A generation of Chinese shoe king ended, behind the sale of 5 billion 700 million, Chinese industry is dead?2017-04-21 19:00:18 100 ℃
Wu Xiaobo said: in recent years to concentrate on the industry seems to have been very outdated". People are more interested in Buffett, Soros.
According to Bloomberg announced, CDH investments is working with BELLE to discuss the management of international acquisitions, the transaction price of about $5 billion 700 million. In 2007, BELLE international listed in Hong Kong in nearly 10 years, thanks to the Hong Kong retail market booming, BELLE international market value has more than one hundred billion, is the largest market capitalization of consumer retail stocks, the market capitalization of listed companies ranked second in the world footwear.
As the largest Chinese shoe company, BELLE, Teenmix, Staccato and other brands under her flag, annual sales of more than 23 billion yuan, in recent years, the poor performance of BELLE, 2015 BELLE group performance inflection point, listed for the first time in 9 years of falling profits, stock prices fell by nearly half.
In addition to the decline in the stock price all the way down, along with the sound of the shop is also a flower drum pass, the current BELLE international has closed nearly 500 stores, with the same store sales growth fell by 11.7%.
Due to the macroeconomic slowdown, overcapacity in the manufacturing sector and the impact of electricity providers, the domestic apparel industry downturn. Sales decline, shut shop layoffs phenomenon is not unique to BELLE. In 2016, Metersbonwe huge loss of over 400 million, three years inside the shop 1600; Daphne closed shop nearly 1000, the annual net loss of more than 50%; Jinjiang xdlong bankruptcy of the company, Jinjiang minchao shoes company bankruptcy reorganization......
20 years, China clothing and footwear manufacturing industry, by virtue of "OEM" - to - sign started to do the domestic brand spokesperson smashing advertising built store expansion listed "the shortcut is no longer valid, but not the same as many littles make a mickle., exposed to wind and rain.
Half of the sea water is a flame, industrial pressure from two aspects.
On the one hand is the industry's difficulties and dangers. When people were proud of the "Chinese manufacturing" has changed hands, when the "industrial nation" the former inspired countless Chinese words, has become a joke, "Chinese manufacturing" is destined to end, industrial economy is facing the great depression.
On the other hand is the impetuous mentality of entrepreneurs. More than 30 years of reform and opening up, as hot as hot money and hot money, like infection, and toxic industry. When the representative of China industry frequently "work", when the listed companies fall into "money game", industrial people are always in a weak state of anxiety.
In 2016, the store was a list of data from the retail boss reference arrangement
There is such a danger signal. More and more entrepreneurs start quanqian movement, they think, to do investment from the industry, is undoubtedly a more scientific selection.
A kind of boss is doing industry, also invest in this. After the financial crisis, almost all of the manufacturing enterprises in Zhejiang shrink scale. The remaining funds, the property market is the first place. Driven by soaring house prices, manufacturing enterprises to invest in real estate gains, even more than the main industry.
This is GREE do a good case of the vast industrial undivided attention, Dong Mingzhu 20 years as one day to adhere to the "industrial spirit", but in November 2009 the GREE estate backdoor listing, second annual revenues of more than 500 million yuan, to enter the real estate industry in less than a year, GREE real estate has become an important sector fully deserve GREE group of three major industrial structure.
Traditional household electrical appliance enterprises gross profit 5% has been very alarming, but with the real estate industry about 35% of gross profit margin ratio, suddenly dwarfed. Someone exclaimed: Septwolves do real estate, American real estate, YOUNGOR real estate, real estate Suning, Gome to do real estate, even Wuliangye, Langjiu, Alibaba are doing real estate, 72 lines are the same at last.
Second, not in the property market, in the stock market". For example, in 2009 when the stock market is good, many of Zhejiang's boss is a bag with a bag carrying money to the business department to open an account, or even because of too many people to open an account, you have to find someone to open the back door".
In addition, this kind of boss even put their business as a financing platform, another becomes a way of earning money. For example, a Shanghai boss, because the company's cash flow is good, it is easy to get through the guarantee of 30 million yuan of bank loans. He took the part of the loan out of money and added some interest, lent to businesses in need of cash. "Small, but one can earn a 12 million, than a dime enterprise hard to do much better".
Another kind of boss is completely fought investment. SUPOR to do the first in the domestic industry, the global output of fourth Su Zengfu is a typical case. By the end of 2007, he sold SUPOR to foreign investment, about two billion yuan in cash, then investment in Zhejiang is an island, for the development of real estate and the dock, "profit prospects were much better than pot manufacturing, and easy".
This is the history of the development of an enterprise is gradually covered by the history of financing. A hand made UT Sidakang myth "PHS hero" Wu Ying, to make a transition to investors; Jinshan full for 16 years, and eventually he listed 70 days in Jinshan Hongkong decided to resign, then began to play the "angels" of this new role in Zhongguancun.
They are more willing to turn around for investors, their resources, experience and lessons, to share with the later generations, let it take some detours, another achievement".
In addition, now playing PE (private equity) \/VC (venture capital) has become a new fashion. A senior member of the Wenzhou real estate frankly, equity investment in this matter, looking at the profound, in fact, nothing more than equity trading is to get the difference, the risk to be borne here is not particularly large." Like him to turn the money to PE\/VC a few people, it seems to support industrial enterprises, but the ultimate goal is profit.
This is indeed a heart of the industry and the capital of the heart of the fierce competition. Unfortunately, what we see is the heart of the industry is gradually cooling, and the heart of the capital is surging restless.
No does not have perseverance. Once the Chinese entrepreneurs have no confidence in the market fair, the heart of the industry will die. Short term investment to obtain capital gains, it will become an inevitable choice. According to incomplete statistics, A shares of listed companies have foreign investment behavior of nearly a thousand, such as YOUNGOR and Fosun Pharmaceutical, A shares of listed companies to invest in foreign countries, the two king kong".
Industrial heart is dead, there is a reason for the imbalance of policy. From home to the angrong brilliance, "the iron" dismount; from Gong Jialong in prison, the private airlines have "withered"; the profit of private Steel Corp "steel" by lossmaking state-owned Shandong forced merger. Private economy in the end how much space for survival and development? This is not the issue of one or two documents can be resolved.
State owned enterprises are in the T Taiwan, private enterprises are walking the tightrope. The state-owned airlines can get huge losses of tens of billions of capital, leadership, safe and sound, bankruptcy boss private airline company to tens of millions of losses.
China has moved away from the shortage economy, into the excess economy. In the integration of resources, energy conservation and emission reduction, industrial upgrading, eliminate backward technology, compression excess capacity, under the banner of the country into the people retreat is an indisputable fact. Shanxi private coal mine private iron and steel plant almost The whole army was wiped out., the production area of Hebei, to private enterprises to do the "work" is to solve the employment, dirty work, deal with WAL-MART as discerning customers, and then by the state-owned monopoly, plundered wealth. The sum of the profits of the top 500 private enterprises can not be reached in the oil and the two mobile. This is part of the people who are keen to rise to the theory of "China model"".
At the level of policy embarrassment, industrialists need self redemption. Independent of the capital outside the industry, of course, is a castle in the air; and out of the capital of the auxiliary industry, but also can not be rapid development. The only way to promote the capital industry, capital return to industry, capital and production spiral evolution, whether it is capital or industrial prosperity of the road.
Our enterprises have a variety of problems, just because entrepreneurs are in the plight of the industry and the temptation of capital, lost the confidence to adhere to industry. But in fact, capital and industry is not a pair of contradictions, but the two are mutually reinforcing relationship. Under the current situation, how to find these capital exports, thus forming a boost to the industry?
Industry and finance is an internal and external relationship
1, the stage of internal power and external gravity
When the industry has grown, and the formation of a more powerful capital platform, especially in the existing business into a relatively saturated and mature period, the ideal business leaders will be looking for new opportunities. Enterprise in solid and innovation and development of existing business, capital will flow to the optimistic about the next goal, the goal is to start the operation of the capital: on the one hand, you can choose from scratch, create a new project platform; on the other hand is through mergers and acquisitions or restructuring mode of "fast track" to obtain the project. This is the capital surplus brought about by the inherent investment momentum.
At the same time, the great opportunity brought by the evolution of industry has formed the external attraction of capital evolution. Especially in the past ten years, emerging industries and enterprises have emerged, bringing a lot of opportunities for mergers and restructuring. For these smart entrepreneurs, they will not easily let go. Rather than engage in a project from scratch, competing with others, it is better to use the means of capital and control the actual strength to eat out of the project or from a cup of soup.
2, the value balance between "capital" and "production"
However, despite the impulse to expand capital, but also can not eat". Lenovo and Fosun do, is to make trade-offs between income and risk, grasp the capital, production balance. Is to adhere to the industry or to the capital, or is "capital" and "production" interaction, all need to stand in the perspective of enterprise ontology to think about the problem.
For example, in Fosun and Lenovo in the whole process of the development of enterprises, are in the "capital" of "production" between the director of a spiral development process, not only to do every project do, and emphasizes the whole industry, but also to find and integrate new opportunities. In the "capital" "production" between the two enterprises is not a way to black, but the degree of relaxation, can be returned, sometimes for strategic needs, or even sell some items, in the long-term, medium-term and short-term seek a maximum value of the balance,
3, the instrumental value of Finance and the value of industry
From the real economy itself, finance is a means, not an end. The greatest value of capital is that it can provide a strong support for industrial growth. Simple virtual capital management, just bring a string of numbers aeriality. The essential purpose of an enterprise is to create commercial value. The essential purpose of the industry is to provide products or services directly to the materials of production and life. Therefore, the financial should play more instrumental value, but not as the pursuit of value, the pursuit of the value of industry is the most direct carrier.
In Europe and Japan, there is little in the prime of industrialist in the cause of the peak period of investment to descend the rapids of the river. Welch in GE, grove at Intel, Jobs at Apple, are standing month after month and year after year. Even IBM's Gerstner, who retired at the age of 59 before entering the private placement, became chairman of the Carlyle group.
Three foreign industrial model
Compared with the typical countries in the industrial countries, our industrialists and investors show a double green. In the foreign industrial development model, the most representative of the United States, Japan and germany.
1, the United States model: private investment in the main business services
The American model is a summary of the development model of commodity economy, which is highly efficient and beneficial to investment. In this model, the decision-making power of capital accumulation is mainly in the Private Companies, they are free to maximize the pursuit of short-term interests to maximize access to capital through financial markets.
The pattern of the enterprise in the American mode is: the core of the 500 large companies, surrounded by a large number of medium-sized enterprises, the edge of the tens of thousands of small businesses, private industrial enterprises are the main body of market activities. U.S. companies to raise funds, focusing on the issue of shares, bonds. The United States model of financial market development is relatively mature, the majority of citizens in the hands of holding the company's shares and bonds. There are many types of securities companies in the United States, the stock price is up and down, reflecting the quality of enterprise management, and promote industrial enterprises must pay attention to economic benefits.
2, the Japanese model: cross shareholding, to promote production
The main features of the Japanese model are: pay attention to the technological progress of enterprises, export led.
Japanese companies often have a close relationship with the government, through the industrial policy and economic plan to guide the operation of enterprises. Japanese companies to raise funds mainly rely on savings and bank financing is about 60% more than the commercial banks to provide, so in Japan, between the bank and the company, the company and the company is often cross shareholding, small investors strength is relatively weak.
This model makes the Japanese companies are usually more long-term vision, the Japanese model focuses on the interests of the enterprise, its main goal is to maximize market share and gain as much profit as possible.
3, the German model: banking services industry
The main features of the German model is the close relationship between banks and companies, bank shareholders and lenders in order to double the capacity of company supervision. Germany and Japan also attach importance to savings, banks in the absorption of deposits and loans to enterprises play a key role, while the stock, bond market, the power of social fund-raising is relatively weak.
Write in the end
One day, we may suddenly find that we have their own apple, SIEMENS, Panasonic pass, and the birth of China's Jobs and Inamori Kazuo, will become a nonsense.
In the future for quite a long time, China's economy to fight against risks in the global competition, make a difference, we must rely on the growth of industrial economy. To meet the "industrial development in touch the ceiling", entrepreneurs have less money, Chinese decadescontinue to "snowball" created "the primitive accumulation of capital, need to find a new way.
But what we need is not speculation, not a bubble, but the "capital" and "production" integration, is to use capital to make our industry stronger and stronger. No matter how, hope that after a few years, we go back to look at the history of this period is not a failed attempt, or is a bubble in the originator, but a new beginning of the industrial civilization.
Seek capital nature. Capital flows to areas of high profits, such as real estate, capital...... But the health of the financial industry behind the need to have a strong backing of the real economy, otherwise it is easy to produce a bubble. On the real economy itself, is a means of finance, rather than the purpose of the integration of capital is the ultimate way out. What you think?
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