share price will still fall. If the company managers are forced by the optimistic expectations of the stock market analysts for the future growth of the company (the company is basically impossible to achieve), the capital allocation behaviors such as strategy and investment are very dangerous and will damage the long-term healthy development of the company.
(3) Based on the company's sustainable development and real value growth, the management strategy and capital market strategy are formulated, and the camera game caters to the stock market. If the controlling shareholder thinks that the company's share price is overvalued, he can use the excessive enthusiasm of investors to issue more shares to support the company's business strategy; Use overvalued stocks as a means of payment to conduct mergers and acquisitions; Split the business departments overvalued by the stock market. If the controlling shareholder thinks that the company's share price is unreasonably undervalued by the stock market, he can buy back the shares or even withdraw from the market.
In order to implement value management, listed companies need to establish an analysis model based on the maximization of long-term real value of enterprises, dynamically and continuously analyze the trend of enterprise investment value under the conditions of the evolution of competition pattern and capital market financing constraints, and connect, evaluate and guide business strategy, investment and financing, mergers and acquisitions and enterprise management. Continuously optimize business models and profitability, improve operational efficiency and capital gains, strengthen core businesses, and split businesses with depreciated capital.
The implementation of value management also needs to strengthen the management of investor relations. An important part of dealing with investor relations is to attract and establish a group of like-minded shareholders who agree with their own business philosophy and values. For listed companies that insist on maximizing the long-term real value, it is necessary to clearly transmit the company's value orientation signal to the stock market, so that external investors can reasonably evaluate and choose, attract and screen out public shareholders who are consistent with the controlling shareholders' value orientation, and at the same time let those shareholders who have short-term expectations or unrealistic expectations leave.
Many listed companies in Europe and America eliminate external shareholders who are inconsistent with their own business and values by clarifying their business development strategies and value orientations. For example, since Microsoft went public, it has not distributed cash dividends, and its rapid growth has attracted more and more shareholders who prefer capital gains; However, some traditional industries or public utilities (market forums) companies have attracted a group of investors who prefer stable cash dividends, such as pension funds, through stable growth and high cash dividend policies. Buffett once pointed out, "We don't want the company's stock trading to be frequent. Our goal is to attract long-term investors. We strive to attract shareholders who understand our operations and can measure the investment value like us (the controlling shareholder) through our policies, performance and exchanges. " "We insist on doing so, which can make shareholders who have short-term or unrealistic expectations bored and unable to enter or leave. The company's stock price can always be traded at a price related to the intrinsic value of the company. " The effective implementation of market value management of listed companies also needs to form an investor structure with multiple risk preferences and accelerate the marketization of securities issuance; At the same time, gradually enrich corporate financing products and enhance the financing choice space of listed companies and the effectiveness of corporate financing market.