Teigeler, an American economist and winner of the Nobel Prize in Economics, once said: Throughout the world, no famous large enterprise or company has developed through a certain way of capital operation in a certain period, and no one has 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 conduct mergers and acquisitions. 1993, the country developed the capital market, and Haier Group seized this opportunity to actively prepare for the listing of refrigerator enterprises. In June of the same year 165438+ 10, Haier refrigerator stock went public, raising 369 million yuan, and in June 1996, it was refinanced through rights issue1430,000 yuan to expand refrigerator production and related projects. Results The benefit of Haier refrigerator increased steadily year by year, with the sales income of 2,644.07 million yuan, and the profit increased by 387% and 256% from 65.438+0.993 to 65.438+0.7825 billion yuan respectively.
The stock market is fickle, but Haier's sincerity remains unchanged. No matter whether the stock market is high or low, Haier really feels the pressure of the market. The telephone consultation of millions of investors made the group feel more responsible. In the past three years, Haier refrigerator has raised more than 500 million yuan from the stock market. These funds not only enhance the competitiveness of refrigerator enterprises in the market, but also create good economic benefits. At the same time, the group public
Our company continuously injects high-quality assets into the refrigerator company through the rights issue, so that the ownership structure of the refrigerator company is always in a benign expansion state.
In the enterprise merger, Haier Group proposed? Eat Huck fish? The concept of. That is, when the capital stock is dominant, the characteristics of enterprise merger are big fish eat small fish, and large enterprises merge small enterprises; When the status of technology content exceeds the status of capital stock, it means that fast fish eat slow fish, and enterprises with fast technological innovation merge with enterprises with slow technological innovation. In the 1990 s, there was a strong alliance, the so-called shark eats shark, and the merger of Boeing and McDonnell Douglas was like this. Under the current domestic system, live fish are not allowed to eat, and eating dead fish will upset the stomach. Therefore, we have to eat Huck fish. The so-called Huck fish refers to enterprises with good hardware conditions and management that can't keep up. Due to poor management, it lags behind the market. Once you have an effective management system and master the market, you can stand up again. And Haier is good at management, thus finding the group company and? Huck fish? The combination point of. In the practice of capital operation, Haier Group insists on? Eat Huck fish? Since 13, we have merged 14 enterprises with a loss of 550 million yuan and revitalized assets14.2 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. Through joint venture with Liebherr, Germany, Qingdao Refrigerator General Factory introduced advanced technology, greatly improved the production level, paid close attention to product quality and vigorously explored 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. 1988
At that time, the refrigerator general factory merged 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. Its pioneering OEC management has been affirmed by three vice premiers in the State Council, and extended to the whole country by the State Economic and Trade Commission. Enterprises all over the country rushed to learn from it, which became a story for a time. 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 corporate 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 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, and to change ideas and mechanisms with Haier brand and OEC management 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. Originally, the company was a Qingdao company with the same reputation as Qingdao refrigerator factory, and its Qingdao Sharp washing machine was one of the three famous brands in China. However, due to poor management, lack of good cultural atmosphere and lack of cohesion, the company's benefits have been declining year after year. By 1995, the company's situation was quite bad:
The total assets are 400 million yuan, and the liabilities are more than 500 million yuan. The assets are insolvent and the debt ratio is as high as 140%. When the Qingdao municipal government decided to put Hongxing Electric Appliance Company under Haier Group as a whole, many people were skeptical. Can you bear such a big burden? After taking over Hongxing Electric Appliance Company, Haier Group reorganized it into Haier Washing Machine Co., Ltd., and introduced a set of management modes, which promoted the development of the enterprise with Haier brand and management, and completely realized the great changes of the enterprise: turning losses in three months and making a profit of 6,543,800 yuan in the fifth month. In the second year, the company developed more rapidly, with various honors: it passed the ISO900 1 international quality system certification at one time. Top ten brands? Eight first items, such as the preferred brand of consumers' shopping and the qualified rate of unpacking; The market share is also increasing at an alarming rate. By the end of 1996, the share of Haier washing machines in the top 100 shopping malls in China was 22%, and it rose to 28.3 1% in the first half of 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 country's total exports and 6 1% of Japan's total imports.
In the brand value evaluation of 1996, Haier trademark won the first place in the home appliance industry with 7.736 billion yuan, which fully demonstrated the powerful strength of Haier Group's intangible assets. Laozi's Tao Te Ching says: Everything in the world is born, and everything is born without it? If you borrow it from here? Nothing? Refers to intangible assets. what's up Refers to tangible assets, this sentence is understood as the ultimate goal of the accumulation and cultivation of intangible assets is to revitalize tangible assets with intangible assets. 1in may, 1997, the merged washing machine company merged Guangdong Shunde washing machine factory with brand as its investment holding, and established Shunde Haier electric appliance company, which resumed production within two months, creating a new situation. Terrible? Shunde people are even called the terrible Haier speed; 1In September, 1997, Hangzhou Haier Electric Appliance Co., Ltd. was established by holding and developing Haier brand color TV sets in cooperation with Hangzhou West Lake Company and using the value of Haier intangible assets.
The capital operation of Haier Group has achieved great success. Through the merger and reorganization of enterprises, Haier's product categories have been rapidly improved and its overall competitiveness has been greatly enhanced. What is the capital operation mode of Haier Group? Eat Huck fish? When merging enterprises, the main consideration is whether the merger can bring benefits, not based on the financial statements of enterprises. For what? Huck fish? Sometimes, it takes money to recover the cost, but it is still worth doing if you can quickly occupy a large market share in a field. 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. Do they go deep? Red star? Staff, be patient, okay? Serve the country wholeheartedly and pursue Excellence? Haier spirit tells the profound connotation of OEC management, which is Haier corporate culture. What is its essence? Create talents first, then rebuild famous brands? 、? Creations create people 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.
Second, Haier's model.
Haier Group not only entered a new field by using intangible assets to revitalize tangible assets, but also saved a lot of money. In this series of capital operations, the practices of Haier Group can be summarized as follows: First, give full play to the management advantages and market advantages of Haier Group, inject Haier's corporate culture and management model in the initial stage of merger and acquisition, grasp the market, and quickly bring products to the market. Haier has? Creations create people first? With the first-class corporate culture, Haier series products are among the best in the same industry and have strong brand advantages. Haier Group's management advantages and market advantages make the merged enterprises quickly enter the stage of standardized production and operation after only a short running-in period. The merger of Qingdao Hongxing Electric Appliances
The capital operation of Haier Group has achieved great success. Through the merger and reorganization of enterprises, Haier's product categories have been rapidly improved and its overall competitiveness has been greatly enhanced. What is the capital operation mode of Haier Group? Eat Huck fish? When merging enterprises, the main consideration is whether the merger can bring benefits, not based on the financial statements of enterprises. For what? Huck fish? Recovery sometimes requires money, but if you can quickly occupy a larger market share in one 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. Do they go deep? Red star? Staff, be patient, okay? Serve the country wholeheartedly and pursue Excellence? Haier spirit tells the profound connotation of OEC management, which is Haier corporate culture. What is its essence? Create talents first, then rebuild famous brands? 、? Creations create people first? It is by virtue of corporate culture, a unique intangible asset, that tangible assets have been revitalized, and Haier has thus created a new idea and a new model for the capital operation mileage of large enterprise groups in China.
Second, Haier's model.
Haier Group not only entered a new field by using intangible assets to revitalize tangible assets, but also saved a lot of money. In this series of capital operations, the practices of Haier Group can be summarized as follows: First, give full play to the management advantages and market advantages of Haier Group, inject Haier's corporate culture and management model in the initial stage of merger and acquisition, grasp the market, and quickly bring products to the market. Haier has? Creations create people first? With the first-class corporate culture, Haier series products are among the best in the same industry and have strong brand advantages. Haier Group's management advantages and market advantages make the merged enterprises quickly enter the stage of standardized production and operation after only a short running-in period. The merger of Qingdao Hongxing Electric Appliances
In order to successfully complete the rectification of Red Star Company, Haier Group first promoted Haier's corporate culture and management mode in Red Star Company, and at the same time launched Haier series washing machines and put them on the market quickly. As a result, it achieved good results of turning losses into profits in three months and making a profit of 6.5438+0.5 million yuan in the fifth month.
Second, the purpose of reorganization and merger is not a simple extension, but a qualitative leap to new technology; Not for the large scale in form, but for the powerful combination of complementary series products. In other words, the question is not whether the products of the enterprise are diversified, but the strength of the enterprise itself. If the leading products of an enterprise do not have market advantages, are not competitive in the same industry, and have no corresponding culture and management facilities, then such an enterprise simply adds up several enterprises and cannot be called asset reorganization. Haier Group's principles are: when capital enters a new industry and reaches a certain scale, it must be the top three in the industry; Instead of building a large number of middle-level enterprises, it is better to build three or four largest ones.
As a collective enterprise, Haier Group has no mountains to rely on, so it has fully withstood the test of the market during its development. With the development of national economy and the change of economic policy, Haier's business model is constantly changing, and it has gone through a development stage: product operation, capital operation and brand operation. Haier group believes that in the market competition, it is better to knock down your own products than to let others knock down your own products. Only by constantly knocking yourself down can you never be knocked down in the market. What Haier pursues is the realm and height of negation in this philosophical sense. According to statistics, in the first half of 1997, Haier Group197 launched a new product every two days on average, and applied for 7 patents every day on average. This business policy of keeping a close eye on the market and creating a good reputation has continuously enhanced the overall competitiveness of Haier Group, steadily improved its economic benefits, and won the praise of countless businesses.
In recent years, some state-owned enterprises are in recession, which is related to the lag of management. Some enterprises have been lying on the policy of the state and gradually lost their market competitiveness. From the perspective of operating mechanism, the operating mechanism of state-owned enterprises has not really changed, which has brought many obstacles to the development of enterprises. We believe that the way out for the reform of state-owned enterprises lies in gradually rationalizing the property rights relationship, gradually transforming the operating mechanism and paying more attention to micro-management and operational control.