This book is written by Song Zhiping for China's listed companies and enterprises committed to becoming listed companies in the future. This book comprehensively summarizes the ten important disciplines of high-quality development of listed companies, namely, governance norms, highlighting the main business, leading innovation, product excellence, brand excellence, return to shareholders, mergers and acquisitions, dual-cycle market, risk prevention and social responsibility. The book incorporates a large number of enterprise practice cases, and even talks about 375 enterprises. Song Zhiping's consistent writing style is
to reason with facts, and this book "Hard Truth" is no exception. It is still carried out according to his "one fish, three eating methods", first doing, first looking, then thinking, then speaking, and finally writing it out. Song Zhi often says that his books are not written, but made. From this point of view, this book, The Hard Truth, and his other works, are really difficult to write only by writing.
In the book, Song Zhiping said that there are more than 5400 listed companies in China, the total annual income of listed companies accounts for 53% of China's GDP, and the tax revenue accounts for 26%. China's capital market has made great contributions to China's economy, and China's listed companies have become the leader of China's economy. The rapid development of China's economy and the healthy development of the capital market need high-quality listed companies as the foundation. For enterprises, they used to focus on the product market, but after listing, they should pay more attention to the capital market. We have not only customers in the product market, but also customers in the capital market. From the product market to the capital market, it is a thrilling leap with a major change in business thinking.
Song Zhiping has served as the head of two central enterprises at the same time, leading two enterprises into the world's top 500, which manage 14 and 6 listed companies respectively. He has considerable qualifications to write this topic. Song Zhiping hopes that every enterprise can create its own hard truth of high-quality development in practice.
"Hard Truth" has 260,000 words and ten chapters, corresponding to the ten disciplines summarized by Song Zhiping in theory and practice, which is another book facing the major theoretical innovation of enterprises after Song Zhiping's "Effective Operators". Each chapter in the book is divided into three sections, each section is divided into three sections, and a few are divided into four or five sections. There are 108 sections in the book, and the title of each section is Song Zhiping's view of doing business.
For example, in the first chapter of governance norms, Song Zhiping talked about the importance of company independence, compliance management and information transparency. In corporate independence, he also mentioned three kinds of independence are particularly important, namely, the independence of corporate personality, the independence of governance structure and the independence of business decision-making. In compliance management, he believes that three kinds of compliance are particularly important, namely, institutional compliance, operational compliance and financial compliance. In the transparency of information, he also said that listed companies need to disclose information truthfully, accurately and completely, disclose information on time and in a standardized manner, and do a good job in performance conferences and road shows. These key points and key points are his important experience as an enterprise, chairman of a listed company and chairman of an association of listed companies. It is important for the
parent company to actively reward its shareholders. In the sixth chapter of returning shareholders, Song Zhiping said that it is very important to strengthen market value management, attach importance to dividends and repurchase, and pursue sustainable operation. In strengthening the market value management, he not only analyzed the new rules of the capital market, but also gave specific effective strategies to improve the market value, and set up a special section on the market value management of state-owned holding listed companies. Especially important, in the pursuit of sustainable operation, he not only talked about the long-term and rolling development planning of enterprises, but also timely opened the second curve, adhered to sound cash management, and also talked about the inheritance of enterprise leaders. Song Zhiping's unique views are refreshing, and his thinking is very forward-looking.
Now everyone is talking about going to sea, how to go to sea, how listed companies should promote the development of double-cycle in the domestic and international markets, Song Zhiping showed us his deep thinking in the eighth chapter of double-cycle market. In the process of cultivating the domestic market, he put forward four key tasks, the first is to do a good job in market positioning, the second is to carry out differentiated competition, the third is to change the sales point of view, but also to sell the best products in China, and the fourth is to do a solid job in marketing management. In actively exploring the international market, he suggested that we should transit from "going out" of products to "going out" of enterprises, and gave the matters needing attention in overseas mergers and acquisitions and overseas construction of factories, as well as three strategies for us to go to sea in groups. His insights on going to sea are very profound and practical.
Just like the listed governance norms, return to shareholders and double-cycle market, other seven disciplines, such as highlighting the main business, leading innovation, excellent products, outstanding brands, mergers and acquisitions, risk prevention and social responsibility, are also valuable thinking and experience refined by Song Zhiping in the practice of the unity of knowledge and practice. Capital market is the "adult ceremony" of enterprises, and high-quality development is the absolute principle of enterprises. Many companies want to go public, and many listed companies want to win all the time in the market competition. If they want to win, they should concentrate on the ten disciplines put forward by Song Zhiping and smooth the 108 capillaries.
Song Zhiping said that in order to strengthen the standardized governance of listed companies and improve the quality of listed companies, the CSRC launched a two-year special action on corporate governance in 2020 and a three-year special action on improving the quality of listed companies in 2022. The China Association of Listed Companies also regards improving the quality of listed companies as its central task and has carried out large-scale training. Song Zhiping always teaches the first lesson "How to Improve the Quality of Listed Companies" in each centralized training. There are tens of thousands of directors and supervisors of listed companies who have listened to Song Zhiping's lectures.
Song Zhiping said in the postscript of the book that this is not a book about theory, but a book about practice. In fact, in my opinion, the high induction of the ten disciplines in this book is actually a theory, so this book has both theoretical height and practical breadth. The practice in the
book is shown by Song Zhiping with small stories and cases. There are some stories about his business, such as how he led China's building materials to do a good road show abroad, how he felt that the road show should be thorough, good and accurate, and how he opened up the market in Papua New Guinea, how he cooperated with the local government, enterprises and people in Zambia, and how he worked in the Middle East. He felt that when enterprises go out, they should take the road of sincerity and sincerity. Others are small stories about his research enterprises. For example, he went to "Wei Xiaoli" and found that young entrepreneurs attach great importance to technological innovation. He went to Moutai Liquor and found that enterprises attach great importance to the promotion of core competitiveness. He also summed up the five competitiveness of Maotai enterprises. He went to millet and found that the core competitiveness of enterprises is actually constantly changing. In the process of development, enterprises should constantly build competitive advantages.
To reason with facts is to use a small story to explain a truth. We feel that Song Zhiping's books are always so easy to read, the important reason lies in this, we are in his story, in the case of learning to do a good job of listed companies. In
this book, there are one or several small stories and cases in each section, and there is a big case behind each chapter. There are more than 200 small cases and 10 big cases in the book. These cases are rich in types of enterprises, both domestic and foreign, both state-owned enterprises and private enterprises. There are many kinds of industries involved, including automobile industry, Internet industry, household appliances industry, construction industry, education industry and medical industry. In Song Zhiping's mind, every discipline in the book
"Hard Truth" should correspond to a well-done enterprise, which is the model enterprise mentioned at the end of each chapter in the book. Standardized governance, Midea Group is the best representative of private enterprises; highlighting the main business, Ningde Times is a trillion-market value enterprise that has been deeply cultivating the main business market; leading in innovation, Lianying Medical is a cutting-edge model of continuous innovation and breakthrough; excellent products, BNBM is an enterprise that has created world-class products; outstanding brands, Anta is a world-famous representative of sports brands; To return to shareholders, China Shenhua is a model of state-owned assets far beyond the baseline; to merge and reorganize, Hisense Home Appliances is a successful case of merger and acquisition development and rise; to double circulation market, Haier Group's global development is the best example; to guard against risks, Industrial and Commercial Bank of China is a movable-type signboard; to social responsibility, China Mobile's model is the most worthy of study. In most of
these cases and stories, Song Zhiping has had in-depth exchanges with his chairman, general manager or other executives. Song Zhiping has a good analysis and summary of what they have done well. There are three inspirations behind each case, which are Song Zhiping's deep insight and high conciseness. Enterprises in large cases have many excellent specific practices for this discipline. For enterprises that are committed to doing well in these ten disciplines or to doing well in one discipline, we can carefully figure out the practices and starting points of these representative companies. The preface of
Song Zhiping's Hard Truth was written by Wu Xiaoqiu, Dean of the National Institute of Finance, Renmin University of China. He commented that Song Zhiping's writing method of integrating management theory with practical cases was interesting and three-dimensional, and highly praised the book as a systematic discussion on how to improve the quality of listed companies so far. The content is full and accurate, the case is vivid, and the viewpoint is prominent, which is believed to promote the listed companies in China to become stronger, better and bigger.After reading this book, I believe you will have such a deep feeling as Wu Lao.
As the president of China Association of Listed Companies and the bridge between the capital market and listed companies, Song Zhiping believes that he is duty-bound to improve the quality development level of listed companies. He spent a lot of time and effort to create this "Hard Truth" for everyone, and summed up the ten disciplines of high-quality development. Song Zhiping wrote a book, in addition to the characteristics of reasoning, there are two obvious characteristics, one is that the content of the book always grasps the pulse of the development of the times, there are many current policies and regulations to learn, the other is that the topics involved in the book are hot topics of the current development of enterprises, he can always answer questions for you in the book. Reading this book "Hard Truth"
many times, I can not help but think of Song Zhiping's "New Machine and New Bureau" and "Steady Management", because these books have a very prominent, the same feature, that is, Song Zhiping can always combine the pulse of the times, and is very proficient in the current important policies and regulations. This should be related to Song Zhiping's perennial work in central enterprises and in the China Association of Listed Companies. In these places, in his position, he must pay great attention to government policies and regulations, and sometimes make suggestions for the country and industry policies.
To be an enterprise, we should not only do a good job of enterprise and management internally, but also look at the national macro-situation, industry situation, policies and regulations, international situation and do a good job of operation externally. Entrepreneurs and business executives should be like Song Zhiping, with more outward vision, and should have a deep understanding of some national policies and regulations. Each of the ten disciplines of
Hard Truth, that is, at the beginning of each chapter, has Song Zhiping's in-depth interpretation of relevant national policies and regulations. In the first chapter of governance norms, Song Zhiping conveyed 12 items, such as "OECD Corporate Governance Principles", "Listed Corporate Governance Guidelines", "Company Law", "Securities Law", "Accounting Law" and so on, which he often talked about and often appealed to the leaders of enterprises to learn and master.
He also combined with the enterprise situation to explain the analysis, impressive, of course, this also requires us to spend a certain amount of time to absorb and use. Song Zhiping has dabbled in policies and regulations of different types of enterprises, different industries and different fields. Song Zhiping's point is actually a link that those of us who want to do a good job in listed companies generally lack now, and we need to make some efforts in this respect.
In addition, Song Zhiping studied different fields every time, and every time it was a hot topic for enterprises at that time. When many enterprises were deeply confused, Song Zhiping would come out and write a book for everyone to guide and solve their doubts. In the early years, Song Zhiping studied such topics as mixed ownership, central enterprise marketing, innovation, etc. In recent years, he has studied enterprise mechanism, three fine management, effective operators, governance of listed companies, etc. Judging from his recent public speeches and articles, he has recently studied more about anti-involution, going to sea, mergers and acquisitions, and so on. There are some topics of his deep research and deep thinking in this book Hard Truth, some of which account for less proportion and some of which account for more proportion.
For example, in the second chapter, Song Zhiping talked about the building of core competitiveness, the need to move from competition to competition and cooperation, and the need to fight against involution. Song Zhiping said that benign competition creates value, vicious competition destroys value, and involution vicious competition not only leads to the decline of product prices and corporate profits, but also affects the market value of listed companies. Therefore, it is necessary to take comprehensive measures to resolve the structural contradictions of key industries and promote the healthy development and upgrading of industries. Specifically, Song Zhiping also gave seven solutions on how to implement comprehensive governance, including policy guidance, industry autonomy, cost and profit, and international capacity cooperation.
In the seventh chapter of mergers and acquisitions, Song Zhiping talked about the difference between inorganic mergers and acquisitions and organic mergers and acquisitions, and encouraged enterprises to do more organic mergers and acquisitions. Song Zhiping said that mergers and acquisitions should follow four principles, namely, to obey the enterprise strategy, to produce obvious benefits, to achieve synergies, and to be risk-controllable and affordable. Song Zhiping said that the integration work after M & a is the core link to determine the success or failure of M & a, which is directly related to whether M & a can achieve the expected synergy effect and value creation. After the merger and acquisition, Song Zhiping divided the integration work into five major integrations, namely, institutional integration, business integration, management integration, market integration and cultural integration, among which he believed that the most difficult one was cultural integration. To be an enterprise, what we ultimately do is the work of people's hearts. For the five integration, how to operate, Song Zhiping through his past experience of integration, let people benefit greatly.
Song Zhiping's "Hard Truth" was originally written for the senior management team and managers of listed companies. In fact, it is also suitable for the managers of listed companies and enterprises interested in entering the capital market to read. Of course, it is also of great reference and learning significance to the majority of non-listed companies. As usual with his books, this is a very readable and practical book. After reading this book, I believe you will find the greatest harvest that belongs to you alone.
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