王吉舟:黄光裕快乐起来的两个理由

引用本文:王吉舟.黄光裕快乐起来的两个理由[J].深圳特区科技,2006(11):43-44.
作者姓名:王吉舟
摘要:笔者记得身为首富的黄光裕曾坦言:我不快乐。一个坐拥百亿身家的人,还为什么说自己快乐不起来?是哗众取宠,还是另有隐情?抛开坐拥财富的数字,当年的黄,确实快乐不起来。编者按]
关键词:黄光裕,中国企业家,家电零售行业,国美集团
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笔者记得身为首富的黄光裕曾坦言:我不快乐。一个坐拥百亿身家的人,还为什么说自己快乐不起来?是哗众取宠,还是另有隐情?抛开坐拥财富的数字,当年的黄,确实快乐不起来。

笔者曾经做过一个对比研究,发现中国企业家的犯罪率是世界各主要经济体中最高的。中国大企业家的犯罪率,又是中国企业家中最高的。
这个潜规律所映射出的中国企业家生存与发展坏境,令所有企业家对出名有一种莫名其妙的焦虑感。事实是,成就越显赫,失败就越羞耻,那种等待蒙受耻辱的焦虑感,和为此不断与命运拼搏的挣扎感,使他们的生活内容充实,但却充满了痛苦。

在黄光裕这里,焦虑的根源来自于何方呢?

2004年,笔者在一篇针对国美的财务研究文章中说出了一个潜规则,就是所谓的连锁零售企业都会通过挤占贷款,来实现短融长投的秘密。国美在这方面玩到了极限,并且把长投的目标锁定到了房地产行业。
通过这些多方积累的研究成果,我们不难发现, 国美在2004年上市的时候,其实它的资金链条已经绷得很紧了,而且,上市的手法虽然十分高明,但是依然暴露出它实际上高估了数倍自己资产价值的秘密。
2004年的黄光裕,前有香港股民瞩目,后有财经专家解剖,上有国家领导体察,下有无数对手追赶,内有骨干员工跳槽,外有国美同业进逼。这种民意与政治的双重压力,或许是黄光裕在“鼓捣”上市,注水财富的过程中完全没想到的。那时的国美身上,还有不少污点,黄光裕能否幸免首富蒙羞的前车之鉴?他自己恐怕也没有答案,战战兢兢、如履薄冰,他如何能快乐的起来?

家电零售行业困境

今天的中国家电零售行业遇到了什么情况?
国美、苏宁、永乐、大中都发现了可以通过降价促销,拉拢顾客。但是,最终的结果是,顾客是得到了实惠了,但这些企业作为一个群体,面对的还是他们就算不降价也能得到的同样一些顾客。假如各企业联合起来,也许可以结束这种被被迫降价的日子,问题在于怎样才能组织起来采取行动。

国美赌局

家电零售企业都想摆脱这种困境。于是,国美的黄光裕开始行动。
2005年,黄光裕把苏宁、永乐、大中、五星的老总请到一起,他提议组成一个五人俱乐部。他甚至建议,这个俱乐部至少每个季度碰一次头,五个人谁也不带助手,就本人坐在一起畅所欲言。大家一起商量,避免在旺地重复开店,避免价格战。大家一起降低成本,提高利润率。
但是,经济学原理告诉我们,只要大家是独立的,只要大家不是一家公司,最终的博弈结果一定是重新回到困境。
事实也是这样,从第一次会议之后,五人俱乐部就再也没有聚齐过。与市场经济的规律相比,黄光裕的浪漫主义情结碰了壁,家电零售的博弈各方再次陷入了死拼消耗的困境。
盟主没有做成,黄光裕想出了另一个折中的办法,进口高档电器的价格战还没有打起来,利润率比较高,干脆把这块业务从蛋糕上切下来,重新做一个企业。于是,鹏润电器粉墨登场。

携手大摩,黄光裕品尝快乐的第一个理由

2005年,后起之秀上海永乐咄咄逼人,规模已经接近国美的1/3。而且,永乐地处经济最发达的长三角腹地,这里一直是国美最脆弱的地区。此时永乐得寸进尺,居然跑到国美的大本营北京来,与国美的世仇北京大中谈好了合并计划,上海的永乐加上北京的大中,就可以立即出现一个比国美更强大的竞争对手。已经有一个苏宁在侧的国美,实在无法接受即将出现的三足鼎立的局面。
2005年黄光裕面临的局面就像赤壁后的曹操,心情自然不会很好。
这时候,意想不到的情况出现了。作为永乐的战略投资者和最大流通股东的摩根士丹利开始介入纷争,这使得游戏结果超越了各方的预期——本来打算吞并大中的永乐,不但没有吃下大中,反而被国美一口吃掉。
很可能是摩根士丹利看到,即使力挺陈晓做大,成功收购大中,也无法改变困境,大家还是要继续恶性竞争。因为,谁也无法恶意收购国美,国美的股权结构具有黄光裕独立绝对控制的特点。所以,不如弃永乐,投国美,反过来帮助国美收购永乐和其他企业,帮助国美一统江湖。
一方面,永乐已经收购了灿坤等多家中小竞争对手,其对大中的情况也是了如指掌,吃掉它,可以说顺便解决了除了苏宁之外的所有对手。
另一方面,世界第一大投资银行摩根士丹利的加盟,使国美的股价与市值后顾无忧。
更重要的,摩根士丹利与国美一样,想促成中国家电零售行业的统一,结束困境,这使得敌意收购苏宁的弹药,也一次性地筹集充足了。苏宁的股权结构,使恶意收购,存在很大的可能。
2006年国美收购永乐的变局,和其后与摩根士丹利的合作,真是踏破铁鞋无觅处,得来全不费工夫。黄光裕第一次如此之近的看到了统一中国家电零售行业的希望。他感到如此快乐,以至于在收购吹风会上一直合不拢嘴。

修复形象,黄光裕品尝快乐的第二个理由

2006年10月,黄光裕出任中国EVD联盟主席,任命会上他笑得很开心。
这是一件十分特别的事情。
因为,EVD作为中国家电企业对抗日本企业HD-DVD的下一代影碟产品,其实与国美没有什么直接关系。首先,这个EVD联盟主要是碟机生产企业的事情,比如TCL、新科、上广电等等都有投资EVD。黄光裕的国美没有投资EVD一分钱,他的国美只是这些企业的下游零售商。其次,日本多家HD-DVD企业本身也是黄光裕的重要供应商。
那么,一向为人低调的黄光裕为什么在这个与其无关的事情上大张旗鼓、不惜得罪日本企业呢?
原因其实并不在EVD本身。
国美这些年,因为挤压上游供应商的贷款和利润,已经广泛树敌,可以说,所有的家电供应商都对国美既痛恨又离不开,防范国美的情绪普片存在他们一般与苏宁保持良好的企业间关系,而更喜欢与国美硬碰硬,就是牵制国美的一种明显迹象。
而国美也知道,只有与家电生产企业的管理系统进行电脑互联,双方库存、生产与销售实际情况实时互通,才是降低成本,提高服务水平的根本之道。但是,家电生产企业对国美的印象如此之差,要想跟人家电脑联网,恐怕是异想天开。
于是,修补与家电生产企业的关系,就是国美另一个走向快乐的突破口。
幸好,EVD联盟的出现,为黄光裕提供了一个舞台。作为中国EVD最大的投资者,房地产商张宝全对同样深入房地产行业的黄光裕十分熟悉。因此,他力顶黄出任主席,而自己屈居秘书长,就使双方各得其所。黄光裕,成为带领中国家电企业抗日的英雄,成了电器生产企业的大哥。张保全,拉到了家电零售霸主的支持,投资EVD也更加底气十足。
此一时彼一时,完成了积累的黄光裕,未来更加需要的,不是一两年的利润,而是行业竞争力和领先地位。因此,这些软资源的积累将是他通向未来的必由之路。
可以看到,2007年的黄光裕,将是一个越来越快乐的黄总。当然,如果吃掉苏宁,再能跟电器生产企业联网互动产销,他就将成为一个彻底快乐的人。
那时候,谁也不能是他诅丧,百思买也不行。

作者为中联国际投资控股有限公司总裁

英文翻译

Wang Jizhou: Two reasons why Huang Guangyu is happy

Quote this article: Wang Jizhou. Huang Guangyu’s two reasons to be happy [J]. Shenzhen Special Economic Zone Science and Technology, 2006(11):43-44.
Author name: Wang Jizhou
Abstract: The author remembers that Huang Guangyu, the richest man, once said frankly: I am not happy. Why does a person with a net worth of tens of billions say that he can’t be happy? Is it grandstanding, or is there another hidden agenda? Putting aside the numbers of wealth, Huang was indeed not happy back then. Editor’s note]
Keywords: Huang Guangyu, Chinese entrepreneur, home appliance retail industry, Gome Group
This document has been included in VIP, Wanfang Data and other databases!

The author remembers that Huang Guangyu, the richest man, once said frankly: I am not happy. Why does a person with a net worth of tens of billions say that he can’t be happy? Is it grandstanding, or is there another hidden agenda? Putting aside the numbers of wealth, Huang was indeed not happy back then.

The author once conducted a comparative study and found that the crime rate of Chinese entrepreneurs is the highest among the world’s major economies. The crime rate among China’s big entrepreneurs is the highest among Chinese entrepreneurs.
This unspoken law reflects the poor survival and development environment of Chinese entrepreneurs, making all entrepreneurs feel an inexplicable anxiety about becoming famous. The fact is that the more prominent the achievement, the more shameful the failure. The anxiety of waiting for humiliation and the constant struggle with fate make their lives fulfilling but full of pain.

In Huang Guangyu’s case, where does the source of anxiety come from?

In 2004, the author revealed an unspoken rule in a financial research article on Gome, which is the secret that so-called chain retail companies will squeeze out loans to achieve short-term financing and long-term investment. Gome has gone to the extreme in this regard and has targeted the real estate industry as a long-term investment.
Through these accumulated research results, it is not difficult to find that when Gome was listed in 2004, its capital chain was already very tight. Moreover, although the listing method was very clever, it still revealed that it was actually very high. The secret to estimating the value of your assets several times.
In 2004, Huang Guangyu was watched by Hong Kong stockholders before, analyzed by financial experts later, observed by national leaders above, and pursued by numerous rivals below. Key employees internally quit, and externally, peers from Gome came to press him. This kind of dual pressure from public opinion and politics may be something Huang Guangyu never expected when he was “tinkering” to go public and inject wealth. At that time, there were still many stains on Gome. Can Huang Guangyu avoid the rich man’s humiliation? I’m afraid he himself doesn’t have the answer. How can he be happy when he is trembling and walking on thin ice?

Difficulties in the home appliance retail industry

What situation is China’s home appliance retail industry encountering today?
Gome, Suning, Yongle, and Dazhong have all discovered that they can attract customers through price reduction promotions. However, the end result is that customers get benefits, but these companies as a group are still facing the same customers they can get even without lowering prices. If companies join together, they may be able to end the days of being forced to cut prices. The question is how to organize and take action.

Gome Gambling Bureau

Home appliance retail companies want to get rid of this dilemma. So Huang Guangyu of Gome took action.
In 2005, Huang Guangyu invited the bosses of Suning, Yongle, Dazhong, and Five Stars together, and he proposed to form a five-person club. He even suggested that the club meet at least once a quarter, and that the five people sit together and talk freely without any assistants. Let’s discuss together to avoid opening multiple stores in prosperous areas and avoid price wars. Let’s work together to reduce costs and increase profit margins.
However, economic principles tell us that as long as we are independent and not a company, the final result of the game will definitely be back to the predicament.
It was also true that the Club of Five never came together again after that first meeting. Compared with the laws of the market economy, Huang Guangyu’s romanticism hit a wall, and all parties in the home appliance retail game once again fell into the dilemma of desperate consumption.
The alliance leader failed, so Huang Guangyu came up with another compromise. The price war on imported high-end electrical appliances had not yet started, and the profit margin was relatively high. He simply cut this business from the cake and started a new enterprise. Thus, Pengrun Electrical Appliances made its debut.

Joining hands with Dalmore, Huang Guangyu’s first reason to enjoy happiness

In 2005, Shanghai Yongle, a rising star, was aggressive and its scale was close to 1/3 of Gome. Moreover, Yongle is located in the hinterland of the Yangtze River Delta, the most economically developed area, which has always been the most vulnerable area in the United States. At this time, Yongle pushed even further and even went to Beijing, the headquarters of Gome, and negotiated a merger plan with Beijing Dazhong, Gome’s feud. Shanghai’s Yongle plus Beijing’s Dazhong would immediately create a more powerful competitor than Gome. Gome, which already has Suning on its side, really cannot accept the upcoming three-legged situation.
The situation Huang Guangyu faced in 2005 was like Cao Cao after Red Cliff, and he was naturally not in a good mood.
At this time, an unexpected situation occurred. As Yongle’s strategic investor and largest circulating shareholder, Morgan Stanley began to intervene in the dispute, which made the outcome of the game exceed the expectations of all parties – Yongle, which originally planned to annex Dazhong, not only failed to acquire Dazhong, but was instead swallowed up by Gome Eat.
It is likely that Morgan Stanley saw that even if it supported Chen Xiao to grow bigger and successfully acquired Dazhong, it could not change the predicament and everyone would still have to continue vicious competition. Because no one can make a hostile takeover of Gome. Gome’s shareholding structure has the characteristics of Huang Guangyu’s independent and absolute control. Therefore, it is better to abandon Yongle and invest in Gome, which in turn will help Gome acquire Yongle and other companies and help Gome unify the world.
On the one hand, Yongle has acquired many small and medium-sized competitors such as Tsann Kun, and it also knows the situation of Dazhong very well. By eating it, it can be said that it has solved all its opponents except Suning.
On the other hand, the joining of Morgan Stanley, the world’s largest investment bank, has made Gome’s stock price and market value worry-free.
More importantly, Morgan Stanley, like Gome, wants to promote the unification of China’s home appliance retail industry and end the predicament. This makes it possible to raise sufficient ammunition for a hostile takeover of Suning. Suning’s shareholding structure makes hostile takeovers very likely.
The changes in Gome’s acquisition of Yongle in 2006, and the subsequent cooperation with Morgan Stanley, really made it impossible to find anything, and it took no effort to get it. For the first time, Huang Guangyu saw the hope of unifying China’s home appliance retail industry so closely. He felt so happy that he kept grinning from ear to ear during the acquisition briefing.

Repairing the image, Huang Guangyu’s second reason to enjoy happiness

In October 2006, Huang Guangyu became the chairman of the China EVD Alliance. He smiled happily at the appointment meeting.
This is a very special thing.
Because EVD, as the next generation video disc product of Chinese home appliance companies to compete with Japanese companies HD-DVD, actually has no direct relationship with Gome. First of all, this EVD alliance is mainly a matter of disc player manufacturers, such as TCL, Xinke, Shanghai Radio and Television, etc., all have invested in EVD. Huang Guangyu’s Gome has not invested a penny in EVD. His Gome is just a downstream retailer for these companies. Secondly, many Japanese HD-DVD companies are also important suppliers to Huang Guangyu.
So, why did Huang Guangyu, who has always been low-key, make such a big deal about this unrelated matter and did not hesitate to offend Japanese companies?
The reason actually does not lie in EVD itself.
In recent years, Gome has made many enemies by squeezing loans and profits from upstream suppliers. It can be said that all home appliance suppliers hate Gome and cannot live without Gome. They generally maintain good relations with Suning to guard against Gome’s general sentiment. relations between enterprises, and prefers head-on confrontation with Gome, which is an obvious sign of containing Gome.
Gome also knows that the only way to reduce costs and improve service levels is through computer interconnection with the management systems of home appliance manufacturers and real-time exchange of actual inventory, production and sales conditions between the two parties. However, home appliance manufacturers have such a bad impression of Gome that it would be unreasonable to want to connect other people’s computers to the Internet.
Therefore, repairing the relationship with home appliance manufacturers is another breakthrough for Gome to become happy.
Fortunately, the emergence of the EVD Alliance provided a stage for Huang Guangyu. As the largest investor in EVD in China, real estate developer Zhang Baoquan is very familiar with Huang Guangyu, who is also deeply involved in the real estate industry. Therefore, he pushed for Huang to be the chairman, while he was subordinated to the secretary-general position, so that both parties got what they wanted. Huang Guangyu became the hero who led Chinese home appliance companies to resist Japan and became the eldest brother of the electrical appliance manufacturing companies. Zhang Baoquan has won the support of the home appliance retail overlord, and he is more confident to invest in EVD.
Now and then, Huang Guangyu has completed his accumulation. What he needs more in the future is not profits in one or two years, but industry competitiveness and leading position. Therefore, the accumulation of these soft resources will be his only way to the future.
It can be seen that Huang Guangyu in 2007 will be an increasingly happy Mr. Huang. Of course, if he eats Suning and can interact with electrical appliance manufacturers on the Internet for production and sales, he will become a completely happy person.
At that time, no one could blame him, not even Best Buy.

The author is President of China United International Investment Holdings Co., Ltd.

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