There are many domestic researchers on the theory of capital operation, so I don't want to explain it too much here. But in practice, people do feel the narrowness, misunderstanding and even demonization of capital operation. Below, I will share with you seven misunderstandings of capital operation. Come and have a look!
Capital operation affects industrial development.
There is a saying that capital operation will affect industrial development, but the actual situation is just the opposite, that is, capital operation is an important means to promote industrial development. Therefore, while vigorously developing industry, we must not forget the operation of capital. For example, many enterprises in our country have good deposited assets, but they don't? Begging with a golden bowl? Because they don't know how to use the existing resources for capital operation, and they don't know how to revitalize and realize the precipitated assets. In fact, as long as the leaders of these enterprises know a little about capital operation, the development of enterprises will embark on a completely different and good development path.
During the period of 1999, Exxon and Mobil merged to become the largest companies in the world, ranking first among the top 500 companies in the world for four consecutive years. Wal-Mart was originally a slow-growing entity, with only 38 stores in 30 years. However, after listing, 1 160 stores were opened, and the company ranked first among the top 500 companies in the world for many years. It can be seen that the proper use of capital operation means will not only hinder the development of the real economy, but will promote its rapid development.
At present, the main problem in China is that the real economy lags behind, because of the excessive operation of capital.
Some people say that China's capital operation has gone so far that the virtual economy has surpassed the real economy. This situation will easily lead to a bubble and bring great risks to China's economy. I think this judgment is wrong. The actual situation in China is precisely that capital operation is the short board of economic development. At the national level, it is not that there are fewer entities in China. It is precisely because many entities do not understand capital operation that they restrict their own development. Most enterprises in China are still entity enterprises. China didn't see many financial products in the United States. On the contrary, the financial monopoly situation has not changed for a long time. Therefore, the current situation in China is how to break the financial monopoly and make underground funds sunny. There is no financial bubble and no excessive virtual economy.
At the same time, in terms of overseas capital operation, PricewaterhouseCoopers recently released a report saying that in 20 1 1 year, the amount of M&A transactions of China enterprises reached a record high: the number of overseas M&A transactions of China enterprises reached a record 207, up by10% year-on-year; The total transaction amount reached US$ 42.9 billion, up12% year-on-year; Compared with 12 in 20 10, and 20 10/year, Chinese enterprises * * * disclosed 16 overseas M&A transactions, and the transaction amount was more than10 billion US dollars. The 14 transaction involves the field of resources and energy. 2012,65438+10, a large number of overseas mergers and acquisitions of China enterprises included: Sany Heavy Industry bought Putzmeister in Germany for 324 million euros, Guangxi Liugong bought the construction machinery division of HSW, the largest Polish construction machinery enterprise in Eastern Europe for 335 million euros, Shandong Heavy Industry bought 75% controlling stake of Italian luxury yacht giant Ferrari Group for 374 million euros, and State Grid for 3.88 billion euros. All these mergers and acquisitions will also make important contributions to the development of domestic entities.
Capital operation is only the operation of funds.
When it comes to capital operation, we must first explain what capital is. In the economic sense, capital refers to the basic factors of production used for production. It includes capital, but not only capital, but also material resources such as buildings, factories, facilities, equipment, raw materials and materials of enterprises. Broadly speaking, capital is not only material wealth, but also intangible assets that can create wealth, such as corporate culture, interpersonal relationships, social relations and so on.
Therefore, don't just treat capital operation as the use of funds. Of course, the rational and effective use of funds is undoubtedly the main way of capital operation. But putting all the cash in the bank, never using loans, or betting most of the money on a company or a project are all manifestations of not understanding the operation of capital.
Entrepreneurs who truly understand the operation of capital know how to make full use of the funds at hand, how to borrow other people's funds to do their own things, and even how to use funds as leverage to amplify the value of existing resources and incite other resources to serve their own enterprises.
The financial chaos in Wenzhou and Erdos originated from capital operation.
After the wave of non-governmental loan defaults appeared in Wenzhou and Erdos, many people came to the conclusion that the local capital operation was overdone, which is undoubtedly wrong. Investigate its root cause, it is precisely the performance that capital operation is not in place. The development of the real economy is inseparable from the support of funds. Wenzhou and Erdos are both places where private economy develops very rapidly. However, it is difficult for private enterprises to obtain loans from state-owned financial institutions, and they have to turn to private lending. However, affected by the global economic crisis, the development of small and medium-sized private enterprises at the low end of the industrial chain has become increasingly difficult, and the high-cost operation of enterprises has led to the break of the capital chain, and the crisis broke out immediately.
Standardizing private lending is a powerful supplement to state-owned bank loans, and strengthening the supervision of private lending is an important way to solve the capital needs of local small and medium-sized private enterprises; At the same time, accelerating local economic transformation and industrial upgrading through capital operation means is also an' inevitable way out' for the future development of local enterprises. If the capital operation is successfully carried out, the enterprise will not close down in the financial crisis, but will be better able to resist the crisis and survive the cold winter because of sufficient capital reserves or smooth financing channels.
Capital operation is Pandora's box.
Although the connotation and extension of capital operation are very broad, it does not mean that anything (especially things that lead to losses or business failures of enterprises) can be put in the past. A so-called economist, when criticizing the CAO incident, once confused CAO's oil option trading with capital operation. In fact, the former is only a simple oil trade, which is an ordinary transaction based on international oil; Capital operation is not based on a specific product, but a resource integration behavior with finance as the main means.
Capital operation is just a pure financial means.
Some people think that capital operation is only pure financial operation, and it is a business carried out by a group of cutting-edge talents with professional financial training. Entrepreneurs don't have to understand capital operation. This is also wrong.
In the professional capital operation modes such as enterprise listing, financing, merger and acquisition integration, the actual operation of financial professionals is really needed. If the enterprise lacks the above-mentioned professionals, it can be outsourced to professionals or institutions, and some work must also be handed over to professional institutions, such as auditing, due diligence, asset evaluation, listing underwriting, financial management, legal governance, tax planning, etc.
However, enterprise leaders must know some common sense of capital operation in order to make scientific decisions and guard against risks. The more you know, the higher the efficiency of decision-making and the greater the possibility of success. In addition to professional content, enough knowledge of capital operation can be learned quickly for decision-making, for example, how to diversify investment and risk, how to conduct enterprise valuation from a macro perspective, how to read the company's financial statements, and how to estimate the amount of funds used in enterprise planning.
We can say that capital operation is the ultimate way of resource operation, not pure financial operation, but mainly manifested as financial means. Since it is the operation of resources, business leaders must know something about it.
Don't talk about capital operation under the financial crisis
Recently, there has been a voice saying that it is not appropriate to talk about capital operation under the financial crisis. I don't agree with this view either. Fan Li of Shang Saint Tao Zhugong once said: Summer is leather, winter is leather, drought is a boat, and water is a car. . Similarly, Buffett, the world's richest man, has simply summarized his investment principles as? Be cautious when others are crazy, and be crazy when others are cautious. ? You must have your own unique vision in business and even make great achievements, and you can't go with the flow, otherwise you can only follow others' ass forever. Under the global financial crisis, the value of most high-quality enterprises in the capital market has been seriously underestimated. This is an excellent opportunity for low-cost foreign investment, mergers and acquisitions and business restructuring, which is of great benefit to the development of the real economy.
Then explain it with facts. Although Wal-Mart chose to go public in 1972, where inflation is serious in the United States, its market value has increased by 4,900 times in just 25 years. Is CAO in September of 200 1 year? 1 1 The event will be listed soon. It can promote the aviation oil group to become the world's top 500, mainly thanks to capital operation. It is true that it is difficult to raise funds through listing and other means during the market downturn. However, when the market is depressed, the consideration of M&A assets is relatively cheap and it is easier to be acquired. In this regard, it needs to be judged according to the specific conditions of enterprises and markets. Take CAO as an example, if it is because of 9? 1 1 event will be abandoned, and the pace of subsequent development will be greatly slowed down. This is because 200 1, the parent company showed great resistance to listing, and the CLH project in Spain and the aviation oil M&A project in Shanghai Pudong Airport have been negotiated. If the listing is cancelled, it may not be listed in the future, and the two projects will not be successfully acquired.
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