Li Yujia'S Discussion On The Relationship Between Elite Management And Capital Operation

At present, the real estate farewell to the barbaric growth era of revaluation of real estate, began to return to the people's livelihood demands, to downstream pformation.

As a result, capital strength is weakening and knowledge power is on the rise.

In the era of the development of Internet and modern service industry, what is the most valuable thing in capital and management?

Perhaps Vanke's control struggle will tell us the answer.

Vanke control war has entered the white hot stage.

Wang Shi's gunpowder full of empty shouting is like "the war book", but Bao Nen declared that he will be ready to take part in the battle in the strong response of "abide by the law, respect the rules and believe the market", and continue to play high level in the two tier market and hunt Vanke stock.

Immediately, Vanke announced an urgent suspension due to "major asset reorganization and acquisition" and characterized the takeover as hostile takeover.

Wang Shi's rate of management's Jedi counter attack foreshadowed the final "decisive battle" time.

The two sides of this "passion collision" are relying on the modern management system to create long-term brand, the most shareholder return rate and social contribution of the industry leaders. The other side is the "upstart" who is good at capital operation in the real estate and investment circles.

The difference between the two is not only the recognition of business value, but also the recognition of capital operation.

In recent years, insurance assets with security function have become a tool of "leverage" to a large extent.

Low interest rates since last year have made the advantages of low cost of insurance premiums completely disappear, and their assets have shifted from fixed income to large asset allocation driven by leverage.

Due to government debt replacement and No. 43 tightening of non-standard assets, in June June 2014 ~2015, the main allocation of risk assets after "leverage" was the stock market.

Since June this year, the stock market has been shakedown and "de leveraged", bond yields continue to descend; real estate "goes to stock", but the capital side is lax.

However, relative to the huge volume of funds, the assets can be rapidly reduced.

However, in the liability side, insurance premium income is still mainly income sensitive, short term, high cash flow savings or investment universal insurance, asset return requirements are higher.

The low valuation and substantial dividends of listed real estate companies have become the new direction of asset allocation in the category of venture capital.

Vanon holdings Vanke does not consider Vanke stronger than bond yields.

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What's more, the downward pressure of the real estate fundamentals is large. The pessimism in the capital market leads to lower valuation. The Vanke dynamic price earnings ratio that sticks to the residential development is only about 23 times.

However, under the strong brand premium and operational capacity, Vanke reserves land and in construction projects discount value far from supermarket value.

Therefore, the investment of Bao can be recognized as a long-term equity investment, Vanke net profit will also be proportional to the investment income of Bao energy, and not affected by stock price fluctuations, this is one of the reasons why Bao can value Vanke.

If this is the case, Bao's strong holdings will not inspire Vanke to fight back, because Huarun, the former largest shareholder, enjoys the same rights and interests.

But Bao can increase the cost of the Vanke stock by 38 billion yuan, which is realized through the "double lever" formed by the three tier equity pledge and the information management plan.

Therefore, it is likely not only to gain equity investment returns but also to take the initiative of shareholder activism.

First, in

At the end of the liquidity demand and high cost financing, Bao can expand the proportion of Vanke's dividend at any time, tighten the front line, and realize the "arbitrage" from capital market to real estate market.

Part of net asset value is higher than market value to cover the profit of debt side commitments.

Second, because Vanke brand premium, Vanke's Vanke shareholding and listing platform may become the best platform for its capital operation, and Vanke's decentralized shareholding can also boost Bao's leverage effect.

In fact, Bao can already use the Vanke stock holdings to pledge financing, in turn, continue to acquire Vanke's equity.

Vanke mode is quite different from the capital operation mode of Bon.

Because they do not have the right to speak shares, management does not exist short term bonus incentives, but constantly rely on, develop and sell, expand the business and timely explore the gradual pformation of the downstream industry.

Therefore, at the same time, with brand and credit to fulfill the trust responsibility of the shareholders, Vanke management has nurtured the whole social value investment concept and realized the maximization of the management interest.

This is also the main reason why Vanke has become an industry leader.