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[Author: Haier release time: 2004-4-1211:47: 54 article source: Haier]
First, the development process of Haier Group
Qingdao Refrigerator Factory, the predecessor of Haier Group, was established in 1984 on the basis of introducing Liebherr refrigerator production technology from Germany.
Prior to this, the refrigerator factory was a small collective factory with a loss of 6.5438+0.47 million yuan, and people's quality consciousness was still quite indifferent at that time.
1April 1985, the refrigerator factory smashed 76 refrigerators with serious quality problems in public, which greatly improved the quality awareness of workers. Thus, it won the 1988 national quality award and the 1990 national quality management award, the only one in the refrigerator industry.
By 199 1 year, it has been rated as "the most popular refrigerator for light industrial products" by national consumers for five consecutive years. At this time, the refrigerator factory, whether brand awareness, product quality or service quality, has reached an unprecedented height.
199 1 year 65438+February, with Qingdao refrigerator factory as the core enterprise and air conditioning factory and freezer factory as the closely integrated enterprises, Haier group company was established after reorganization.
Through technology development, refined management, capital operation, merger and acquisition, and internationalization, Haier Group has rapidly grown into a large enterprise group ranked 30th among the top 500 enterprises in China in 1996. During the five years from 1992 to 1996, the sales revenue of Haier Group soared from 800 million yuan to 6 1 600 million yuan, and from197 to August, the sales revenue reached 6.6 billion yuan.
At present, Haier Group's products include refrigerators, freezers, air conditioners, etc. 13, and are exported to developed countries and regions such as Europe, America and Japan in batches.
1996, Haier's trademark intangible assets reached 7.7 billion, making it the first famous brand of household appliances in China.
Second, two ways of capital operation
Teigeler, an American economist and winner of the Nobel Prize in Economics, once said: Throughout the world, no famous large enterprise or company developed through some form of capital transportation in a certain period, and no one developed solely by the accumulation of its own profits.
Thanks to the effective capital operation mode, Haier Group has achieved low-cost capital expansion by seizing the favorable opportunity. Among them, there are two most obvious ways: one is to issue Haier refrigerator shares through equity financing to raise social funds; The second is to merge tangible assets with intangible assets and conduct mergers and acquisitions to achieve efficient scale expansion.
During the period of 1993, the state developed the capital market. Haier Group seized this opportunity and actively prepared for the listing of refrigerator enterprises. 1993 10, Haier refrigerator stock went public, raising 369 million yuan. 1996143 million yuan was raised through rights issue. These funds are used to expand refrigerator production and related projects, and have been used most effectively.
The listing of stocks also puts enterprises under new pressure, from users and employees to shareholders, employees and users.
Shareholders demand that the enterprise give him a higher profit return every year, and employees demand continuous improvement of the working environment and wages. In this way, the pressure faced by enterprises after listing is much greater than that before listing. In order to turn pressure into motivation, it is necessary to form an interactive value chain among shareholders, employees and users, so as to ensure the continuous improvement of asset quality.
After listing for more than three years, Haier has undergone great changes through restructuring. The output of refrigerators soared from more than 300,000 units in 1993 to 15 1000 units in 1996, an increase of five times, and the total profit of enterprises also increased from 1993 to 81870,000 yuan. The company's share capital increased from 65438+700 million yuan when it was listed in193 to 326 million yuan at the end of196, while the company's earnings per share increased from 0.4 1 yuan when it was listed to 0.55 yuan in196. In three years, the company's share capital has doubled, but the earnings per share have not been diluted, but have improved, that is to say, the company's capital profit rate has not decreased.
It is an important reason for our success in the capital market to change the mechanism of enterprises through stock listing and form a value chain of interaction among shareholders, employees and users.
In addition to successfully using the capital market to promote the rapid development of enterprises, the company has also achieved great success in corporate mergers and acquisitions.
In this regard, Haier put forward the idea of "eating Huck fish".
Huckfish refers to an enterprise with good hardware conditions but lagging management. Due to poor management, they have fallen behind the market. Once they have an effective management system, they can stand up again by grasping the market.
Under the current domestic system, live fish are not allowed to eat, and eating dead fish will upset the stomach. So we only eat Huck fish. Haier is good at management, has Haier's brand and has a trump card worth 7.736 billion yuan, thus finding the combination of Haier and Huck fish.
In the practice of capital operation, Haier Group adheres to the strategy of "eating fish". 13 merged 14 enterprises, with a total loss of 550 million yuan and assets of 654.38+0.42 billion yuan.
From the development of Qingdao Refrigerator General Factory to the present, with the improvement of enterprise system and the deepening of management, Haier Group has experienced three stages of development in enterprise merger and asset revitalization:
The first stage (1988- 1990) is mainly to invest funds and completely transform.
Qingdao Refrigerator General Factory has introduced advanced technology through a joint venture with Liebherr, Germany, which has greatly improved the production level. At the same time, pay close attention to product quality and vigorously explore the domestic market.
By June, 1985, the first four-star refrigerator in China was produced, and 1988 won the first gold medal in the history of refrigerators in China.
After several years' efforts, the management level and economic benefits of refrigerator general factory have been improved.
In this context, we began to consider the transformation from the original single product management to multi-product management.
During the period of 1988, the refrigerator general factory merged the then Qingdao electroplating factory and transformed it into a microwave electrical appliance factory. By injecting capital into the microwave electric appliance factory and introducing production equipment, the management and enterprise benefits have been greatly improved.
The second stage (199 1- 1994) is mainly to invest funds and management, expand the scale and improve the level.
During this period, Qingdao Refrigerator General Factory has reached a new level in brand awareness, product quality and service quality. After years of exploration, the pioneering OEC management has been affirmed by three vice premiers and extended to the whole country by the State Economic and Trade Commission. Enterprises all over the country compete to learn from it and become a much-told story.
But nationwide, its scale is still quite small, with an annual output of 300,000 refrigerators. In order to develop China's home appliance market and gradually enter the international market, it is necessary to improve the comprehensive competitiveness of enterprises.
In order to strengthen its strength and achieve a strong alliance, Refrigerator General Factory merged the former Qingdao Air Conditioning Factory and Qingdao Refrigerator Factory on 199 1. By investing funds, paying close attention to enterprise management and Haier culture, relying on Haier brand and service network, the economic benefits are gratifying. From 1992 to 1996, the output of refrigerators and air conditioners increased by four times, which were 14 times respectively.
Compared with the first stage, the second stage of the merger is characterized by transplanting Haier's corporate culture and OEC's management system into the merged enterprise, creating a dynamic new mechanism and enabling the enterprise to quickly enter a benign development stage.
In the third stage (1995), the M&A mode in this stage is mainly to revitalize tangible assets with intangible assets, transfer value to the acquired enterprises with Haier famous brand and OEC management system, and change the mechanism to realize the transformation from spirit to material.
The typical case at this stage is the merger of Haier Group and the former Qingdao Hongxing Electric Appliance Company.
It turns out that this company is as famous as Qingdao refrigerator factory, and its Qindao Sharp washing machine is one of the three famous brands in China. However, due to poor management and lack of cohesion, the benefits of enterprises have been declining year after year. By 1995, the situation of enterprises was quite bad: the total assets were 400 million yuan, while the total liabilities reached more than 500 million yuan, the liabilities were 1330 thousand, and the debt ratio was as high as13.
When Qingdao * * * decided to put Hongxing Electric Appliance Company under Haier Group as a whole, many people were skeptical. "Can such a big burden be carried?" After Haier Group took over Hongxing Electric Appliance Company, it was reorganized into Haier Washing Machine Company. On the basis of inputting a complete set of management modes, Haier's "brand strategy", "users are always right", "sincerity is always right", "market for service", "selling reputation is not selling products", "high standards, emphasizing performance, zero defects" and "creating market" can unify enterprise thinking, forge employees' will and recast enterprise soul. These ideas, like an invisible hand, unite the workers who were almost wiped out by the whole army, promote them to an orderly, self-disciplined and swift working state, give full play to their strong life tension, and enable enterprises to achieve extraordinary development: turning losses in three months, making a profit of 6.5438+0.5 million yuan in the fifth month, and passing ISO900 1 in the second year. By the end of 1996, the market share rose to 22% and 28% among the top 100 shopping malls in China. 3 1% first half of the year 1997, 5 percentage points higher than the second place.
The international market share is far ahead of other well-known domestic brands. The number of fully automatic washing machines exported to Japan has accounted for 95% of the total national exports, accounting for 665,438+0% of the total Japanese imports ... On this basis,1In May 1997, the washing machine company took the brand as its investment holding company, merged Guangdong Shunde Washing Machine Factory, and established Shunde Haier Electric Appliance Company, which resumed production within two months, creating a "terrible" that even itself called. 1In September, 1997, we cooperated with Hangzhou West Lake Company and established Hangzhou Haier Electric Appliance Co., Ltd. to develop Haier brand color TV sets by using the value of Haier intangible assets.
It can be seen that the management of intangible assets and the cultivation of enterprises have achieved great success in modern production and operation. Through the merger and reorganization of enterprises, Haier's product categories have been rapidly improved and its overall competitiveness has been greatly enhanced.
Haier Group's capital operation mode is "eating Huck fish". When merging enterprises, the main consideration is whether the merger can bring benefits, not based on the financial statements of enterprises. In order to recover the Huck fish, it sometimes takes money, but if it can quickly occupy a large market share in a certain field, it is still worth doing.
When it merged Red Star Electric Company, it lost nearly 200 million yuan, but compared with rebuilding the factory, it is still very cost-effective, and Red Star's equipment and sales network are relatively perfect. As long as it is well managed, the whole enterprise will soon be able to go up.
At that time, the first department sent by Haier was not finance or scientific research, but Haier corporate culture center.
They went deep into Red Star employees and patiently talked about the Haier spirit of "dedication to the country and pursuit of Excellence" and the profound connotation of OEC management. This is Haier's corporate culture, and its essence is "creating talents first, recreating famous brands" and "creating things first". It is by virtue of corporate culture, a unique intangible asset, that tangible assets are revitalized, and Haier has thus created a new idea and a new model for the capital operation mileage of large enterprise groups in China.
Third, Haier's success
Haier group has made remarkable achievements in the past ten years, especially in capital market and enterprise merger and reorganization, which can be summarized as follows:
1, the purpose of entering the capital market.
Haier entered the capital market through the listing of 1993 refrigerator stock. After entering the capital market, we deeply feel that the purpose of entering this field should not be simply financing, but to continuously improve the capital profit rate of enterprises through restructuring, thus ensuring the preservation and appreciation of the company's entire assets and fundamentally ensuring the interests of shareholders.
2. In the merger and reorganization of enterprises, our success lies in our successful corporate culture and mature Haier management model that can be popularized and popularized.
By injecting Haier's corporate culture and management model into the merged enterprise, Haier fundamentally changed the employees' thinking, instilled Haier's enterprise spirit of "dedication to the country and pursuit of Excellence" and its work style of "quick response and immediate action" into the hearts of every employee, which made the spirit of the whole enterprise leap qualitatively and made the enterprise form cohesion.
In other words, Haier's enterprise merger and reorganization is not simply adding up several enterprises, but by introducing Haier culture to the merged party, changing concepts and mechanisms, realizing the transformation from spirit to material, thus improving the overall combat effectiveness of the "joint fleet".
In recent years, some state-owned enterprises are in recession, which is related to the lack of good management mode and corporate culture, making enterprises have no cohesion. From the perspective of operating mechanism, the operating mechanism of state-owned enterprises has not really changed. Some companies go public only to raise funds, not to ensure the gradual improvement of corporate capital profit rate.
We believe that the way out for the reform of state-owned enterprises is to gradually straighten out the property rights relationship and gradually change the operating mechanism, so that the assets of enterprises will continue to increase.