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Capital Management Strategies of Listed Companies

Capital Management is the perfect market economy the importance of corporate behavior. Through the capital operation to optimize the allocation of resources, improve efficiency and effectiveness of capital has become listed company the main way of rapid development, the following paper on how to improve the equity of listed companies on a more superficial view, and we Discussion. A listed company operating strategy, capital factors listed company's ultimate goal is to make shareholders as capital appreciation or interest, so to achieve this goal we must take the capital operations into the strategic level. First, the need to develop an effective equity strategy. Enterprise capital operation strategy of the main factors are: 1. Industry life cycle. As with the analysis of product life cycle, we can trade life cycle into four phases: introduction, growth, maturity and decline, and then follow the different stages of different strategies. 2. The national industrial structure and industrial policies. From our perspective, as the process of urbanization and industrialization, speed up, first, the proportion of secondary industry is gradually reduced, the proportion of tertiary industry will continue to increase, from a labor-intensive industries oriented to capital and technology intensive industries, particularly computer network, telecommunications, biotechnology and other industries in recent years, the development will bring great development of technology-intensive industries. At the same time advocate of the auto industry for several years,[link widoczny dla zalogowanych], infrastructure-related industries, electronic industries will be promising. 3. Industry market conditions. Understand the market conditions and changes of supply and demand can be for enterprises through mergers, acquisitions and other capital operation into a new industry to provide information. 4, the competitive within the industry. 5. The threat of potential entrants. Peers in the industry as companies compete with the competitive strategies of competitors are likely to threaten the business itself. Moreover, when an industry of excessive competition in the industry, and its profit margins will decline sharply, not to enter; the opposite of new industries, monopoly is relatively high, profit margins are high, should be timely to enter. Changhong and Haier to take two of the capital operation strategy as an example: When the TV industry and the refrigerator when the slow development of the industry, Changhong chose the VCD industry, intense competition, and the development of Haier chose not forming a small household appliance industry and IT industry The result is very different, Changhong, Haier VCD disappeared small appliances and home computers is all over the country. II listed ways and means of capital operation 1. Mergers. Mergers to achieve the following results; firstly, to increase profits. Listed companies can improve the economies of scale through mergers, to increase production, gain more profit. The second is to expand market share. In the highly competitive market, any company can not determine the price, especially for relatively mature market. Therefore, expanding the market share of goods to reduce product costs, lower prices in order to beat the other competitors. Third, the strategic shift and diversification. When an industry is expected to be limited or low profit margins, companies should consider strategic shift; even better prospects for the industry, in order to avoid business risks, and consider future changes in the market, when there is good prospect, expected rate of return the higher the industry should consider this company's capital, operations, financial condition into consideration. 2. Acquisition. Is through the Securities the market shares of the acquisition or purchase the target company target company target company's rights to control property transactions. Unlike mergers and acquisitions, takeover occurs, the acquired company are still there, but controlled by others, and after the implementation of mergers and corporate mergers no longer exist as a subject. Mergers and acquisitions is more complex than capital operation. This paper discusses the acquisition and use of anti-takeover strategy. The acquisition divided into two hostile acquisition strategy and acquisition strategy. Public acquisition strategy is open to a specific purchase price of a large number of shares to shareholders in order to control some of the listed company ownership and management rights of the acquisition form. Tender offer should note the following issues: First, the acquisition of strict confidentiality and take all security measures. 5% equity interest in the acquisition, the further the Securities and Exchange Commission reports and issued a public offer (, it should occur in the implementation of the three working days from the date, to the Commission, Stock Exchange, a written report), to avoid information leak caused by the target company before the release of the valuation of the offer the problem of rising. Second, determine the tender offer price, this is related to the success of the acquisition of equity operations. Only higher than the market prices are attractive fishes shareholders; hostile takeover is forcibly taken by the acquired company acquisitions.