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Introduction介绍
2004年10月，百富排行榜新鲜出炉，35岁的国美电器黄光裕凭借国美电器在香港“借壳”上市成功，以105亿元的个人身价跃居新西兰大陆新首富，其财富增值比2003年增加5倍，在利润率很低的商品零售业，黄光裕用什么策略在短时间内创造了新西兰的一个财富神话成为人们关注的焦点。实际上，长期以来业界对于国美等家电零售企业资金状况、应收账款以及运营模式都不是很了解，因为国美等企业在这些问题上都是相对保密的。
October 2004 , Hurun list of freshly baked , only 35 -year-old head of Gome Huang Guangyu, Gome in Hong Kong with a "backdoor " market success , with a personal fortune of 10.5 billion yuan in the mainland ranked New Zealand 's richest man its wealth of value-added increased by 5 times more than in 2003 , at the low profit margins of retail goods , Huang Guangyu what strategies in a short time created a myth of wealth in New Zealand has become the focus of attention. In fact , the industry for a long time , such as home appliance retailers Gome capital position , receivables and operating modes are not very understanding , because the United States and other enterprises on these issues are relatively confidential.
国美电器有限公司成立于1987年1月1日，是一家以经营各类家用电器为主的全国性家电零售连锁企业，公司最初只是北京珠市口一家面积不足100平方米的电器店，但本着“创新务实、精益求精”的企业理念，依靠准确的市场定位和薄利多销的经营策略，得以蓬勃发展。
GOME Electrical Appliances Co., Ltd. was established in January 1, 1987 , is an operating various types of household appliances based national appliance retail chain enterprises , the company initially Beijing Zhushikou an area of less than 100 square meters of the appliance store, but the spirit of " pragmatic innovation, excellence "business philosophy , relying on accurate market positioning and puerile business strategy, to flourish. In 1992, the United States initially established a chain of business strategy ; 1995 , Gome from a mall into a 10 ; 1996 , the United States quickly adjust the main structure by a simple operation of imported goods began to shift to domestic and joint venture brands dominated ; in 1999 the country began to expand , has worked in Tianjin, Shanghai and other 40 cities in the deployment of more than 160 stores ; 2004 , the United States opened stores in Hong Kong , the United States taking the pace towards the international market . At present , Gome has become well-known trademarks in New Zealand , the New Zealand market sold 100 units per color television , and there are 15 units from the United States . In the Ministry of Commerce announced the top 30 in 2003 in New Zealand chain , Gome to 17.99 billion yuan in annual sales ranked third , while ranked first home appliance chain .
2006年7月，黄光裕又成为各大报纸的头版人物。国美与永乐在香港联交所发布了联合公告，国美以52．68亿元吞并永乐，合并后黄光裕占新公司51．2％的股份，任新公司董事局主席。
July 2006 , Huang became the major figure on the front page of the newspaper. Gome and Yongle issued a joint announcement on the Hong Kong Stock Exchange , Gome Yongle annexation to 5.268 billion yuan , accounting for 51.2% of the combined Huang Guangyu of the new company , he served as Chairman of the Board of Directors of the new company. So far , New Zealand home appliance retail giant surfaced. In the just-released 2006 Hurun list, Huang Guangyu ranked second with 20 billion yuan . What strategies in a short time created a myth of wealth in New Zealand ; article attempts from a financial point of view, the commodity business value chain Gome , money management and capital management for detailed analysis , to explore the mysteries of their business success.
With the rapid development of the globalization process acceleration and management of economic activities of human society gradually from an industrial economy to a knowledge economy changes , companies are facing the business environment and management model has undergone enormous changes , and asked companies to compete there have been many new features. Changes in business strategy and marketing concept of competition is bound to lead to changes in business management theory, and financial management is a very important content.
The current financial analysis , not only in content and form to the performance of the single currency and quantity, but some of the jobs and the process artificially separated, so that each department has the potential to single -sided emphasis on sector performance , or simply improve existing business processes is not conducive to a comprehensive and coordinated across the enterprise to improve management , to maximize corporate profits . For this reason, financial analysis necessary changes to adapt to the new efforts . More and more companies recognize the importance of the value chain analysis of the theory of corporate finance , and will apply it to the production practice, carried out fruitful exploration.
On the surface, supporting the United States is rapidly expanding its low-cost marketing strategies , in fact, is its unique value chain system . Broadly speaking, can be divided into three levels: ( 1 ) in the industry and its on the downstream value chain linkages between enterprises ; ( 2 ) the enterprise's internal value chain system ; in all sectors between ( 3 ) Enterprise Group associated value chain. They formed a complete business value chain system, the core business value chain operations is not overly concerned about the size of a particular aspect of profit , but the ability to grasp the whole enterprise profitability . Through the United States to resolve the financial operations of the value chain , we can see its hidden behind the little-known source of profit .
The United States as the retail end of the downstream business , which is mainly reflected in the competitive viability of its strong value chain , scale advantages , underwriting , custom and other business tools, as well as good for the United States to win the goodwill of more resources to support the manufacturers , also allows a lower price point the fundamental guarantee . Specific performance:
( 1 ) low-cost procurement. In the current competitive environment, appliance business to increase their profits is simply to reduce procurement costs and reduce operating costs two roads . The United States in the early pioneering initiative on " underwriting " system , a unique supply model, get rid of all the middlemen , direct contact with the manufacturers. Purchase directly from the manufacturers and scale procurement support ' ability to bargain " that allows the United States to win the relatively much lower purchase price , the United States is none other sales to provide effective protection to the United States brought a strong competitive edge . Reflected in the market , the price Gome appliance products generally lower than other retailers , thus capturing market initiative , puerile , more sales into huge profits .
( 2 ) the end of the rebate . In the oversupply of the market environment , many manufacturers in order to encourage sales, often in the form of rebates to the end of a regular profit to purchase a large quantity of merchants. Big rebates obtained by the end of the chain more generally in the 0.5% - between l%, the more sales , get none bigger. Like the United States market share against competitors in order to achieve the purpose of the purchase fare is no longer sold by way of making a profit , is basically based on the purchase price to sell , sometimes even into the sales upside down . While they rely on big sales take year-end rebates from manufacturers, more importantly, their eyes are manufacturers of various fees charged to make money . For most non- high-end appliances , such as for televisions, air conditioning units , refrigerators , Gome 's profit is absolutely not earn the difference, they asked local manufacturers to offer the lowest purchase price . However, in order to meet this price to sell ; due to solid year-end rebates according to point the United States, so the manufacturers have to pick up a little higher on the purchase price , or certainly to lose money . But no matter how you rise , the United States must be to get the lowest , if they see lower prices in the region , will immediately reduce the price to that level , and then require manufacturers at this price settlement . End rebate is one of the basic sources of the United States of profits.
( 3 ) the manufacturer to launch exclusively for the machine . In the era of product shortages , the manufacturer is undoubtedly mastered the absolute " right to speak " , the flow of business in order to gain a proxy manufacturers of new products , Yang had their breath . However , in recent years, as market competition intensifies, the consumer electronics market began to mature. - Batch excellent chain distribution companies after several years of rapid development, has grown into the home appliance market force to be reckoned with , with Gome, Suning, as the representatives of the major professional home appliance chain enterprises is particularly eye-catching , and the small channel retail chosen to lose the advantages of living in a corner of the market . With the gradual expansion of the flow of business relations between manufacturers undergone a subtle change in the interests of both parties to maintain ties become . Now vendor relationships , neither in the past manufacturers call the shots , compete with each other , unlike manufacturers separation, mutual cooperation relations , but more performance as a competing relationship . Mutual use of interdependence , in the interests of bond together seeking a " win-win ."#p#分页标题#e#
United States purchases from manufacturers generally make such a claim, provided the product must contain "special machine", "General machine" and " machine designed for " three types. " Exclusively for the machine" refers to the United States to get a brand or a brand of some models of regional monopolies , such as Gome said the main push Konka , Prima and other home appliances . Monopoly goods generally can guarantee 15% of the gross margin , 25-5% higher than general merchandise. So the method is that the United States out of the operation of all the human, material and financial resources the main push of a brand or a brand of some models , the rapid increase its sales , manufacturers increased the amount in a short time back . This will form a virtuous circle , the greater the volume , the higher the degree of monopoly policy and manufacturers to the right .
Financial Analysis Value Chain transverse财务分析价值链横向
Gome 's success mainly in the retail operating level of maturity , but not enough in just 20 years the achievement of a net worth billions continent 's richest man . Huang led a group of companies is reflected in the mature grasp industry development direction. Group of companies take advantage of the division of the industry value chain to start operations in different industries , through the complementary advantages between the industry , the sharing of resources , to achieve win-win development expansion and achieve synergies 1 +1 > 2, and enable enterprises to embark horizontal linkages , vertical path of development . Specific features:
( 1 ) real estate development. Eagle Group , including Gome , Eagle real estate and Peng Thai investment . Eagle Group believes , can complement each other between the real estate and home appliance retail , resource sharing , they think short-term cash flow , but the retail profits thin, long-term precipitation estate funds , but once the sale starts , you might get a higher profit immediately . Eagle Group is very good at taking advantage of this synergistic effect , starting in 1996 , Gome Huang Guangyu use brings strong cash flow , began to get involved in real estate, improve the ability to obtain cash and ROI , to achieve maximum added value . Huang worked in a media expressed , for the entire Eagle Group , the real estate and capital operation where profit is high . On the one hand , Gome provide both real estate and capital management business is large enough cash flow ; on the other hand , the expansion in the real estate commercial real estate in particular, Gome will greatly reduce operating costs. Because the retail operating costs is the biggest one shop rent to an annual turnover of 100 million yuan in the store , for example, its annual rental cost of up to 300 million yuan, to use his own commercial real estate , the United States can significantly reduce operating costs, which its other rivals to provide a strong guarantee. And the United States is different, the global retail giant Wal-Mart experience in dealing with this part of the costs is the first site to buy and sell land for development level , and then renting it as retail stores.
Eagle real estate basically do apply Gome appliance way to do real estate . 1996 started the construction area of 340,000 square meters of " Pengrunjiayuan " sales income of 20 billion yuan; followed by the development of rental business based in the largest single capital , with a super- star luxury hotel , the roof construction there are two helipads office headquarters in one country, the United States , " Eagle Tower " ; 2004 investment in the construction Beijingdongsi located outside the ring , an area of one million square meters of "United States City ." The first city in the United States January 1, 2005 opening, the price per square meter between 5,000 yuan to 5,500 yuan , nearly a thousand dollars lower than the surrounding prices . Obviously . This real estate project directly borrowed from the "United States" brand.
( 2 ) Capital Management . Experienced aground and H shares listed A shares listed on the long wait , in February 2002 , Huang spent HK $ 135 million capital automation RTO Hong Kong listed company , which changed its name to New Zealand after the Eagle Group , the main business real estate, capital markets sent the Gome 's dream has finally come true . June 7, 2004 New Zealand Eagle Group invested 8.8 billion yuan , Gome 22 cities acquired a 65% stake in Gome stores in 94 assets , the book value of equity only 2.4l billion, a premium of more than 30 times . If the calculated earnings at the end of 2005 the country was 178 million yuan net profit pod appliances , then the acquisition of up to 49.4 times earnings . The capital operations in the industry despite leaving the " left hand down the right hand " argument , but Gome Eagle Zealand has successfully backdoor listing in Hong Kong curve , the main business of the Eagle into electrical retail real estate , and renamed "Gome holding Gome (0493HK) ".
After completion of this capital operation , Huang Guangyu solve two major problems : ( 1 ) a long time to solve the problems of Gome funding problems. ( 2 ) the wealth of cash. September 28, 2004 , the largest shareholder Huang Guangyu, Gome placing his mastery of 240,000,000 shares, cash of nearly $ 1 billion ; December 15, 2004 , Huang Guangyu since the implementation of the Second Placing backdoor listing via ABN AMRO Luo Hill placing 220 million shares ; cash of HK $ 1.375 billion stake will fall to 74.9 percent the previous 65.5% .
And complementary advantages between industries, resource sharing, the lateral expansion of the value chain and win-win development scale is different , special internal value chain Gome operates mainly in the expansion of its chain , engaged in a variety of aspects of expansion and profit squeeze money through .
Rapid expansion ( 1 ) chains . For the majority of appliance vendors , how to meet the huge demand for funds has become in the future a new contest . Because in the current competitive environment, appliance business to increase their profits is simply to reduce procurement costs and reduce operating costs of these two methods , and these need to scale - only to realize the scale of procurement have the strength of lower prices from suppliers , only achieve economies of scale to be able to reduce the cost of sales of sales . In fact , the rapid expansion of the chain itself is an increase in earnings of the road. By convention , the United States would like to producers of new stores receive new store opening costs, store opening costs for each brand are subject to an average of 6,000 yuan, while a Gome stores at least 200 brands alone open a new store there are 1.2 million yuan richer. For this reason the United States needs to spend just a property lease costs and staff expenses. Even in the property leasing costs and staff Expenses these two aspects , the United States still have to circumvent the room , because the United States strong market appeal, the United States of property leasing costs can be paid at a later period of operation , while personnel costs can require the production company accredited promoters to resolve. After take evasive measures , the United States on the one hand to reduce the company's own personnel expenses ; hand and can charge a lot of money marketing personnel management fee to each company .
( 2 ) electrical fittings and self- appliance sales . Sell black appliances ( especially TV ) does not make money , but to earn popularity. Want to make money , they rely on selling small accessories like batteries, antennas, headphones , tape, etc. . Because customers generally do not compare to the price of these products , but also urgently , most are willing to buy it together . These small appliances have higher profit , sales in an increased profit also substantial. Since appliances such as margins refrigerators, air conditioners , microwave ovens is not low , small appliances even more high, coming in a 30 yuan 90 yuan fan can be sold , the profit margin of up to 200 %.
Sales ( 3 ) digital products . United States started to sell home appliances , but with the continuous improvement of people's consumption level in the changing hard propensity to consume , sell alone can not fit the traditional home appliances , " according to market changes: coupled with the fierce market competition , the traditional home appliance industry meager profits. From the current development trend, with mobile phones, computers , led by sales of digital products has increased significantly , this part of the product margin is much larger than the traditional home appliances, Gome high hopes for the future source of profits . In the mobile phone business , for example, despite the introduction of the mobile phone business when Gome "Japanese J relatively short, but very rapid development momentum . 2003 1-10 months , the United States handset sales revenue , sales volume increased by 78.5% and 75.4% over the same period in 2002 , the United States is the country 's fastest-growing business. August 2005 , the Ministry of Information Industry, Gome was named "national phone ten hypermarkets " phone home appliance supermarkets become mainstream distribution channels , it is an indisputable fact. So the United States is also expanding business varieties , appliances extends to PC, mobile phones, digital cameras and other products from IT .
( 4 ) the purchase price squeeze profit. Some say that the real profit is not the retail sales of goods alone , but by earning negative interest rates . General for the United States to 90 days the period end models , if three months of sales models do not yet , one day sales of 10 million words , 90 days had 9,000,000 yuan , the United States has always had large hands on cash flow , the existence of this part of the money in the bank , not only do not pay interest on loans , but there is a steady stream of interest on deposits . In a sense, the United States has been successful in the operations of the commodity into a short-term monetary operations.#p#分页标题#e#
Successful companies need to pay attention to the issue behind企业成功背后需要注意的问题
The rise of the United States , some say it is the commercial capital of the extraordinary operation ; Some say it is a model of "professional + chain management" ; Some people say it 's a successful business is the production and circulation enterprises to victory . However, compared with foreign supermarket chain giant Wal-Mart business , we consider it necessary to remind the United States pay attention to the following points:
A tense relationship between suppliers and . In the interests of merchants and manufacturers should be " win-win" outcome , which is the basis of Wal-Mart to build a good relationship with a number of large suppliers. Wal-Mart's "grown up " because it uses a lot of logistics, information flow, capital flow scale brought about by improving their efficiency under the premise of acquisition , while the United States is still a lack of management of logistics, capital flow , such as a complete , systematic , which is the core of a successful squeeze manufacturing profits thus " none " to consumers, but extremes meet , Gree , Electrolux and other manufacturers of exit is threatened .
Second, the internal management capacity. Wal-Mart chain and scale but its successful appearance rather than substance , based sustainable competitive advantage is the internal management and control capabilities. Although the United States as early as 1998 to summarize ten years of development experience , introduced the " United States Management Manual ." However, the rapid expansion in recent years to see , the United States internal management capability is still possible to keep up with the rate of expansion of the scale ; such as on management mode, the shadow of the United States with a strong family business , Mrs. Huang Guangyu , sister and brother- in United States top management office. With the expansion of the network of the United States , as well as two, three continue to penetrate the market , based on the division of control in the waning , and have all kinds of money supply and structures such as lack of coordination, rapid expansion of the organizational structure , staff tried to expand , management and skills shortages , processes and systems is not complete and other conflicts and problems. May 2003 Gome all middle management shake-up, as evidenced by frequent personnel changes . This is likely to be traced and jeopardize the overall development of enterprises, the victory achieved by the United States currently are more compared to competitors , and entrepreneurs to seize the opportunity and business innovation victory does not mean that the United States has continued to compete advantage.
Conclusion结论
The current financial analysis , not only in content and form to the performance of the single currency and quantity, but some of the jobs and the process artificially separated, so that each department has the potential to single -sided emphasis on sector performance , or simply improve existing business processes is not conducive to a comprehensive and coordinated across the enterprise to improve management , to maximize corporate profits . For this reason, financial analysis necessary changes to adapt to the new efforts . More and more companies recognize the importance of the value chain analysis of the theory of corporate finance , and will apply it to the production practice, carried out fruitful exploration.
On the surface, supporting the United States is rapidly expanding its low-cost marketing strategies , in fact, is its unique value chain system . Broadly speaking, can be divided into three levels: ( 1 ) in the industry and its on the downstream value chain linkages between enterprises ; ( 2 ) the enterprise's internal value chain system ; in all sectors between ( 3 ) Enterprise Group associated value chain. They formed a complete business value chain system, the core business value chain operations is not overly concerned about the size of a particular aspect of profit , but the ability to grasp the whole enterprise profitability . Through the United States to resolve the financial operations of the value chain , we can see its hidden behind the little-known source of profit .
The United States as the retail end of the downstream business , which is mainly reflected in the competitive viability of its strong value chain , scale advantages , underwriting , custom and other business tools, as well as good for the United States to win the goodwill of more resources to support the manufacturers , also allows a lower price point the fundamental guarantee . Specific performance.
The management system and governance of each and every organisation is accountable for the maintenance of the organisation’s strength and survival in the stiff competition in the business world. The role of the governance imposed by the organisation as a whole should always be open minded for the occurrences of changes in order to adjust and cope with the tremendous development that are happening in the internal and external environment of the organisation. With the constantly changing environment, many people especially those in the working organisation find themselves normally adapting. This is because change can bring many improvement and development in different aspects of competency. In many ways, change can make work easier, pave the way for future innovations or generally improve people’s lives. Similarly, change has been adapted by various work organisations for varied reasons.
Important changes in the understanding and management of corporate governance and its impacts on businesses have been developed in the past 10 to 15 years. Various researchers, practitioners and policymakers now acknowledge that corporate governance and its impacts on businesses can be conceptualised from a functional perspective and that appropriate interventions involve the development of alternative measures to cope up. It was also noted that the establishment of a conducive environment for learning and training as an integral component of corporate governance have served effectively in implementing organisational change strategies for transformation. At present, this philosophical shift has extended to various settings, including multinational companies and organisations. Directors here have recognised that some employees do not have the skills and behavioural repertoires necessary to cope with the many expectations and challenges of corporate governance. Hence, these employees may have the tendency to remain contented with their mediocre performances as their alternative way of mitigating these expectations.
Corporate governance pertains to the set of policies that are established in order to make influence in the manner in which an organisation or company is managed, governed or operated. The execution of corporate governance leads to the efficient and effective implementation of the policies and tasks necessary to satisfy a firm's customers, employees, and management. It also focuses on the careful management of the processes involved in the relationships among all the stakeholders involved (Bhattacharya, 2000).
More often than not, small companies don't really have the capabilities to implement corporate governance. Instead, these companies engage in activities that various schools of management typically associate with the implementation of corporate governance. These activities include the establishment of rules, policies for decision-making, monitoring and evaluation.
However, corporate governance deals with all operations done within companies and organisations. Activities such as the management of responsibilities, the control of operations, logistics and evaluations are often related with corporate governance. A great deal of emphasis lies on the efficiency and effectiveness of processes. Therefore, corporate governance includes the analysis and management of internal processes.
The Body Shop will be the model business entity that will be used in this research based on their history in corporate governance.
A known British chain of cosmetic stores called “Body Shop” which is found almost all over the world shows tremendous success in previous years is also the company The Body Shop International plc. Actually, The Body Shop agreed to a £652 million takeover offer by a French cosmetics group L'Oréal on 17 March 2006. The Body Shop was founded by Anita Roddick, distinguished for selling its own line of products not tested on animals, and produced in an ecologically sustainable approach (wikipedia, 2006).
The Body Shop aims for sustainable growth as a broad market leader in cosmetics as well as for segment leadership. In both cases, the brands of The Body Shop will play a crucial part. The Body Shop is able to establish its broad leadership usually by merging with other strong cosmetics companies and their products, which are then combined into a new, larger company. Offering training to its employees, improving the company operations, and the introduction of new beauty products and technologies then reinforces the positions of the various products of The Body Shop. This practically results in economies of scale that is able to create a distribution network for both its local and international products. If a market is already in the control of other companies, The Body Shop devotes its attention towards the development of a premium segment with its various beauty products.#p#分页标题#e#
Any business organisation fundamentally exists because it has certain responsibilities to fulfil for the people in the community as well as the various entities comprising it. The organisation has its human entity ranging from the staff, to the managers, board of directors, stakeholders, suppliers and so forth. All these groups have their own set of functions that contribute to the determination of the business goals, the delivery mechanisms of goods and services, and the operational patterns within the organisation. Furthermore, business organisations are part of the larger society where the markets and consumers are targeted and derived. The complexity of the internal and external surroundings of the business necessitates crucial deliberations and decisions in order to ensure the effective and continuous affairs of the organisation. The overall management of the internal and external affairs of the organisation is what basically forms corporate governance.
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