关于构建上市银行价与值一致性体制机制的思考--基于8家上市银行2017-2019年会计报告分析

Thoughts on Systems and Mechanisms for Listed Banks to Establish the Consistency of Price and Value: Based on the Analysis of Accounting Reports of Eight Listed Banks from 2017 to 2019

我国上市银行是商业银行的排头兵,也是资本市场的优等生。优秀的上市银行不仅需要强大的价值创造力,而且需要高效的市值管理能力。选取8家上市银行2017-2019年会计报告进行数据分析,结果显示:上市银行的市值与利润、净资产关系不是绝对线性的,利润最大化并不代表市值最大化。三年来上市银行利润增速跑赢大盘,但资本市场估值却大面积破净,这说明上市银行市值管理既要通过合理的产业布局和优质的商业模式来提高净利润、降低经营风险,也要通过与资本市场的有效对接来使资本市场更充分地认知公司以提高或稳定估值,即市值管理的精髓在于产融互动。因此上市银行的市值管理需要打造"产业+资本"双轮驱动,产业端加快综合化经营布局,资本端有效对接资本市场,以构建价与值一致性的体制机制。

Chinese listed banks are the vanguard of commercial banks and also the top students of the capital markets. Outstanding listed banks not only need strong value creativity, but also efficient market value management ability. The accounting reports of 8 listed banks from the year of 2017 to 2019 were selected. Data analysis showed that the relationship between market value, profit and net assets of listed banks was not absolutely linear, and the profit maximization did not represent market value maximization. Over the past three years, the profit growth rate of listed banks has outpaced the overall market, but the capital market valuation has broken down substantially. This indicates that market value management of listed banks should not only improve net profit and reduce operational risks through rational industrial layout and high-quality business model, but also make the capital market more fully understand the company and improve or stabilize the valuation through effective docking with the capital market, that is to say, the essence of market value management lies in the interaction between industry and finance. Therefore, the market value management of listed banks should be driven by "industry+capital". The industrial end should speed up the comprehensive operation layout, and the capital end should effectively connect with the capital market, so as to establish the systems and mechanisms of price and value consistency.