Major perspectives of investors in scrutinizing a company's value—The case of five major international oil companies
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.
listed companiescompany valueinvestorsfinancial indexreturn on equitydebt to asset ratiogross margins from sales
国家科技期刊平台
NSTL
万方数据
