In the growth period of enterprises, there are more investments. On the cash flow statement, investment activities pay a large proportion of cash flow, and financing activities receive a large proportion of cash flow. In the mature stage of the enterprise, the operation is stable and profitable, so the cash flow received from operating activities accounts for a large proportion. During the period of enterprise recession, the operation is unfavorable, even losing money, and the net cash flow received from operating activities is very small, even negative. The cash flow paid by investment activities is almost zero, and the cash flow received by investment activities accounts for a large proportion of the cash flow received by possible disposal of fixed assets. Haier is now in a mature stage: in 2009, Haier's global turnover exceeded 60.2 billion yuan, 65.438+0.7 million times that of 2008; Export earned 420 million US dollars, a year-on-year increase of 50%. Haier 17 started a business and approached the top 500 in the world. Haier's internationalization urgently needs a financial accelerator. The industry pointed out that without the support of financial companies, Haier could not become the top 500. International experience shows that the integration of industrial capital and financial capital is the best way for enterprise groups to accelerate their international development. More than two-thirds of the Fortune 500 companies have their own financial companies. GECapital is the largest financial company in the world, with a profit of $5.2 billion in 2000, accounting for 465,438+0% of GE's total profit, second only to Citibank among the top 500 service enterprises. In addition, GM, Ford, Motorola, Siemens, Intel, Toyota and so on. All of them have realized the combination of industry and finance and the development of * * * through financial companies. The financial companies established by these enterprise groups have a wide range of business, involving internal fund management, consumer credit, buyer's credit, seller's credit, equipment financing lease, insurance, securities issuance and investment. And they have strong profitability and become an important part of the group's business. It is in this context that Haier can't wait to set up a finance company. Zhang Ruimin said that at present, the sample of Haier Finance is GE, with an annual cash income of more than $654.38+02 billion, of which finance accounts for half, and the profit and growth rate mainly come from this piece. However, GE does not develop finance in isolation from industry, but combines industry and finance well, such as its leasing and consumer credit. In addition, GE's global capital "does not land for 24 hours", which is the place that Haier yearns for. "Products pursue zero inventory, and so does capital," said Li, former head of the Capital Outflow Division. "For example, the group has a capital flow of 3 billion yuan, and now I can put 2.5 billion of it in other places where it can add value, leaving only 5 billion yuan for the group. However, the question that financial companies should study now is whether the reasonable reserve on the account should be kept at 500 million or 200 million. Of course, the less the better, but what if there is a payment crisis? " In fact, the biggest significance of Haier's entry into the financial industry is to give Haier a place to run its considerable cash flow. According to figures provided by Haier, the turnover rate of the Group's current assets has obviously accelerated, from 1 18 days in 2008 to 79 days in 2009. The annual capital throughput is as high as 1000 billion yuan, and the average daily settlement is 300 million yuan. As a high-quality customer, Haier has always been the focus of competition among major banks. The establishment of a finance company by Haier made the major banks nervous and had to readjust their relationship with Haier. In the eyes of banks, Haier Finance Company is not only a partner, but also a competitor.