February 16, Director of Press and Publication Liu Binjie and Commercial Bank of China, Chairman Jiang Jianqing representing the two sides signed a "Press and Publication Administration and the Commercial Bank of China to support the development of press and publication industry strategic cooperation agreement." Under the agreement, Bank of China in the next five years, as China's press and publication industry to provide not less than 600 billion yuan of intent to support. Commercial Bank of China will continue to provide press and publishing companies, including deposits and loans, financial management, settlement, investment banks, financial advisors, pension package of financial services. The agreement, marking the Chinese press and publishing industry into the financial capital markets, "a new era."According to the China Securities Regulatory Commission to incomplete statistics, there are more than 10 cultural enterprises by way of initial public offering of shares in the domestic A-share market, a considerable number of the funds raised. Nearly 10 companies listed in the territory to shell mode. In the face of press and publishing industry in the face of national policy and funding surface favorable situation, the major press and publishing enterprises, especially in the territory have been listed overseas and intend to press and publishing business, how to make good business and the hands have to be adopted various financing channels to the abundant financial capital, it is worth noting and thinking.At present, major news publishing companies, in mergers and acquisitions, new formats, new digital publishing and other strategic industries and Commander, has sounded the horn, pull the face off of the trend. But in the capital market in this area, how to open up, get involved in diversified investment and financing channels, it becomes cautious.I believe that in the future, open up the country's press and publishing companies, involved in the diversification of investment and financing channels, hedge value, is to cultivate new markets to build the core of enterprise competitiveness is another major attraction. I suggested publishing business can diversify investment and financing channels for one of - bonds in fixed income securities, arbitrage, convertible preferred stock to give focus on these three areas to explore and implement. In this year the central bank to take further measures to curb inflation, control policy will continue, control means raising the deposit reserve ratio and interest rates turn the background, raising the return on corporate earnings.BondsAs we all know, government bonds, financial institutions, businesses and other organizations raise funds directly to the community when the debt issued to investors and promise to pay interest at a certain rate according to the agreed terms of credit and debt repayment of the principal certificate. Value of the bonds depends entirely on the purchasing power of money.From monetary policy perspective, this year, China's bond market faces major market environment is: the consumer price index and the estimated future inflation expectations, the entire bond market, the policy tightening will be enveloped in the premise. However, according to my observation, the current market funds face is still relatively abundant, raising the deposit reserve ratio and interest rates and other regulatory policies are still difficult to make money face a reversal in the short term, so this year, the domestic bond market will remain volatile situation up.In the face of the bond market faces major market environment and volatility of the Chinese A-share stock market, I believe that the press and publishing companies can select from a robust bond market, anti-inflation, low-risk investment like bonds, bond funds this species can be achieved by ultra- expected better returns.According to my understanding, bond funds based on government bonds, financial bonds and other fixed-income financial instruments, investments in bonds as the main species, the advantages of bond funds is reflected in: do not charge a subscription or purchase, redemption rates are also lower , in addition to the investments involved in the bond market, bond funds can also invest in corporate bonds, convertible bonds market, and not to individual investors opening of the inter-bank bond market, financial institutions and experts into full play the advantages of financial management; bonds funds into bond funds and the partial pure bond funds two types: pure debt funds into the stock market does not buy shares, while the partial debt funds to buy a small amount of stock into the stock market. Partial debt funds reflects the advantages are: its flexibility, according to the prevailing trend of the stock market asset allocation to invest in the stock issuance or trading market, hedge the value of ability. A domestic securities company recently released 2010 annual report shows that fund performance analysis, fixed income funds in 2010, the pure debt funds rose 7.77%, money funds rose 1.83%, partial debt funds rose 6.55%.In other words, last year the company's fixed-income securities fund products, the overall performance of the product is better than equity funds, bond fund performance significantly outperformed equity funds and mixed funds.PreferredAccording to my understanding, the convertible preferred stock is now the United States a product innovation on Wall Street, it's superiority is reflected in priority to ordinary shareholders to a fixed dividend, get corporate earnings and the company's bankruptcy liquidation priority points to take the remaining assets . It has a fixed coupon bond issuer's principal guarantee, the risk of small holders, it is aptly called it "high-quality Treasury bills."Short-term preferred stock to investors higher returns than ordinary shares, first, that preferred stock can be converted into ordinary shares, which conversion price is usually higher than the company's common stock price of 20% to 30%, known as conversion premium. Second, if the common stock prices fall, this high-yield convertible preferred stock and common stock may prevent it from falling as low, when the common stock prices, the price of convertible preferred stock will rise. To this end I believe that the press and publishing companies choose to invest in companies with good performance, buy a certain proportion of convertible preferred stock. For example, the financial services industry rate of return than the aviation industry to a large, convertible preferred stock has a potential advantage is: press and publishing enterprises in the purchase of convertible preferred stock and a company to obtain benefits at the same time, can also help and protect the enterprise against those from hostile takeover, as to save the business "angels", press and publishing enterprises to increase the reputation in the capital sector.According to my understanding, the world's top rich, famous American investor Warren Buffett in his investment project, the first with $ 700 million to buy Salomon (salomon), Inc. (the world's leading investment banking and transaction brokers) dividend yield new issuance rate of 9% convertible preferred stock; then, he has invested $ 358 million to buy U.S. Airways dividend yield of 9.25% convertible preferred stock; invest $ 300 million purchase of American Express can be converted preferred. Why hold on investment has been cautious, low-key attitude of Buffett repeatedly shot to buy convertible preferred shares, I think, the hands of the convertible preferred shares Buffett's value can not be lower than similar non-convertible preferred stock, and because a conversion rights, the value of convertible preferred stock may be higher.ArbitrageInto the current risk-free arbitrage arbitrage and risk arbitrage two. Risk arbitrage is a market to buy securities at the same time, in another market to sell the same securities. For example, a company's stock price in the U.S. market is $ 30, but the London market in the UK offer is $ 30.1, arbitrageurs can buy in the U.S. market while the company stock, sell in the London market , the stock profit. I believe that the arbitrage risk of capital loss does not exist, but the risk-free arbitrage we must be efficient, fast, they can bring returns. Risk arbitrage is to buy a security at the same time, the expected future value of securities arbitrage. Future value is expected to include: company mergers, liquidation, tender offer or restructuring as the basis for valuation, the expected future value would indicate risk.In the 1980s, the U.S. financial markets on Wall Street there is a risk arbitrage master Boesky, a potential he first bought shares of the acquired company, once the acquisition is completed, under normal circumstances, the Metropolitan acquired the company's stock up, he took to sell these shares, greatly make money. In this operation, if the acquisition did not materialize, then the loss borne entirely by himself. As far as I know, in 1983, when the city acquired Gulf Oil services company after a failed attempt, Boesky lost $ 24 million.Buffett's investment in his career, but also engaged in risk arbitrage, the most classic scene is his company's investment in A Kata risk arbitrage. In 1981, Buffett about $ 33.5 per share purchase price of A Kata company's stock in 1982, he once again re-purchase price of U.S. $ 38 25.5 million shares of A Kata company's stock, in the meantime, Pakistan KKR, Buffett experienced financial difficulties the company raised the acquisition of A Kata, KKR has decided to A Kata's price dropped to $ 33.5, A Kata company shareholders meeting and other events postponed, and finally, A Kata by another company The company acquired $ 37.5 per share, plus potential value of half the government's compensation bid, Buffett's $ 22.9 million in E Kata investment profit of $ 1.7 million, made up to 15% annual return .From the above two cases, I believe that the press and publishing business operators to adopt the investment approach risk arbitrage, risk arbitrage is necessary for the analysis of four objects. First, the freezing of funds will be long time; the second is what will happen good news; third is the future value of the likelihood of occurrence; Fourth, because of the antitrust laws and international events such as financing difficulties, and stopped when the acquisitionwhat kind of situation.In the future, China's press and publication distribution enterprises in the overall planning of the overall business development blueprint, the capital market on this one, how to open up, get involved in diversified investment and financing channels, hedge value, foster new markets to build enterprise core competencies, The author suggested that the risk has been to seek to eliminate or minimize the investment and financing channels method, for example, mentioned in this article fixed income securities, the possibility of losing is very small, and the expected return for the investment and very ample, the National major news publishing company is a stroke risk of stroke.
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