投资者审视公司价值的主要视角——以五大国际石油公司为例

Major perspectives of investors in scrutinizing a company's value——The case of five major international oil companies

选取净资产收益率等6个指标维度,从投资者视角审视公司的市场价值。净资产收益率是衡量资本获利能力的“一把尺子”;投入资本回报率反映公司运用长期资本的能力和效果;资产负债率考察公司利用合适的财务杠杆创造价值的能力;经营活动现金流能够真实客观反映企业的经营情况和实现利润的质量;销售毛利率衡量公司主营业务盈利能力和行业发展潜力、在行业中的地位以及市场竞争力;企业所得税综合税率反映了公司组织架构的基本特点、资本运作能力、子公司之间盈利能力差异、公司业务与税收优惠政策鼓励方向之间的契合度等基本情况。启示中国投资者应坚持把价值投资放在首位,主动分析现有价值合理性,研究未来价值提升空间;中国石油公司应学会使用资本市场语言,将客观准确揭示和解释公司价值作为主线,加强与投资者之间的沟通,缩小双方对公司价值认知的差异。

The paper selects six index dimensions to scrutinize the market value of the company from an investor's perspective,which includes return on equity,a yardstick to measure the profitability of capital,return on invested capital,a reflection of the company's ability to utilize long-term capital and its effectiveness,debt to asset ratio,the company's ability to utilize appropriate financial leverage to create value,net cash flow from operation,a true and objective expression of company's operation and the quality of realized profit,gross margin from sales,measurement of the profitability of the company's main business and industry development potential,its position in the industry and market competitiveness,and comprehensive rate of corporate income tax,the basic features of the company's organizational structure,capital operation ability,profitability differences between subsidiaries,and the fit between the company's business and the direction of tax incentives,and other basic conditions.It puts forward that investors should also pay attention to relative similar value indicators that affect company value,insist on putting value investment first,take the initiative to analyze the reasonableness of the existing value and study the space for future value enhancement.Chinese oil companies should learn to use the language of the capital market,take objective and accurate explanation of company value as the main line,strengthen communication with investors,and narrow differences in the perception of company value between the two sides.