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第4讲 海信集团收购科龙电器的案例分析
资料来源:中国并购法律网 原文发布时间2006-3-27

顾雏军在自己的资本游戏中,不幸被郎咸平言中,最终自己搬起石头砸了自己的脚,被迫卖出其在科龙电器的股份。这个事件对顾雏军和他的格林柯尔系来讲是一次大的失败,但对于国内家电集团来讲可能是一次扩张的机会。海信集团在众多的竞购者之中,最终脱颖而出,取得了这次交易的机会。但是,海信集团的整个收购交易的过程却并不简单,其间存在的问题和可能产生的变数也不少;并且,虽然收购已经完成,但是收购后的整合中所存在的困难似乎更多。

一、研究背景 广东科龙电器股份有限公司(以下简称“科龙电器”)曾是一家业绩优秀的家电类上市公司,在2003年的净利润为2.02亿元人民币,2004年前三季度净利润超过2亿元人民币、每股收益也达到0.20元。但是2005年4月27日却公布了一份巨亏的预警公告,该公告显示,该公司2004年预计将亏损6000万元,在4月29日发布的2004年年报中,科龙集团第四季销售额较前三季大幅下滑,受联营公司华意压缩连年亏损、2004年存货跌价计提、第四季度坏账计提这些因素影响,科龙电器于2004年度的净利润为亏损6416万元,股价开始全线下挫,科龙电器开始出现危机。在科龙销售危机传出后,先后传出了有长虹、美的、TCL、伊莱克斯等多家知名企业欲收购科龙的消息。 据科龙电器的公告称,“截至2005年8月31日,本公司及本公司控股子公司涉诉案件共计108件,标的额共计人民币594144533.3元”,而其中的23件为标的额在500万元以上的重大诉讼与仲裁事项。 科龙公告中所称的23件重大诉讼具体金额主要包括:2005年8月22日,中国建设银行南昌昌北支行诉江西科龙实业发展有限公司、科龙电器借款合同纠纷案,要求其提前归还贷款1.4亿元;加西贝拉压缩机有限公司诉科龙电器,要求其对9家子公司到期未偿还债务1692万余元以及另一笔到期的债权33126941元,承担连带保证责任;兴业银行广州分行诉科龙电器、广东科龙空调器有限公司与佛山市诚丰模具塑料有限公司借款合同纠纷案,要求三被告共承担3500万元及利息;广东威灵电机制造有限公司起诉要求广东科龙空调器有限公司支付拖欠货款26873844.91元;广东美芝制冷设备有限公司诉广东科龙空调器有限公司拖欠货款20427122.85元、利息266573.95元等。 而对于正在有意重组科龙的公司来说,目前似乎仅有两种选择:要么等科龙电器遗留的债务诉讼与纠纷解决后再进行收购,要么就是在收购后承担各种法律诉讼或债务。不过,第一种选择可能更意味着一场持久的收购战;而根据现行《公司法》,第二种选择则意味着承继科龙电器目前所公布的至少5亿元的法律诉讼。

二、并购涉及当事方简介 1.科龙电器股份有限公司 广东科龙电器股份有限公司是于1992年12月16日在中华人民共和国注册成立的股份有限公司。于1996年7月23日,公司的459,589,808股境外公众股在香港联合交易所有限公司上市交易;于1998年度,公司获准发行110,000,000股人民币普通股,并于1999年7月13日在深圳证券交易所上市交易。截止公司被收购前,最大股东是广东格林柯尔有限公司,持有科龙电器股份262,212,194股(占股权比例26.43%)。 科龙电器是中国当时规模最大的制冷家电企业集团之一,电冰箱年产达800万台,空调年产400万台,在国内冰箱及空调市场均占有重要地位,特别是冰箱市场的占有率连续十年全国第一,在白色家电生产中名列前茅。

其公司前十大股东如下图所示: 公司前十大股东 截止日期:2005-06-30
编号 |股东名称 |持股数量(股) |持股比例(%) |股本性质 | |1 |广东格林柯尔企业发展有限公司 |262212194 |26.43 |境内法人股 | |2 |顺德市经济咨询公司 |68666667 |6.92 |境内法人股 | |3 |中国银行(香港)有限公司 |49196000 |4.96 |H股流通股 | |4 |香港上海汇丰银行有限公司 |48378925 |4.88 |H股流通股 | |5 |国泰君安证券(香港)有限公司 |40965000 |4.13 |H股流通股 | |6 |香港上海汇丰银行代理人(香港)有限公司 |40106904 |4.04 |H股流通股 | |7 |第一上海证券有限公司 |25878000 |2.61 |H股流通股 | |8 |恒生证券有限公司 |20235000 |2.04 |H股流通股 | |9 |申银万国证券(香港)有限公司 |19721000 |1.99 |H股流通股 | |10 |廖创兴银行有限公司 |16000000 |1.61 |H股流通股 | |资料来源:网易财经频道

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1984年容奇镇工业及交通办公室副主任潘宁用9万元创业经费创办珠江冰箱厂。 1992年10月科龙品牌开始启用,企业也正式更名为“广东科龙电器股份有限公司”。 1996年科龙在香港联交所成功上市。 2001年顾雏军的顺德格林柯尔斥资5.6亿元,收购科龙电器20.6%的股权。随后总价由之前的5.6亿减至3.48亿元。 2002年科龙电器报表扭亏为盈,2003年又罕见地处理了挂账三年的累计亏损。2004年,科龙电器重新返亏6833万元,同时被审计师出具“有保留意见”的审计报告。 2005年1月11日香港联交所对格林柯尔发出谴责,指其在未通知联交所、未获得股东批准的情况下,口头与关联企业天津格林柯尔工厂协议延付价值2.3亿元制冷剂货物的事项,违反了创业板上市规则。 2005年5月10日科龙电器发布公告:科龙因涉嫌违反证券法规被证监会立案调查。 2005年7月29日科龙电器董事长顾雏军、国内营销副总裁严友松、财务督查姜宝军、财务资源部副总监晏果茹、财务资源部副部长刘科等5人分别在北京和广东被警方拘留,副董事长兼总裁刘从梦主持科龙日常工作。 2005年9月2日经佛山市检察院批准后,佛山市公安局对顾雏军、严友松、张宏、姜源、晏果茹、刘科、刘义忠7人执行逮捕。 2005年9月9日广东格林柯尔与海信空调签署《股份转让协议书》,格林柯尔拟将其持有的科龙26.43%的法人股以9亿元的价格转让给海信空调。 2005年9月22日科龙电器董事会通过了科龙电器与青岛海信营销有限公司签署为期半年、至2006年3月31日到期的销售代理协议。海信派出的汤业国等人进入科龙管理层,汤业国任科龙电器总裁。 2006年1月23日科龙电器公布毕马威的调查结果,自2001年10月1日至2005年7月31日科龙与格林柯尔系公司不正常现金流出21.69亿元,现金流入24.62亿元。 2006年3月初市场盛传:海信和格林柯尔共同聘请的上海立信长江会计师事务所对科龙电器的审计报告显示,截至2005年8月31日,科龙电器净资产仅为5.28亿元。 2006年3月上旬有媒体报道称,由于海信收购科龙迟迟无果,而代销协议即将到期,容桂镇意图将格林柯尔所持科龙电器股份拍卖。 2006年3月15日科龙电器发布公告,断然否认拍卖之说。 2006年4月1日海信与科龙电器重新签署了销售代理协议,将原定3月31日到期的代销协议延至5月10日。 2006年4月13日羁押南海看守所的顾雏军代表格林柯尔正式在收购协议上签字。 2006年4月24日科龙电器发布公告,正式宣布海信对科龙26.43%股权的收购价由原定的9亿元,最终调整为6.8亿元。

2.海信集团 海信集团是以海信集团公司为投资母体组建的国内大型专业电子信息产业集团。从最初成立于1969年的青岛无线电二厂,到青岛电视机厂、海信电器公司,先后涉足家电、通讯、信息、商业、房地产、智能商用设备等领域,最终发展成为国内著名的大型高新技术企业集团。目前,海信集团在国内外拥有20多个公司,净资产达48亿元。已经形成了年产1000万台彩电、300万套空调、400万部CDMA手机、160万台冰箱、100万台计算机及防火墙、服务器等数码设备的强大产能。2004年销售收入273亿元,在中国电子信息百强企业中名列前茅。集团下属上市公司为——青岛海信电器股份有限公司,(以下简称海信电器)成立于1997年4月17日,前身是海信集团公司所属的青岛海信电器公司。1997年4月本公司成功发行人民币A股股票7000万股。本公司主要经营业务是电视机的制造,广播电视设备、通讯产品制造,信息技术产品制造,家用、商用电器、电子产品制造。 作为以生产黑色家电为主的企业集团,海信集团的彩电业务,处于行业前茅,但在白电业务上仍未进入第一阵营。最近一年,不少黑电同行都遭遇泥沼而行走艰难,此刻的海信彩电,却因3年前蓄势平板电视,在今年呈现业绩爆发:三季度销售额同比增长100%,海信电器今年第二次发出业绩预增公告。来自海信电器的内部信息显示,利润主要来源是高端电视,海信平板电视已经连续12个月蝉联中国市场销量第一。 海信集团作为家电业的巨头之一,电视机是海信的起家之本。虽然整体实力不弱,但在每一个单项上,始终没有在国内领先。科龙冰箱2004年销售额为32.7亿元,毛利率29.17%,而海信冰箱2004年销售额5.2亿元,毛利仅为7.73%,规模效应引致的成本降低空间的确惊人。 海信集团近年来虽然一直积极发展白电业务,但目前只在青岛和浙江湖州有空调生产线。通过收购北京雪花和南京伯乐,在这两个地方有了冰箱生产线,但产能不足。而顺德家电产业链是中国三大家电生产基地中最完整的,上下游非常贯通。海信收购科龙后,肯定会在物流、渠道谈判、传播等方面达成平台资源共享。更重要的,海信将一改以往缺乏绝对拳头产品的缺陷———在冰箱产业上,一跃形成国内较大的领跑优势;在空调产业上,也将跻身第一集团行列。从而在制冷行业的控制力与议价能力方面形成较大优势。
因此,对于收购科龙,海信是志在必得。
3.格林柯尔企业发展有限公司 作为收购出让方的广东格林柯尔企业发展有限公司是格林柯尔系中的一部分,是在2001年10月底,也就在与科龙签字的前夕成立的。该公司注册资本12亿元人民币,由顾雏军个人持有广东格林柯尔60%的股份,而顾雏军个人控股的格林柯尔制冷剂(中国)有限公司又持有广东格林柯尔其余40%的股份。顾雏军通过广东格林柯尔企业发展有限公司持有科龙电器的20.64%股权和美菱电器的20.03%股权,并分别担任这两家上市公司的董事局主席和董事长。同时格林柯尔系旗下还有2家内地上市公司为ST襄轴(000678)、亚星客车。

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资料来源:雅虎财经频道

三、案例描述:收购过程 1 危机爆发 对科龙电器的收购源于科龙内部问题的爆发,科龙电器2004年年底时经营性应付项目和预收账款之间存在的十几亿元巨大差额,被会计师断定为主要是拖欠的供应商货款,而2004年科龙电器前五名供应商供应的货款金额约为8.36亿元,占年度采购总额的11%。此后,由于涉嫌违规挪用资金等问题,科龙电器开始受到监管部门的关注,中国证监会下派了广东证券监管部门开始对格林柯尔涉嫌违规挪用其控股的上市公司科龙电器资金事件展开调查。经过4个月的调查之后,中国证监会对顾雏军的问题表态:经证监会调查,2002年以来,科龙电器公司法定代表人、董事长顾雏军等人在该公司采取虚增收入、少计费用等多种手段,虚增利润,导致该公司所披露的财务报告与事实严重不符,涉嫌构成未按有关规定披露信息、所披露信息有虚假记载及有重大遗漏等多项违反《证券法》有关规定的行为。然后,2005年7月底,顾雏军被刑事拘留,使得科龙电器收购案迷雾重重。 此后,科龙电器于2005年9月6日发布补充公告,再次将半年报全文中的六项涉嫌违法违规事项予以公告。据公告显示,相关人员利用私刻公章及财务法人章、帐外交易、违规关联交易、关联方转账及向不明第三方支付大额预付款等方式,共涉嫌侵占科龙电器资金4.04亿元。 2.各方努力 科龙董事长顾雏军被公安部门采取刑事强制措施之后,科龙电器收购案迷雾重重。据了解,海信、TCL、美的、万和、长虹、惠而浦等国内知名家电企业都对科龙电器的转让很感兴趣。但在有关部门对科龙的调查尚未结束前,科龙电器的资产状况不清楚,在这种情况下,任何一个家电企业都不可能盲目给出一个收购价格,毕竟并购科龙不是一件小事情。 虽然科龙的问题究竟有多大,尚未有明确结论,但国内各大家电企业竞相争购科龙的传闻已经不绝于耳,其中以海信和伊莱克斯的传言最为盛行。不过海信集团靠彩电业务起家,近年来一直致力于家电业务多元化扩张。科龙电器如果能被海信收购,能极大弥补海信集团在白色家电业务特别是冰箱业务上的不足,这与海信集团提出的要通过适度资本运作快速提高企业规模的设想不谋而合。 同时,各相关方对科龙的重组也相继表态。 2005年7月15日,全国工商联致函中国证监会表示,科龙电器是其直属会员,该公司反映其正常生产经营已十分困难,部分供应商停止供货,销售商和物流系统不断催货,公司资金链几近断裂。全国工商联考虑,从保护民族品牌和企业生存的角度出发,在纠正大股东违规行为同时,愿意和证监会一起,探索一条用市场化方法帮助企业化解危机的途径以及有效的工作机制。 2005年9月初,国务院专就科龙电器重组召集协调会议。广东省副省长、省政府秘书长、广东顺德市政府、中国证监会、全国工商联等有关人士参加了会议。这次会议,提出几条重组原则:一、银行尽可能为重组创造条件,不要对科龙电器逼债,并在适当时候给予放贷支持;二、法院要创造条件,支持重组;三、在外部环境保障下,科龙电器要尽快重组,一边恢复生产,一边解决顾的股权问题。广东省有关部门对于科龙电器的稳定以及重组工作高度重视,并几次就科龙电器的问题专门召开协调会,而当地法院、银行也表态全力支持科龙电器。 同时,佛山市政府介入,成立“科龙电器风险处置办公室”,包括佛山市经贸局、公有资产办公室、公安经侦等部门的人员,负责接手科龙电器的管理和运作。科龙电器也发布公告,免去顾雏军的董事长职务,由副董事长刘从梦代行董事长之职,以此希望减少对公司的影响。 顾雏军认为,重组首先要考虑第一大股东广东格林柯尔的利益,新的投资者引入要有利于科龙电器的长期发展,引入黑电企业会与科龙电器形成互补,对科龙电器品牌有利;而政府希望有制造业背景的公司重组科龙电器,同等条件下优先考虑本地企业,这样对科龙顺利渡过难关并快速争取地方银行支持有帮助。而在引进本地投资者方面,政府愿意为企业提供必要的支持和帮助。 3.最终结果 最终的收购方案还是取决于收购各方的努力和实力,在这方面海信集团的确是一个合适的角色。 海信集团总裁周厚健曾率六位高管考察科龙,并与当地政府进行过深入接触,在各方力量角逐中,海信是最容易被接受的折中方案,成功阻力也最小,重组方案也切实可行。海信集团在收购之初已经提出了详细的方案,包括六大要点:首先重振市场元气,恢复社会各层面信心;其次,全面理顺科龙的管理体制,使管理走向专业化、正常化,使企业反应速度与管理作风与海信达到一致;第三,靠海信的信誉全面恢复金融机构、供应商等的正常合作与支持;第四,尽快完成股权过户;第五,在夯实管理基础上,力争最短时间取得好的业绩;最后,整合与海信的相关业务。海信集团表示愿以9亿现金购买顾雏军在科龙的全部股权,顾雏军在2005年7月29日被刑拘后,海信集团仍表现出极大的收购兴趣,并表示9亿的出资额不会改变。 2005年9月9日,被关押在顺德看守所的顾雏军在股权转让协议上签字,使海信最终在众多角逐者中成功购得科龙。科龙电器9月14日发布股权转让事宜停牌公告和股权转让提示性公告,称海信集团下属控股公司海信空调已于9月9日与科龙第一大股东--广东格林柯尔企业发展有限公司协定股权转让协议,格林柯尔拟将其持有的境内法人股2.62亿股(占科龙总股本的26.43%)转让给海信空调。 从公告不难看出,海信空调本次收购科龙虽然迅速,但在具体细则与付款方式上却相当谨慎。公告称,格林柯尔及海信空调双方同意,按照标的股份的审计净资产值确定转让价格。双方按照科龙2005年半年报告为基本依据,拟定标的股份的转让价格为9亿元人民币(即每股3.432元),首付款5亿元人民币。协议生效之日起7个工作日内海信空调向格林柯尔支付首付款。协议签字之日起7个工作日内,海信空调向格林柯尔支付2000万元定金,定金付至全国工商业联合会与海信空调共同开立的共管账户。格林柯尔及海信空调双方共同聘请的会计师按基准日(2005年8月31日)进行全面审计,双方根据审计结果确认的公司净资产与基准日的账面净资产的差额的26.43%调整转让价款余款,海信空调在过户日起7个工作日内向格林柯尔支付调整后的转让价款的余款。 至此,科龙重组事件告一段落。 四、海信收购科龙的财务分析 尽管海信集团收购科龙电器已成定局,相关管理团队也已经入驻科龙,但是由于科龙事件的复杂性,海信对于科龙的收购重组之路还远远没有结束。下面,我们在前面叙述的基础上,分析一下整个收购过程中需要注意的几个问题。 (一)海信对科龙的后续整合问题 收购仅仅是一个开始,最终的结果还是要看海信如何对科龙进行整合,实现科龙的复兴和海信集团实力的增强。面对科龙纷繁复杂的财务状况和2004、2005年的亏损,海信必须加快重建脚步,对科龙整合的结果最终决定着收购的成功与否。 海信集团认为,科龙具备业内最好的技术研发团队,产品也是国内一流,科龙主业资产是健康的,科龙的品牌、员工队伍、管理能力、制造能力、销售网络、技术研发能力,这些软件价值更大,如果能够整合成功,海信的收益是巨大的;同时,科龙仍旧问题多多,自从危机后出现的多达上百起的诉讼带来的法律风险,科龙的财务报表,海信自身财务风险增加的可能,以及人员磨合和产业整合的难题,构成了海信重组科龙的四道难题。同时,最严重的是资金问题,被顾雏军侵占的大量资金必须要进行填补,科龙2005年初因违反证券法接受调查,随后一系列不利消息传出,随即银行停止对科龙贷款、上下游供应商也停止对科龙供货,导致在2005年5—8月份科龙处于停产状态。 海信集团在处理这些问题上采取了一些措施。 在收购之初海信集团就如何整合与海信间的相关业务提出了详细的方案:要将海信集团下属上市公司——海信电器内的冰箱业务放到科龙电器内;海信集团名下的空调业务,也将放到科龙电器内。2005年9月,入主科龙的海信对急需资金维持公司正常运转的科龙电器开始援助,海信集团旗下的海信营销公司签署了销售代理协议。根据协议海信营销公司将先付给科龙电器6亿元的启动资金,分两次支付。海信通过支付预付款的方式,将首期3亿元流动资金注入科龙,随后,依据销售情况继续注入3亿元,全力开展订货工作。紧接着10月份,科龙电器总裁汤业国率领的新管理层上任一个月后,在科龙2006年营销战略与产品推介会上首次向媒体集体亮相,并同国内外经销商签订36亿元的供货合同,表示科龙经营工作已全面正常化,科龙2006年的营销目标为冰箱450万台、空调300万台,同时还表示,今后将全面清理“科龙系”的所有无效投资与资产,科龙的生产经营步入正轨。 显然,从初始的整合措施来看,海信应该是成功的,使处于停顿中的科龙逐步开始恢复元气,公司管理也开始正常化,但将要走的路来看还是很长的。复杂的财务问题以及将在未来审查时所将遇到的困难应该是很大的,许多人员的离职使得科龙财务不好查证;况且,还有上百起涉及诉讼的案件需要等待处理,诉讼涉及的金额也不少;同时科龙和海信的企业管理文化分别属于不同的类型,科龙以前是集体企业,后来又成为民营公司,机制灵活,高管的报酬丰厚,而海信属于老国企,倾向于稳定经营,员工报酬不高,如何整合这些企业管理文化的确面临一定困难;同时,海信和科龙的品牌也需要进行重新定位,分工也需要重新审视,并且,海信以前专于做黑色家电,而对于白色家电没有优势,这样对于整合科龙这样的白色家电公司也更加困难。 虽然海信集团在此次竞购的过程中胜出,对科龙的初始整合也取得一定效果,但是后续整合仍然是一个很大的挑战,如上所述存在的问题仍需要海信集团在以后的经营中一一面对。 (二)股份协议转让风险的问题 此次并购中,海信集团和广东格林柯尔之间的协议也是存在风险的。 在双方签订转让协议以前,格林柯尔所持科龙电器的股份已被深圳市中级人民法院司法冻结,冻结期至2006年7月27日。当时,双方的收购协议约定,将共同努力在转让协议日期后两个月内“撤除销售股份所受之该等限制及其它限制”。但是没有等处理好这次冻结,在双方签订了转让协议后,广东省佛山市中级人民法院又对广东格林柯尔掌控的科龙26.43%股权进行了轮侯冻结,佛山中院声明,非经佛山中院或冻结在前的法院同意,任何人不得擅自处分此股权。法院的这两次冻结给海信收购科龙增加了许多风险。 根据《民事诉讼法.》规定,被查封、冻结的财产是不能任意转让的,如果不履行相关义务则由法院进行变卖或拍卖。同时,根据《最高人民法院关于人民法院民事执行中查封、扣押、冻结财产的规定.》(以下简称“《规定》”)第十六条和第二十八条,对于第三人向被执行人购买财产时,尽管已经签订了合同,但是没有转移所有权时,法院仍然可以进行冻结,并且不同法院还可以进行轮候冻结。这样,海信虽然已经与广东格林柯尔签订了转让合同,但是由于广东格林柯尔的股权受到了司法冻结,最终的转让效力仍然存在一定的风险。 同时《规定》也列出了解除冻结的几种方法,如根据《规定》第十六条规定,如果第三人已经支付部分价款,并实际占有财产的,可以把余款在规定时间内向法院支付,然后可以裁定解除冻结;根据《规定》第三十一条,债务清偿、被执行人提供担保然后征得债权人同意等也可以解除冻结。 海信集团也认识到了这个存在的风险,并采取措施努力降低这个转让协议的风险。 在2005年9月30日,海信集团与广东格林柯尔签订了《广东格林柯尔企业发展有限公司与青岛海信空调有限公司〈关于广东科龙电器股份有限公司股份转让之协议书〉的补充协议》。收购协议补充部分比较原协议,转让价款方面的修改主要是两点:一是增加首付款账户在标的股份过户之前应由格林柯尔、海信空调双方与有权的政府部门或司法机关共管的要求,而且指明海信空调的款项一旦付至指定账户,海信空调即被视为已经履行了支付首付款的义务;二是将定金支付日期从协议签字之日起7个工作日调整为10个工作日。在审计和调整转让价款部分的修改主要是增加了余款中的2000万元人民币将在过户日后六个月内支付的要求。支付价款和转让股份部分的修改主要是两点:一是原协议称在海信空调根据3.1条支付款项之日起3个工作日内,格林柯尔和海信空调双方同意办理标的股份的转让过户手续,由证券登记结算公司将格林柯尔标的股份过户给海信空调,补充部分改为格林柯尔完成股份转让过户手续,二是明确了转让股份的性质,即不带有任何形式的负担(包括质押、查封、冻结和其他任何对标的股份所享有权利的限制,但法律规定的限制除外)。 从这些修改可以看出,海信集团担心潜在的收购风险,所以通过修改协议,提出或明确共管账户、余款尾款、股份转让主体、转让股份性质等问题来控制风险。 (三)海信竞争力的提升 经过长时间的考察、谈判、沟通,也经过几轮竞争、筛选,海信集团终于在一定阶段完成了对科龙电器的收购。此次海信集团的收购,是一种战略层面上的股权交易,并不等同于海信单纯收购科龙的生产设备和厂房,而是一种更为高明的市场操作手段。海信集团将科龙电器作为一个独立实力进行市场运作,从而通过赢利来获得收益,进一步扩容其市场影响力。这既有利于保证科龙电器原先积累的种种无形和有形资产得以继续发挥作用,也有利于海信集团现有业务的正常开展,很好避免了同业竞争的尴尬,又巧妙地让双方在技术研发、原材料供应、内部操作机制等多方面进行优势互补。 同时,这次海信的出价相对于三年前顾雏军入主科龙时所付出的价格翻了两倍。这种价格对于顾雏军本人而言,投资实现了增值效益;对于身陷资金困境和信任危机中的科龙公司而言,短期内也开始了正常经营。 此次收购,如果能够再把后续整合作好,对于海信集团而言,将是一次合理布局国内家电产业,整合家电产业链的机会。一方面,可以扩充海信在现有的产品线上的竞争力,通过整合科龙现有资源,通过技术交流和共享的方式,有力拉动海信现有白电业务上的增长,让海信的冰箱、空调等业务获得一定发展;而另一方面,海信还可以考虑科龙向黑电领域扩张,生产科龙品牌的平板电视,实现双方的优势互补,共同发展,不仅对科龙品牌的保存和进一步发展有重大意义,对于海信集团地位提升也有着十分重要的意义。

五、结论与启示 (一)公司并购是一项十分复杂的财务投资,它不仅涉及公司财务活动的可持续发展,也涉及市场开发、公司治理、与同行竞争对手博弈、公司安全,以及政企关系等重大问题。

在此次海信收购科龙的过程中充满了复杂的变化和曲折,尽管收购在一定程度上已经完成,但是其间所暴露的一些问题仍值得我们深思,也对我们提供了一些启示。其中,一个重要的问题就是如何来防范收购风险。 在资本市场上瞬间风云变幻,存在着大量不确定因素,进行收购时一定要注意对于那些不确定因素的控制和管理,否则很容易导致收购的失败。本案例就给我们提供了一个分析收购风险的机会。 一般收购风险按类型分为,体制风险、法律风险、财务风险、融资风险、整合风险,在此案例中表现比较突出的是法律风险、财务风险、整合风险。 首先是法律风险,此次海信收购科龙法律问题可谓复杂多样。首先是由于广东格林柯尔股权被轮候冻结,海信与广东格林柯尔之间的股权转让协议存在一定风险的,这关系到收购的最终效力;其次,由于科龙危机的出现,涉及的诉讼也猛增起来,接近上百件的诉讼需要等待海信入主后处理,涉案金额也不小;还有就是证监会再对于科龙和顾雏军进行调查后,转让方广东格林柯尔控制人顾雏军被刑事拘留,使股份转让更加不确定。在分析到上述风险后,海信也加强了对此的控制。如前文所述,对原来的协议进行了一定的修改,明确了共管账户、余款尾款、股份转让主体、转让股份性质等问题来控制风险。 其次是财务风险。科龙电器在审计基准日,如果存在未发现的诉讼事项或违规担保将是收购方面临的主要财务风险,上述风险在一定条件下将会导致经济利益的流出。对此,收购方除应协调会计师严格控制审计质量外,应完善股份转让协议书的合同要素,强化转让方在本次转让中的持续性责任;同时针对目前已经公开披露的108项诉讼事项,应合理预计可能产生的损失及诉讼成本。另外,我们注意到科龙电器收购报告书摘要显示,本次股权转让将在青岛市国资委和国家商务部批准、并经中国证监会审核无异议后方可履行,有关部门的批准是完成本次股权转让的前提条件,因此,无论是收购方还是被收购方均应加强与有关部门的沟通与协调;需要特别关注的是,由于本次转让的标的物已经被深圳市中级人民法院予以司法冻结,股权转让协议执行上存在实质性法律障碍,收购方在力求法律和解途径的同时,应采取必要的措施监控转让首付款的安全性及合理控制其他收购成本。 最后是整合风险,这是关系到此次收购成败的关键。无论是在经营理念、企业文化上,还是在品牌选择、战略定位上,海信收购科龙之后都需要花大力气来进行整合,把两套不同的机制和资产优化组合,只有这样才可以实现1+1大于2的效果;反之,则无论前面风险控制的怎么样,如果整合不好,一切都白费。从前面的叙述中我们可以看出,海信已经启动了几项措施来对科龙进行初步整合,如尽快派驻管理层掌握大权,尽快恢复生产,改革管理层薪酬体系等等,已经显现出了一定效果,使科龙暂时度过危机。但是以后是否能够把科龙管理好,实现与海信的优势互补,仍需要海信进一步的努力。 (二)企业与政府的良好合作是中国企业可持续发展的充分条件,也是多数中国知名企业的一个特征。 如海信集团在国家安全部的协助下收购科龙电器。

(三)收购是企业扩张的最有效途径之一,当企业完成了资本积累并有条件扩张时,应积极采用并购财务战略,推进企业腾飞。 一般地,一个企业自成立之后,经历了十余年的发展和壮大之后,就可以考虑并购问题。 究竟是自己创办新企业,还是收购一个旧企业,其依据是成本效益原则。在收益一定情况下,当创办企业的成本低于收购成本时,就应创办新企业;否则,就应收购目标企业。

(四)企业所有者或实际控制人的素质,有时候决定着企业的素质和命运。 所以,研究一个企业的财务,需要研究这个企业的实际控制人。 在中国,最优秀的企业家,或者最优秀的人才,属于那些综合素质高的人士。某一位企业家,它不仅是一位企业经营专家,而且也是一位综合素质很高的人士,那么,这个企业家就是一位了不起的企业家。 在这里,综合素质主要包含文化素养、思想品德、科学技术、专业理论、身体健康,心理素质,社会实践和工作能力等方面。 所以,财务管理专业学生,不仅研读财务学著作,还要阅读中国传统文化经典著作(国学文献)、当代科学技术发展前沿、科学技术史、技术哲学、中医理论,以及心理学等书籍。

六、理论总结 (一)合并、兼并与收购

合并(Consolidation)指两个或两个以上企业合成一个新的企业,特点是伴有产权关系的转移,多个法人变成一个法人。 兼并(Merger)相当于我国《公司法》中的“吸收合并”,A公司兼并B公司,A保留,B公司解散并丧失法人地位。 收购(Acquisition)指A公司通过出资出股,达到对目标B公司的控制,同时A、B公司的法人地位保留或转移。 M&A,即并购的英文缩写。 接管 (二)并购方式 直接并购与间接并购 纵向并购与横向并购 股权债务实现方式并购 1、购买式并购 2、承担债务式并购 3、控股式并购 4、吸收股份并购 5、股票交换并购 6、杠杆收购 7、管理层收购 (三)并购动因透视 1、企业并购的外部原因 (1)产业结构调整 (2)经济周期变化 (3)市场激烈竞争 (4)融资渠道和中介机构的作用 2、企业并购的内部原因 (1)追逐最佳生产规模 (2)确保原材料半成品供应 (3)获得专门的资产 (4)提高市场权力 (5)协同作用 (6)多元化经营 (7)谋求发展 (8)避税 (9)管理层的利益驱动 (四)并购活动的理论 1、效率解释

2、信息理论

3、代理问题

4、市场力量

5、税务考虑 关于效率解释 效率理论(efficiency theories)对兼并能带来的潜在社会给与了最乐观的评价。 差别效益理论(differential efficiency theories )的一个难点在于若把问题引向极端,将会得出经济社会中只应有一家企业这样的理论,即只有世界上管理效率最高的那家企业。 无效率管理者理论(inefficient management theory)可能与上面讨论的差别效率理论或下面的代理问题理论难以区别。 效率理论还包括取得协同效应(synergy)的可能性。如果协同效应出现,兼并后公司的价值超过参与兼并的两个公司各自价值的和。 效率理论为兼并者提供了一个面对迅速变化的环境作出反应而达到战略规划的目标的基础。 信息理论:信息资产创造价值——信息是一种收益性资产 信息假说或者消耗假说指由于在兼并谈判、招标收购和制定联营计划中会产生新的信息,公司的所有者权益被重新评估。 信息假说分为两种形式:一种是背后鞭策(kick-in-the-pants)的解释。它认为兼并会刺激管理层去履行价值更高的经营战略。另一种是坐在金矿上(sitting-on-a-gold-mine)的假说。它认为谈判或者招标活动会散播新的信息,或导致市场相信投标者掌握有更好的信息。 价值低估理论的另一个方面是单个投资者与控制集团在地位上的不同。

代理问题 当管理者只拥有一小部分公司的所有权时,代理问题就产生了。这种部分所有权会导致管理者的工作热情比拥有全部所有权时少,并且因为大多数花费可由拥有多数股份的所有者承担,所以他们会消费更多的津贴。 在所有权极为分散的大公司,单个所有者没有足够的动力花费大量资源去监督管理者的行为。安排一定数量的补偿和建立经理人市场可能会缓解代理人问题(法马 ,1980)。 兼并的代理问题理论有两个方面:一方面,接管的威胁代替了单个股东对管理者的监管,从而缓解了代理问问题。另一个方面,兼并可能是代理问题的表现形式,而不是一种解决方法。

市场的力量 提高市场份额的真正含义是相对于同行业的其他企业而言,本企业的规模扩大了,但这并没有说明为什么扩大企业的相对规模会带来经济效益或其他方面的社会效益。 无论是横向收购还是纵向收购,都还不清楚售出企业的价格能否真正使收购活动成为扩充企业实力的更为经济的方式。 如果四家或者更少的公司在一个行业的销售额占有较大的比重,这些企业将认识到其活动和政策会相互产生影响。这种对相互依存性的认识将会导致公司间在采取行动时的考虑和对政策变动的反应方向趋向于“共谋”。 如果规模经济无法通过收购来建立,收购活动所导致的集中度的提高就可能会带来垄断利润。如果规模经济可以被证实的话,那么就必须对效率和集中度提高所造成的影响进行比较。

考虑税收 考虑税收的原因之一是通过获得成长型的没有股利分配的小公司然后将其卖掉,获得资本利得从而用资本利得代替普通收益税。同样,当一个企业的成长速度变慢,因而收益的存留不能被国内税收署认为是正当时,便会产生将自身出卖给其他企业的动机。除了将未来收益作为需缴纳一般个人所得税的股利支出外,一个所有者可以通过把企业出售给其他企业使未来收益资本化。 另一个税收因素是由积累税收损失的公司的出售。虽然兼并必须有商业目的,但一个税收损失的企业可以为由正税收的公司加入提供税值。

(五)并购程序、整合与风险 (一)目标企业的选择与评估

目标企业的选择
1、目标企业的特征
营业亏损 协同作用大 市盈率较低 具有盈利潜力
2、选择目标企业应考虑的因素
并购方企业的发展战略
并购双方的财务状况
目标企业的规模
其他因素
目标企业的评估
目标企业的调查与资料收集
财务评估
风险评估
目标企业的价值评估 企业并购程序与方案设计 并购程序 1、前期准备 企业发展战略与并购战略制定 目标企业的搜寻、调查与筛选 目标企业的评估 2、方案设计 目标企业的定价与地支付方式的制定 融资方式制定与安排 税务筹划与安排 并购会计处理方法的筛选 并购程序与法律事务安排 3、谈判签约 协商与谈判 签约与披露 4、接管与整合 交接与接管 整合

整合
(一)企业文化、经营战略和公司章程的整合
(二)财务与会计制度的整合
(三)产品的整合
(四)销售渠道与营销方式的整合
(五)技术和信息的整合
(六)资源与管理的整合 风险分析 (一)目标企业的财务评估 1、资产负债表分析 2、损益表分析 3、现金流量表的分析 (二)目标企业的经营风险评估 1、目标企业外部不确定性因素分析 2、目标企业内部不确定性因素分析 3、目标企业经营风险的度量

参考文献
1、海信收购科龙电器,中国并购法律网 原文发布时间2006-3-27
2、范国安编《企业并购理论》,武汉大学出版社2004年
3、
4、

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British Economy

...approach. There is clear evidence of British economic decline from 1951-1990, but to claim that it was utter decline is really a pessimistic front. Reasons to disagree: - Period from 1951 to 1973 saw an “age of affluence”, with a genuine post-war boom; Britain’s economy grew around 40% during 1951 to 1964 - Living standards rose steadily until 1973, with low unemployment rates; with a wider sense that Britain was becoming more prosperous and equal. Harold Macmillan captured this in 1957, when he declared that “Britain had never had it so good”; it also highlighted increased consumerism due to greater accessibility to consumer goods throughout the era - Arguments of “relative decline” are unfair and misleading; nations such as Japan and Germany were utterly destroyed after WW2, so it only makes sense for their nations to advance rapidly as they could start from scratch - Arguments of a lack of policy and initiative are misleading. Macmillan tried to gain some coherence by setting up the national economic development council (NEDC). Wilson also set up the department for economic affairs (DEA) that launched an ambitious national economic plan. Heath also was a strong technocrat and had clear policies of an economy based on the “social market”, claims that he was a “proto-Thatcherite” are simply wrong - Thatcher, for all her...

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Economy Theory

...Richard Cantillon’s Essai sur la Nature du Commerce en Général Translated by Chantal Saucier Edited by Mark Thornton 4 An Essay on Economic Theory © 2010 by the Ludwig von Mises Institute and published under the Creative Commons Attribution License 3.0. http://creativecommons.org/licenses/by/3.0/ Ludwig von Mises Institute 518 West Magnolia Avenue Auburn, Alabama 36832 mises.org ISBN: 978-1-61016-001-8 Foreword Robert F. Hébert Following a century of neglect, William Stanley Jevons, in the first blush of discovery, proclaimed Cantillon’s Essai, “the cradle of political economy.” Subsequent growth and development of economic thought has not really alerted us to the subtleties of this succinct appraisal. A cradle holds new life; and there can be little doubt that the Essai added new life to the organizing principles of economics. But “political economy” does not accurately describe the subject Cantillon addressed. Indeed, he scrupulously avoided political issues in order to concentrate on the mechanics of eighteenth-century economic life. When confronted by “extraneous” factors, such as politics, Cantillon insisted that such considerations be put aside, “so as not to complicate our subject,” he said, thus invoking a kind of ceteris paribus assumption before it became fashionable in economics to do so. This is merely one way in which Cantillon was ahead of his time. He preceded Adam Smith by a generation. Both writers made important foundational...

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The Economy of Ukraine and Ukraine in the Global Economy

...The economy of Ukraine and Ukraine in the global economy Petrusha Helena Ukraine’s economy has a great potential to perform successful in the world. It can be characterized by such strong sides: - well educated labour force, - large domestic market, - well developed industrial base, - access to a variety of resources, including some of Europe’s best best agriculture land, significant coal and some oil and gas reserves, - strategic location connecting Europe, Russia and Asian markets. Nevertheless, Ukraine ended up among the least successful transition economies. The reasons for such a poor performance are different, but we should emphasize on the weaknesses deriving from overcentralised command economy during the Soviet period. I’d like to draw your attention to the Ukraine economy past in order to understand its current situation. Large and often inefficient state-owned factories, enterprises and collective farms wasted resources and emphasized quantity over quality. Prices were fixed and consumer goods were often in short supply. Excessive spending on the military hurt the civilian economy. For the last decades Ukraine is moving to market economy, where the forces of supply and demand and private ownership guide the allocation of resources. The transition to market economy is politically and socially difficult because of experience of rising inflation, unemployment and economic uncertainty before the long term benefits of market economy. The next point of this...

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Economies of Scale

...ECONOMICS OF SCALE Name Institution Economics of scale Introduction Economies of scale is the cost advantages by enterprises due to size, input, or scale of operation with cost per unit decreasing with increasing scale as fixed costs are spread out more to units of output (Thatcher, 2009). The reason why some regions are more developed than other regions economically is because they produce their goods more efficiently and hence bringing more profit than competitor's regions. Since economies of scale lay it main focus on having an efficient production this shapes the economic development of regions. This paper is about economies of scale it describes how economies of scale shape the economic development of regions through description of different types of economies of scale and examples of countries and regions around the global (Stamp, 2009). Structure Definition Economies of scale is the cost advantages by enterprises due to size, input, or scale of operation, with cost per unit decreasing with increasing scale as fixed costs are spread out more to units of output. Economies of scale are known to improve with growing firms, therefore; it can be said that the economies of scale are directly proportional to the size of the firm (Stamp, 2009). From a simple firm which produces exercise books, the firm uses £200 to produce 10 exercise books meaning the average cost is £20 if the firm produces 40 exercise books the average cost is £12.The difference here is brought by...

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The Global Economy

...GLOBAL ECONOMY FEATURES OF THE GLOBAL ECONOMY Nature of the global economy and globalisation The global economy/world economy consists of all the countries of the world that contribute to gross world product through the production of goods and services. It is often discussed in relation to the increased integration of economies. Gross world product (GWP)/world GDP is the sum of the total output of goods and services by all economies over a given period of time. It is measured at purchasing power parities (PPP) which adjust exchange rates to equalise the price of identical goods and services across economies. Globalisation is the increasing integration of countries and their economies, resulting in the increased impact of international influences on all aspects of life and economic activity. The economic indicators of globalisation include: * international trade flows * international investment and transfers of technology * international finance * international labour markets Trade: * Greater growth but with greater volatility than GWP * Growth of world trade has been around twice growth of real GWP since the 1970s, but contractions in the growth of world trade have also been more severe (World Economic Outlook, IMF, 2009) * Greater growth in developing and emerging economies * Exports from developing and emerging economies grew 9.8% from 2002 to 2008 cf. 5.2% growth in developed economies ...

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Transition Economies

...Transition Economies Problems: 1) All transition economies experience falling output i.e. shrinking economies. 2) Corruption increases as government and institutions collapse creating a judicial vacuum. 3) Lack of legal institutions causes problems in settling and collection of taxes thus not allowing creation of companies to replace government run enterprises. 4) Lack of financial institutions (banks) and capital markets often means that good businesses collapse due to lack of loan able funds and start up companies could not get initial loans. 5) This problem was exaggerated by people simply being unaccustomed to a market economy with ensuing competition. 6) High inflation rates resulting from prices being set free which helped cause falling exchange rates. The net effect was redistribution of incomes at best – and at worst obliteration of years of savings. Those with fixed incomes suffered, e.g. pensioners. 7) Party officials enriched themselves with cowboy capitalism. This led to unequal distribution of income n the economy. 8) Increasing inflation led to fall in exchange rates. These two combined made the currency worthless creating a decline in trade. 9) Barter economies started which was a wasteful and time consuming method when applied to a larger portion of the economy. 10) Illegal gains, high inflation and increasing worthless currencies led to capital fights i.e. money was sent to other countries. This also led to economies lacking...

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The Us Economy

...The US Economy Clark University The US Economy Like any economy, the United States experiences growth, contraction, and periods of increased volatility throughout any given time period. This analysis seeks to provide a concise report of the current state of the US economy based on the latest data metrics provided in the reports published by the Wall Street Journal. The following information delves into the quantitative and qualitative aspects of the economy’s growth and employment, consumer activity, inflation, housing construction and sales, and international trade. The first metric to be examined is more than likely the one that the average citizen thinks of when thinking about the current state of the economy: Unemployment. It affects virtually every metric from the Gross Domestic Product (GDP) to the Consumer Price Index (CPI). The long term figures by the Bureau of Labor Statistics noted in Appendix A display that the unemployment rate has been on the decline for a significant period of time, and furthermore, is expected to close the 2015 year at a rate of 5%, with the potential to plummet further to 4.6%. The decline appears significant, especially considering the Labor Force experienced growth. Secondly, the GDP should be taken into consideration, as it’s one of the most useful statistics when looking at the health of an economy. The GDP for October is 18 trillion dollars, down from 18.01 trillion in September. As explained in the textbook...

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World Economy

...There are two main theories that dominate our world economy- capitalism and socialism. Reviewing the approaches these theories take to operating shows stark contrasts. While each system is founded on their own belief structure, they do borrow ideas from each other. Each party has been critical of the other for taking advantage of their own people. Taken in simple terms there are three main ideas that are the foundation of each system- ownership, pricing, and profitability. In a capitalist economy businesses are owned by individual people, while in a socialist economy businesses are owned by the public, read government. Socialist economies determine the prices of goods and services through a central committee and capitalists believe that supply and demand should drive the market. Some might describe a primary difference of these systems as capitalism is a “for profit” venture while socialism is a “not for profit” concept. Both economic theories have received criticism from their detractors. Capitalism is criticized for creating income inequalities that keep the poor, poor. In this system, the wealthiest individuals dominate the means of production and benefit exclusively from the profits of those ventures. Socialism limits people’s freedoms to choose where they live, work and even the way they are educated. With a system that is based on limited choices, and profitability seen as criminal, critics believe that socialists will find it difficult to keep up with the competition...

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