Since the beginning of this year, the concept stock of "China Special Valuation" has continued to ferment. Wind's "China Special Valuation Index" rose significantly, and the performance of "Zhongzitou" listed companies was particularly strong.
"China Special Valuation", that is, the valuation system with Chinese characteristics. In November last year, Yi Huiman, chairman of the China Securities Regulatory Commission, proposed for the first time to "explore the establishment of a valuation system with Chinese characteristics to promote the better play of market resource allocation functions". In other words, the valuation system of mature markets cannot well match the characteristics of "emerging plus transformation" of China's capital market, and it is necessary to comprehensively consider factors such as China's market system and mechanism, industry industrial structure, and the sustainable development ability of subjects, grasp the valuation logic of different types of enterprises, and better play the benchmark and leading role of the "anchor of pricing" in the capital market.
Many people believe that "China Special Valuation" pays more attention to comprehensive evaluation dimensions such as national strategy, policy orientation and social contribution, which can effectively make up for the shortcomings of traditional valuation methods and is expected to open up space for the reshaping of high-quality asset valuation. In particular, state-owned enterprises, which are important pillars of the national economy, have been undervalued for a long time, which is inconsistent with their market value and fundamental performance.
The market's fervent anticipation has a point. State-owned enterprises are an important force to ensure national economic security and scientific and technological progress, and shoulder important responsibilities in the fields of stable growth, stable employment and protection of people's livelihood. In recent years, thanks to the continuous advancement of reform, the operating efficiency of state-owned enterprises has become more stable and the structural layout has been more optimized. With the establishment of the exploration and establishment of "China Special Valuation", the characteristics of the Chinese market are better combined with the general laws of the capital market, which will provide investors with a new perspective for discovering "potential stocks", and state-owned enterprises with low valuation and high dividends are expected to be rediscovered and priced by the market.
It should be noted that exploring the establishment of a valuation system with Chinese characteristics cannot be simply understood as directly raising the valuation level of state-owned enterprises and guiding funds to promote short-term and rapid rise in stock prices, which is not in line with the general laws of the capital market, nor conducive to the sustainable and healthy development of state-owned enterprises, and is contrary to the requirements of the central government to "build a standardized, transparent, open, dynamic and resilient capital market".
In the final analysis, seizing the opportunity of "special appraisal" depends on state-owned enterprises to practice their internal strength. On the one hand, we must continue to deepen the reform of state-owned enterprises, improve modern corporate governance, continue to improve fundamentals and operating efficiency, enhance core competitiveness, and show a clear development trend with excellent performance. On the other hand, we should make full use of capital market tools, promote the strategic restructuring and integration of specialization and industrialization, optimize the layout, and improve quality and efficiency. At the same time, we will further strengthen the public's awareness of the company, actively strengthen investor relations management, and let the market better understand the intrinsic value of enterprises.
Institutional investors should also do more. Institutional investors are the main capital force of the market and have a very important guiding role, and we must firmly establish the concept of value investment and long-term investment. In the process of guiding the market to allocate resources, we should neither simply apply Western market valuation theory nor engage in short-term speculation, but should strengthen the investigation and research of high-quality enterprises, including state-owned enterprises, constantly improve the valuation logic of different types of listed companies, help explore the formation of a valuation pricing system with Chinese characteristics, and better serve the high-quality development of the economy.
The valuation directly reflects the market's recognition of listed companies, whether state-owned enterprises or private enterprises, the market ultimately measures the operating efficiency and whether it can continue to create value stably. Better corporate governance, more effective profit model, and more sustainable development prospects are the proper meaning of "China Special Valuation" and the long-term way for the healthy development of China's capital market.
Jin Guanping (Source: Economic Daily)
Jin Guanping