作者丨CV
在勾勒出“義利 99”基本畫像後， 我們開始思考更深層次的問題：作為一個獨立的樣本群體， “義 利 99”是否具有比較優勢？又具有怎樣的比較優勢？作為一個社會價值導向的榜單， “義利 99” 能否接受資本市場的檢驗？檢驗結果又會怎樣？ 本期我們將先橫向對比“義利 99”與“滬深300”。
從目標 | 驅動力（AIM）、方式 | 創新力（APPROACH）和效益 | 轉化力（ACTION）三個維度， 我們將“義利 99”與滬深 300 進行了橫向對比。 其中， 目標 | 驅動力包括價值驅動、戰略驅動、業務驅動；方式 | 創新力包括技術創新、模式創新、管理創新；效益 | 轉化力包括經濟轉化、社會轉化、環境轉化（詳見第四章評分子模型）。
如圖所示， “義利 99”的表現均超越了滬深 300， 其中在價值驅動、管理創新、社會轉化和環境轉化4 個指標上， “義利 99”領先超過 10 個百分點。
從目標 | 驅動力（AIM）來看， “義利 99”在價值驅動、戰略驅動、業務驅動方面得分率均不足 60%。 在戰略驅動方面， “義利 99”和滬深 300 得分均較低， 上榜公司義利並舉的使命願景與戰略規劃的融合度較低， 尚缺乏中長期的可持續發展規劃。
從方式 | 創新力（APPROACH）來看， “義利 99”的管理創新表現較好， 其得分率為 72.74%， 上榜公司在參與機制、披露機制、激勵機制和風控機制方面均有出色表現。
從效益 | 轉化力（ACTION）來看， “義利 99”的環境轉化得分率較低， 上榜公司在環境保護領域有較大提升空間。
為進一步甄別“義利 99”的比較優勢，
社會福祉貢獻超越滬深 300
“義利 99”對社會福祉的貢獻體現在客戶價值、員工權益、安全運營、合作夥伴和公益貢獻5 個方面。 如圖所示， “義利 99”在這 5 個方面領先滬深 300 超過 10 個百分點， 體現出顯著的比較優勢。
從具項分析中可以看出， 安全運營的得分率最高， “義利 99”與滬深 300 分別為 82.94%、69.70%；合作夥伴與公益貢獻得分率偏低， “義利 99”與滬深 300 分別為 52.97% 與 32.70%、51.74% 與 41.17%； 客戶價值與員工權益居中位。 這說明以“義利 99”為代表的上市公司， 較為關注安全管理和事故處理， 但是對於利益相關方的合作關係及公平運營尚有缺憾， 對社會公益的投入尚且不足。
對環境保護的貢獻超越滬深 300
“義利 99”對環境保護的貢獻體現在環境管理、綠色發展和污染防控 3 個方面。
從具項分析中可以看 出， 污染防控的得分率最高， “義利 99”與滬深 300 分別為 61.03% 和 35.42%， 相 差 25.61%；環境管理得分率偏低， 分別為 40.07% 與
34.60%， 相差 5.47%。 這說明以“義利 99”為代表的上市公司， 在三廢減排與應對氣候變化等領域做出了切實努力， 但尚且缺乏能源消耗的有效管理， 環境保護的長效機制尚且缺位。
下一期小編將繼續為大家帶來橫向對比解析。
English Version
The profile of SV 99 leads to an important question: Do all SV 99companies, as an independent sample group, have their uniquecomparative advantages? If so, what are they? Could the social value-driven SV 99 withstand the back testing by the capital market? Howwell could it hold up?We analysed comparative advantages through a horizontal comparisonbetween SV 99 and CSI 300 companies.
The horizontal comparison between SV 99 and CSI 300 companies was conducted from three perspectives: AIM(Driving Force), APPROACH (Innovation Force), and ACTION (Transformation Force). Furthermore, AIM can be dividedinto "Value-driven", "Strategy-driven" and "Business-driven"; APPROACH into "Technological Innovation", "ModelInnovation" and "Management Innovation"; ACTION into "Economic Transformation", "Social Transformation" and"Environmental Transformation" (see Sub-models for Scoring in Chapter 4).
As shown in Figure 3.1, SV 99 companies outperform CSI 300 companies in all tier-two indicators, four of which byover 10 percent - Value- driven, Management Innovation, Social Transformation and Environmental Transformation.
In terms of AIM, the percentile ranking of SV 99 companies in "Value-driven", "Strategy-driven" and "Business-driven"are all below 60%. Both SV 99 and CSI 300 companies have low scores on "Strategy-driven" performance, whichsignals the absence of medium and long-term plan for sustainable development and low integration between theirstrategic planning and missions and visions on DW&DG.
In terms of APPROACH, SV 99 companies show strength in "Management Innovation" with a percentile ranking of72.74%, demonstrating their outstanding performance in mechanisms of participation, disclosure, incentive and risk control.
In terms of ACTION, SV 99 companies have a low percentile ranking in "Environmental Transformation", indicatingroom for improvement in environmental protection.
To identify the comparative advantages of SV 99, we further compared SV 99 companies with CSI 300 companies interms of social welfare, environmental protection, industry distribution, geographical location, revenue, annual taxcontribution, return on Equity (ROE), dividend yields and institutional investors’ preference.
Greater Contribution to Social Welfare
SV 99’s contribution to social welfare is reflected in Value to Customers & Users, Employees’ Rights and Interests,Operation Safety, Business Partnership and Contribution to Public Good. As shown in Figure 3.2, SV 99 companiesoutperform CSI 300 companies by over 10 percent in all five aspects, indicating significant comparative advantages.
Specifically, both SV 99 and CSI 300 companies perform well with regard to “Operation Safety”, with percentile rankings being 82.94% vs 69.70% respectively, while “Business Partnership” and “Contribution to Public Good” are only 52.97% vs 32.70% and 51.74% vs 41.17%. The scores on “Value to Customers & Users” and “Employees’ Rights and Interests” rank in the middle. This shows that safety management and accident response are on priority of the SV 99 companies. In contrast, they need to make more efforts on partnership maintenance with stakeholders, fair operation, and contribution to public welfare.
Greater Environmental Benefits
SV 99’s contribution to environmental protectionis reflected in three aspects: Environmental Management, Green Growth and PollutionPrevention & Control. As shown in Figure 3.3, SV99 companies outperform CSI 300 companiesin all three aspects and demonstrate distinct comparative advantages.
Specifically, SV 99 score 61.03% on “PollutionPrevention & Control”, which is the highest amongall aspects and is 25.61% higher than that of the CSI300 companies who score 35.42%. Both SV 99 andCSI 300 companies rank relatively low in terms of“Environmental Management”, 40.07% and 34.60%respectively with a gap of 5.47%. This indicates thatthe SV 99 companies have made tangible efforts forthe reduction of wastewater, waste gas and solidwaste to tackle climate change, but lack efficient management over energy consumption and a long-term mechanism for environmental protection.
主編 | 梁雲風
運營總監 | 葉宗論
美編 | Leo Duan
中國社創號 | 微信公眾號：chinavator