洞见 | 申万宏源杨成长：三类投资人视角下的上市公司综合价值管理

Core Viewpoint - The comprehensive value of listed companies is determined by multiple dimensions, reflecting the evaluations of various investment entities, including financial investors, industrial investors, and other social investors [1][2][3] Group 1: Understanding Comprehensive Value Management - The focus on comprehensive value management in listed companies has been insufficient in the past, and future efforts should integrate it into all levels of corporate management, including strategic, institutional, and operational management [1][3] - Comprehensive value management should guide companies to recognize that socialization of enterprises involves not only equity but also diversified investments, balancing the needs and returns of different investment entities [1][3] Group 2: Challenges Faced by Listed Companies - After going public, many companies experience a decline in attention and research coverage, with over 70% of A-share listed companies receiving fewer than five institutional investor surveys annually [5][6] - There is a growing valuation disparity between traditional and emerging industries, with significant differences in price-to-earnings ratios (PE) observed over recent years [7][8] - The disconnect between company self-evaluation and market valuation is increasing, with 410 A-share companies trading below book value despite many being profitable [9] Group 3: Three Types of Investment Value - The comprehensive value of listed companies includes financial investment value, industrial investment value, and multi-dimensional social value, reflecting a broader understanding of corporate value beyond mere economic profit [12][13] - Financial investment value is based on financial data and cash flow, while industrial investment value reflects a company's position within its industry and its technological capabilities [14][15] - Multi-dimensional social value encompasses a company's reputation, social responsibility, and environmental impact, influencing its overall valuation indirectly [14][15] Group 4: Investment Entities and Their Focus - Financial investors prioritize profitability, growth, and return on investment, while industrial investors focus on industry position and technological innovation [16][17] - Other social investors, including government and non-profit organizations, emphasize corporate social responsibility and environmental sustainability [17][18] - The focus of different investors shifts depending on the company's development stage, with early-stage investors more concerned with growth potential and later-stage investors focusing on efficiency and returns [19][20] Group 5: Comprehensive Value Management Strategies - Comprehensive value management should be integrated into all aspects of corporate management, ensuring alignment between strategic direction, institutional frameworks, and operational practices [21][22] - Companies should enhance their value creation processes through innovation and resource integration, while also managing their market valuation through effective financial practices [24][25] - The goal of comprehensive value management is to harmonize the interests of diverse investment entities, fostering collaboration to enhance overall corporate value [26][27][28]