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tT
发表于 2005-11-8 14:54 | 只看该作者

TCL :足陷淘宝泥潭

本帖最后由 show 于 2015-7-17 17:09 编辑

< class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">                 在“垃圾中淘宝”是中国企业海外收购的形象比喻，但能否“点石成金、变废为宝”，激活一条条休克鱼，而不被休克鱼拖累得体无完肤，仍是中国企业海外并购中亟待破解的难题。</SPAN><SPAN lang=EN-US style="COLOR: black"><?xml:namespace prefix = o ns = "urn:schemas-microsoft-comfficeffice" /><o:p></o:p></SPAN>
< class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">　　今年４月底，</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">TCL</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">集团总裁李东生在北京首度公开表示：并购阿尔卡特手机业务过于草率，整合效应没有发挥。５月</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">17</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">日，阿尔卡特从与</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">TCL</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">的合资公司中撤出。一场场曾经轰动一时的国际企业“婚姻”，急切地走向了分裂。</SPAN><SPAN lang=EN-US style="COLOR: black"><o:p></o:p></SPAN>
< class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="COLOR: black"><o:p><FONT face="Times New Roman">        </FONT></o:p></SPAN>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">　　青睐技术价值</SPAN><SPAN lang=EN-US style="COLOR: black"><o:p></o:p></SPAN>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">　　</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">2004</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">年</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">4</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">月，</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">TCL</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">与阿尔卡特签订备忘录，组建手机合资公司</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">(T&amp;A)</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">：</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">TCL</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">通讯投入</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">5500</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">万欧元，拥有</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">55%</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">股权；而阿尔卡特则付出现金及全部手机业务作价共</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">4500</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">万欧元，占</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">45%</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">的股权。</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">5</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">个月后合资公司正式成立运行，总部设在香港。</SPAN><SPAN lang=EN-US style="COLOR: black"><o:p></o:p></SPAN>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="COLOR: black"><o:p><FONT face="Times New Roman">        </FONT></o:p></SPAN>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">　　</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">2004</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">年</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">9</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">月，合资公司如约正式投入运营。根据此前的谅解备忘录，阿尔卡特作价</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">4500</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">万欧元的资产包括：客户网络、知识产权和固定资产以及几百名研发专业人才、经验丰富的销售与营销管理团队、数额不明的少量现金，合资公司的净资产将达到１亿欧元。</SPAN><SPAN lang=EN-US style="COLOR: black"><o:p></o:p></SPAN>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="COLOR: black"><o:p><FONT face="Times New Roman">        </FONT></o:p></SPAN>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">　　阿尔卡特手机业务连年不振，据安永会计师事务所出具的合并财务报告，</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman"> 2001</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">～</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">2003</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">年，阿尔卡特移动电话部门净亏损分别为</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">4</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">亿欧元、</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">1972</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">万欧元和</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">7440</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">万欧元；</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">2004</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">年一季度，其净亏损仍达</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">1482</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">万欧元。</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman"> TCL</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">将连年亏损的阿尔卡特手机业务放在了自己国际化的购物车中，其目的何在？</SPAN><SPAN lang=EN-US style="COLOR: black"><o:p></o:p></SPAN>
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给点阳光就灿烂

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Rank: 6Rank: 6
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发表于 2005-11-8 14:54 | 只看该作者
本帖最后由 show 于 2015-7-17 17:09 编辑

< class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">TCL</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">一直梦想进入世界</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">500</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">强行列，这其中一个基本的标准是销售额达到</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">100</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">亿美元，另一个标准则是知名度，这往往需要全球性的分销网络和具有美誉的品牌。数次大规模跨国并购使</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">TCL</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">成为全球第一大彩电生产企业和全球第七大手机制造商，</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">TCL</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">获得国际品牌的同时打入海外市场。阿尔卡特则成功转嫁了入不敷出的手机业务部门。</SPAN><SPAN lang=EN-US style="COLOR: black"><?xml:namespace prefix = o ns = "urn:schemas-microsoft-comfficeffice" /><o:p></o:p></SPAN>
< class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="COLOR: black"><o:p><FONT face="Times New Roman">        </FONT></o:p></SPAN>
< class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">　　</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">TCL</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">总裁李东生曾表示收购阿尔卡特手机业务的原因：“这个项目比较简单，对方没有工厂，只有两个研发中心，雇员也较少，整合的工作量没那么大——但最吸引我们的在于它的技术。”李东生认为，中国企业在海外拓展业务，最大问题之一是缺乏知识产权和专利的积累，关键是要让阿尔卡特的专利在</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">TCL</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">的系统里体现出价值。阿尔卡特同意把</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">GSM</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">手机和协议站的技术、专利放到合资公司中，“这是阿尔卡特最大的价值”。</SPAN><SPAN lang=EN-US style="COLOR: black"><o:p></o:p></SPAN>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="COLOR: black"><o:p><FONT face="Times New Roman">        </FONT></o:p></SPAN>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">　　按照李东生的说法：由于欧美市场消费者对于本国品牌有较高的认同感，因此，通过收购当地企业获取成熟的产品品牌、销售渠道、研发基地，对于</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">TCL</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">在欧美市场的发展有很大帮助。</SPAN><SPAN lang=EN-US style="COLOR: black"><o:p></o:p></SPAN>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="COLOR: black"><o:p><FONT face="Times New Roman">        </FONT></o:p></SPAN>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">　　在国际企业文化管理咨询公司</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">(ICM)</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">合伙人马克雷诺</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">(Marc Raynaud)</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">看来，长期从事</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">OEM(</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">贴牌生产</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">)</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">和低价倾销的中国企业，试图去整合一个发达国家的知名企业，永远会存在各种各样的困难。</SPAN><SPAN lang=EN-US style="COLOR: black"><o:p></o:p></SPAN>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">　　这种困难不幸降临在</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">TCL</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">身上。</SPAN><SPAN lang=EN-US style="COLOR: black"><o:p></o:p></SPAN>

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给点阳光就灿烂

认证会员

Rank: 6Rank: 6
3#
发表于 2005-11-8 14:56 | 只看该作者
本帖最后由 show 于 2015-7-17 17:09 编辑

< class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">整合路径失效</SPAN><SPAN lang=EN-US style="COLOR: black"><?xml:namespace prefix = o ns = "urn:schemas-microsoft-comfficeffice" /><o:p></o:p></SPAN>
< class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">　　这桩看似完美的“婚姻”实际上乏善可陈——</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">TCL</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">并没有拿到</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">3G</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">技术，因为阿尔卡特的</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">3G</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">技术基本掌握在其另一家合资公司富士通阿尔卡特手里。</SPAN><SPAN lang=EN-US style="COLOR: black"><o:p></o:p></SPAN>
< class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="COLOR: black"><o:p><FONT face="Times New Roman">        </FONT></o:p></SPAN>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">　　外界盛传整体盘过来的阿尔卡特手机，也只是</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">2G</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">、</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">2.5G</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">多项专利归合资公司拥有，</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">3G</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">专利并不划归合资公司，而手机真正爆炸性的成长机会却在</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">3G</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">。</SPAN><SPAN lang=EN-US style="COLOR: black"><o:p></o:p></SPAN>
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<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">　　合资公司正式运营</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">8</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">个月来，作为合资公司下属企业的</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">SAS</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">财务状况十分严峻。根据其财务报告，</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">SAS</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">公司</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">2004</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">年及</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">2005</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">年一季度分别亏损约港币</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">2.89</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">亿元和</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">3.09</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">亿元，这笔巨额亏损导致了</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">TCL</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">手机业务从两年前的净利润</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">12</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">亿元大幅下滑至去年亏损</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">2.24</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">亿港元。</SPAN><SPAN lang=EN-US style="COLOR: black"><o:p></o:p></SPAN>
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<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">　　去年</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">6</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">月底与阿尔卡特合资前，</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">TCL</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">手机业务毛利率为</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">22.5%</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">，到今年</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">3</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">月底，</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">TCL</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">手机业务的毛利率已骤降至</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">5%</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">。</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman"> 4</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">月</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">14</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">日，</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">TCL</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">集团</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">(000100</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">，</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">SZ)</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">发布</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">2004</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">年业绩快报，公司称，由于为公司手机业务提取存货跌价准备金合计</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">2.18</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">亿元，造成</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">2004</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">年度净利润同比下降</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">56.9%</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">，与此同时，公司利润总额、每股收益、净资产收益率分别下降</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">78.63%</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">、</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">73.47%</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">和</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">20.71%</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">，业绩发布后，</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">TCL</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">集团股价一度跌停，收盘报跌</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">7.86%</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">。另外，业绩显示，虽然主营业务收入上涨</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">44.68%</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">，但其利润增长率仅为</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">37.62%</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">。</SPAN><SPAN lang=EN-US style="COLOR: black"><o:p></o:p></SPAN>
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<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">　　放言</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">18</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">个月内结束阿尔卡特手机业务亏损局面的李东生</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">,</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">如今不得不面对合资公司亏损越来越大的困局。</SPAN><SPAN lang=EN-US style="COLOR: black"><o:p></o:p></SPAN>
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<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">　　</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">TCL</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">也不得不坦诚这场并购案的问题所在：</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">T</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">＆</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">A</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">自</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">2004</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">年</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">9</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">月成立后至</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">2005</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">年一季度的初期，处于磨合运营阶段，基本上仍然保持</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">TCL</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">移</SPAN><SPAN style="COLOR: black"><FONT face="Times New Roman"> </FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">动公司与原阿尔卡特移</SPAN><SPAN style="COLOR: black"><FONT face="Times New Roman"> </FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">动电话部门相对独立的运营模式——这是造成财务负担加重的根本。</SPAN><SPAN lang=EN-US style="COLOR: black"><o:p></o:p></SPAN>

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发表于 2005-11-8 14:56 | 只看该作者
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< class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">据</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">TCL</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">移动公司内部人士透露，从去年合资公司成立以来，无论是海外市场还是国内市场都仍旧在延续原来阿尔卡特以及</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">TCL</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">移动公司两套人马、两套运行体系的模式，比如广州、深圳等地销售人员；</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">TCL</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">手机和阿尔卡特手机销售各行其道，没有达到资源整合的预期；在欧洲市场，阿尔卡特的人员与</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">TCL</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">公司之间也难以融合，而基于法国当地劳工协议，这些人员的人力费用成本极高。</SPAN><SPAN lang=EN-US style="COLOR: black"><?xml:namespace prefix = o ns = "urn:schemas-microsoft-comfficeffice" /><o:p></o:p></SPAN>
< class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="COLOR: black"><o:p><FONT face="Times New Roman">        </FONT></o:p></SPAN>
< class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">　　一位阿尔卡特人士计算，按原来的高水平工资和员工福利，</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">T&amp;A</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">公司至少需要为每个法方员工支付每月</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">1</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">万欧元；一个月下来就是</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">700</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">万欧元，</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">TCL</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">的</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">5500</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">万欧元现金还不够支付过去</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">8</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">个月间这部分人力成本。</SPAN><SPAN lang=EN-US style="COLOR: black"><o:p></o:p></SPAN>
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<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">　　明基电通董事长李</SPAN><SPAN style="COLOR: black"><FONT face="Times New Roman"> </FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">耀分析认为，收购欧美企业最难的就是人员的裁减，在欧洲不花上几年时间和通过法律诉讼是很难解决的。最早的时候，施耐德、汤姆逊、阿尔卡特手机都找过很多台湾厂商</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">(</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">包括明基</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">)</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">，希望他们来收购，但是台湾企业都不敢要，因为人员的问题很难解决。台湾企业此前在收购欧美企业中吃过不少亏。</SPAN><SPAN lang=EN-US style="COLOR: black"><o:p></o:p></SPAN>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="COLOR: black"><o:p><FONT face="Times New Roman">        </FONT></o:p></SPAN>
<SPAN style="FONT-SIZE: 10.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'; mso-bidi-font-size: 12.0pt; mso-font-kerning: 1.0pt; mso-bidi-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA">　　去年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; FONT-FAMILY: 'Times New Roman'; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: 宋体; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA">12</SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'; mso-bidi-font-size: 12.0pt; mso-font-kerning: 1.0pt; mso-bidi-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA">月，迫于业绩压力，多年主管</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; FONT-FAMILY: 'Times New Roman'; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: 宋体; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA">TCL</SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'; mso-bidi-font-size: 12.0pt; mso-font-kerning: 1.0pt; mso-bidi-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA">手机业务的万明坚辞去了</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; FONT-FAMILY: 'Times New Roman'; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: 宋体; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA">TCL</SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'; mso-bidi-font-size: 12.0pt; mso-font-kerning: 1.0pt; mso-bidi-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA">通讯行政总裁职务。今年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; FONT-FAMILY: 'Times New Roman'; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: 宋体; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA">4</SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'; mso-bidi-font-size: 12.0pt; mso-font-kerning: 1.0pt; mso-bidi-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA">月份，</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; FONT-FAMILY: 'Times New Roman'; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: 宋体; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA">20</SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'; mso-bidi-font-size: 12.0pt; mso-font-kerning: 1.0pt; mso-bidi-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA">多位</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; FONT-FAMILY: 'Times New Roman'; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: 宋体; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA">TCL</SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'; mso-bidi-font-size: 12.0pt; mso-font-kerning: 1.0pt; mso-bidi-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA">移动中高层集体离开。因缺乏有效激励机制和文化冲突，</SPAN>

真人游戏|足球篮球|时时┾彩| 六合投┾注| 网络赚钱:顶级信用┾提现百分百即时到账SO.CC
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给点阳光就灿烂

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Rank: 6Rank: 6
5#
发表于 2005-11-8 14:59 | 只看该作者
本帖最后由 show 于 2015-7-17 17:09 编辑

< class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">包括阿尔卡特方面财务负责人在内的外籍高管亦有离职。</SPAN><SPAN lang=EN-US style="COLOR: black"><?xml:namespace prefix = o ns = "urn:schemas-microsoft-comfficeffice" /><o:p></o:p></SPAN>
< class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="COLOR: black"><o:p><FONT face="Times New Roman">        </FONT></o:p></SPAN>
< class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">　　收购阿尔卡特后，使</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">TCL</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">元气大伤。</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">DBS Vickers(</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">香港</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">)</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">分析师</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">Joseph Ho</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">指出，最关键的问题是</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">TCL</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">手机在中国市场的表现不佳。考察</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">TCL</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">通讯最重要的一点是早在</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">2004</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">年下半年它就亏损了。“在国内市场没有一个比较稳固的市场份额，向国外市场进军结果可能两边都做不好”。</SPAN><SPAN lang=EN-US style="COLOR: black"><o:p></o:p></SPAN>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="COLOR: black"><o:p><FONT face="Times New Roman">        </FONT></o:p></SPAN>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">　　“并购中最大的成本是整合成本。”联合证券并购私募总部的分析师韩楚指出，并购成本包括交易对价的成本和整合成本。交易成本是显而易见的，可以量化。令</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">TCL</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">没有预想到的是“整合成本如此巨大”，成立不过</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">200</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">天的</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">T&amp;A</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">俨然像个“无底洞”，截至</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">2005</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">年一季度，亏损高达</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">3.78</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">亿元之巨。</SPAN><SPAN lang=EN-US style="COLOR: black"><o:p></o:p></SPAN>

真人游戏|足球篮球|时时巜彩| 六合投巜注| 网络赚钱:顶级信用巜提现百分百即时到账SO.CC
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给点阳光就灿烂

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Rank: 6Rank: 6
6#
发表于 2005-11-8 14:59 | 只看该作者
本帖最后由 show 于 2015-7-17 17:09 编辑

< class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">失血现金流</SPAN><SPAN lang=EN-US style="COLOR: black"><?xml:namespace prefix = o ns = "urn:schemas-microsoft-comfficeffice" /><o:p></o:p></SPAN>
< class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="COLOR: black"><o:p><FONT face="Times New Roman">        </FONT></o:p></SPAN>
< class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">　　联合证券并购私募总部董事总经理刘晓丹分析，</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">TCL</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">集团海外并购时，主要的支付手段是向合资公司注入相关业务以及少量现金，而交易现金以及整合过程的运营资金是通过银团贷款和企业上市融资获得的，财务压力相当大”。</SPAN><SPAN lang=EN-US style="COLOR: black"><o:p></o:p></SPAN>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="COLOR: black"><o:p><FONT face="Times New Roman">        </FONT></o:p></SPAN>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">　　显然</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">TCL</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">对于交易成本和整合成本估计不足。企业自身经营的现金流和通过有限渠道筹集来的、不影响正常经营的现金流，能不能消化得了交易成本和代价？</SPAN><SPAN lang=EN-US style="COLOR: black"><o:p></o:p></SPAN>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="COLOR: black"><o:p><FONT face="Times New Roman">        </FONT></o:p></SPAN>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">　　根据公开信息统计，</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">TCL</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">多媒体（</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">01070.HK</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">）去年以来为筹集合资公司的运营资金已先后向国外金融机构借款超过</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">10</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">亿美元，资产负债率趋近</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">70%</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">，短贷长投、借旧还新，使得财务风险加大，并且降低以后的筹资能力。</SPAN><SPAN lang=EN-US style="COLOR: black"><o:p></o:p></SPAN>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="COLOR: black"><o:p><FONT face="Times New Roman">        </FONT></o:p></SPAN>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">　　现金流紧张在</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">TCL</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">通讯收购阿尔卡特后尤为明显。一向靠打“广告战”过日子的</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">TCL</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">移动，竟然在合资后暂停支付各地分公司</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">3</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">个月的广告费，总部直接发布的广告也少得可怜。而合资公司成立后的</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">3</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">个月内亏损</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">6300</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">万港币。</SPAN><SPAN lang=EN-US style="COLOR: black"><o:p></o:p></SPAN>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="COLOR: black"><o:p><FONT face="Times New Roman">        </FONT></o:p></SPAN>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">　　从财务报告上看出，截至</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">2004</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">年</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">9</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">月底，</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">TCL</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">通讯的存货达到</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">10.6</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">亿港币，和</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">2003</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">年底相比增加</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">3</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">亿港币，应收款为</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">14.5</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">亿港币，比</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">2003</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">年底增加</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">10.6</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">亿元，存货和应收款占用公司大量资金，合计</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">13.6</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">亿元。与此相对应的是，公司短期负债大幅增加，与</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">2003</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">年底相比，</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">TCL</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">通讯</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">9</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">月份的短期负债总计增加</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">19</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">亿元。</SPAN><SPAN lang=EN-US style="COLOR: black"><o:p></o:p></SPAN>
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<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">　　数据显示，</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">TCL</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">移动</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">(TCL</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">通讯全资子公司，负责国内手机业务</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">)2004</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">年手机销量下降了</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">23.3%</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">，毛利同比下降</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">58.6%</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">。从总收入和销量看，</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">TCL</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">手机业务的下滑幅度都大于几个主要国内对手，如波导、中兴等。</SPAN><SPAN lang=EN-US style="COLOR: black"><o:p></o:p></SPAN>
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<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">　　李东生公开坦承，由于去年并购阿尔卡特手机业务时过于草率，整合效应并没有发挥出来，</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">TCL</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">对</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">TA</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">基本处于失控状态。截至今年</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">2</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">月份，</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">TCL</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">手机销量为</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">200298</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">台，而阿尔卡特销量为</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">483875</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">台，两者合并与</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">TCL</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">单品牌的</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">2004</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">年同期销量</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">855414</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">台相比，仍存在很大差距。</SPAN><SPAN lang=EN-US style="COLOR: black"><o:p></o:p></SPAN>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="COLOR: black"><o:p><FONT face="Times New Roman">        </FONT></o:p></SPAN>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">　　目前中国企业海外并购时，对交易成本和整合成本的估计未必是很充分的，企业还不能在收购前对自身的现金流能否支撑和消化成本进行正确测算。</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">TCL</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">在这点上非常明显。</SPAN><SPAN lang=EN-US style="COLOR: black"><o:p></o:p></SPAN>

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发表于 2005-11-8 15:00 | 只看该作者
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< class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">打乱</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">T&amp;A</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">财务安排的一个意外因素是</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">TCL</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">集团在分拆手机业务香港上市时，未能如愿发行新股筹集资金。而</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">TCL</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">集团一直希望通过连环套似的资本运作，获得产业扩张的资金支持。</SPAN><SPAN lang=EN-US style="COLOR: black"><?xml:namespace prefix = o ns = "urn:schemas-microsoft-comfficeffice" /><o:p></o:p></SPAN>
< class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="COLOR: black"><o:p><FONT face="Times New Roman">        </FONT></o:p></SPAN>
< class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">　　从整个集团财务结构看，</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">TCL</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">集团近年来资本运作与产业运作脱节。德邦证券购并部副总经理邬健敏指出，李东生精力的重心已从产业经营转向偏重于资本运作，资本运作有过度之嫌。</SPAN><SPAN lang=EN-US style="COLOR: black"><o:p></o:p></SPAN>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="COLOR: black"><o:p><FONT face="Times New Roman">        </FONT></o:p></SPAN>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">　　证券分析师普遍预计，</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">TCL</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">未来的资金缺口仍偏大，企业仍然会不断寻求资金来源。由于市场规模小，在新加坡上市融资对于整个</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">TCL</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">集团来说也将是杯水车薪。</SPAN><SPAN lang=EN-US style="COLOR: black"><o:p></o:p></SPAN>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="COLOR: black"><o:p><FONT face="Times New Roman">        </FONT></o:p></SPAN>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">　　重觅转危之术</SPAN><SPAN lang=EN-US style="COLOR: black"><o:p></o:p></SPAN>
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<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">　　尽管</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">TCL</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">集团业务涉及多媒体、电子、通讯、家电、信息、电工等六大产业群，却只有手机业务一枝独秀，也就是说</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">TCL</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">移动通信有限公司</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">(</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">下称</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">TCL</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">移动</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">)</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">为</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">TCL</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">立下了汗马功劳，但在其收购阿尔卡特后，效益一直处在亏损的边缘。</SPAN><SPAN lang=EN-US style="COLOR: black"><o:p></o:p></SPAN>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="COLOR: black"><o:p><FONT face="Times New Roman">        </FONT></o:p></SPAN>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">　　行业权威咨询公司</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">Gartner Dataquest</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">上海分析师</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">Sandy Shen</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">表示</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">:</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">可能在合资前期双方欠缺准备，调研不足而期望值过高，同时低估了双方人员、文化的整合带来的难度和复杂性。这个收购当然是失败的。</SPAN><SPAN lang=EN-US style="COLOR: black"><o:p></o:p></SPAN>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="COLOR: black"><o:p><FONT face="Times New Roman">        </FONT></o:p></SPAN>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">　　上月末，李东生在北京参加一个论坛期间反思国际化得失，曾后悔在与阿尔卡特合资之前，没有聘请专业咨询公司参与收购方案设计，以至“在经营过程中遇到了意料不到的问题”。李东生感慨，“事实证明，不要低估任何一个整合国外业务的难度”。</SPAN><SPAN lang=EN-US style="COLOR: black"><o:p></o:p></SPAN>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="COLOR: black"><o:p><FONT face="Times New Roman">        </FONT></o:p></SPAN>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">　　</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">TCL</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">移动公司的一位高管说：“我们当时最大的错误就是自以为抓住了关键问题，其他问题就迎刃而解，所以很轻敌地只派了少数几个人过去进行谈判和整合，结果发现我们吃了大亏”。</SPAN><SPAN lang=EN-US style="COLOR: black"><o:p></o:p></SPAN>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="COLOR: black"><o:p><FONT face="Times New Roman">        </FONT></o:p></SPAN>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">　　在摩根大通</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">(JPM o rgan)</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">亚太区兼并收购部董事总经理孟亮看来，跨国并购不但需要充足的海外管理经验，还要有国际管理经验的人才。否则，协同效应无从谈起。“从战略意义上说，李东生的选择应该是对的。但是从操作层面上来说，是不是充分考虑到了各种风险，则值得商榷”。</SPAN><SPAN lang=EN-US style="COLOR: black"><o:p></o:p></SPAN>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="COLOR: black"><o:p><FONT face="Times New Roman">        </FONT></o:p></SPAN>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">　　这迫使李东生再度与阿尔卡特重新谈判。</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">5</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">月</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">17</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">日，谈判最终达成一致：原定</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">3</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">年后的合并提前进行，</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">TCL</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">阿尔卡特成为</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">TCL</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">通讯的全资附属子公司。而阿尔卡特只得到了</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">TCL</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">通讯的</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">4.8%</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">的股份。此外，法方还将再度注资</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">2000</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">万欧元现金并承诺安排重组后剩余的员工，而</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">TCL</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">则同意解除了阿尔卡特此前对合资公司交叉知识产权的保护，但其原本获得的</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">2G</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">和</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">2.5G</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">的知识产权并未失去。</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">TCL</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">将担起该公司的整个运营责任。</SPAN><SPAN lang=EN-US style="COLOR: black"><o:p></o:p></SPAN>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="COLOR: black"><o:p><FONT face="Times New Roman">        </FONT></o:p></SPAN>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">　　业内人士认为，李东生总能在关键时刻转危为安。对于重新整合的</SPAN><SPAN lang=EN-US style="COLOR: black"><FONT face="Times New Roman">TCL</FONT></SPAN><SPAN style="COLOR: black; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'">阿尔卡特来说，控制好成本和发挥协同效应是其化险为夷的一步“棋子”。</SPAN><SPAN lang=EN-US style="COLOR: black"><o:p></o:p></SPAN>

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给点阳光就灿烂

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发表于 2005-11-8 15:06 | 只看该作者
本帖最后由 show 于 2015-7-17 17:09 编辑

让我们看看《巴菲特给股东的信》：巴菲特在1981年给股东的信中就已提出：（以下是摘自原文）
<FONT size=2>我们购并的决策着重于把实质的经济利益而非管理版图或会计数字极大化，<SPAN lang=EN-US style="FONT-SIZE: 10pt; mso-bidi-font-size: 12.0pt"><FONT face="Times New Roman">(</FONT></SPAN><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'; mso-bidi-font-size: 12.0pt">长期而言，若管理当局过度注重会计数字而乎略经济实质的话，通常最后两者都顾不好</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; mso-bidi-font-size: 12.0pt"><FONT face="Times New Roman">)</FONT></SPAN><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'; mso-bidi-font-size: 12.0pt">，不管对帐面盈余有何影响，我们宁愿以</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; mso-bidi-font-size: 12.0pt"><FONT face="Times New Roman">X </FONT></SPAN><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'; mso-bidi-font-size: 12.0pt">价格买下一家好公司</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; mso-bidi-font-size: 12.0pt"><FONT face="Times New Roman">10% </FONT></SPAN><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'; mso-bidi-font-size: 12.0pt">股权，而非以</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; mso-bidi-font-size: 12.0pt"><FONT face="Times New Roman">2X </FONT></SPAN><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'; mso-bidi-font-size: 12.0pt">价格买下那家好公司</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; mso-bidi-font-size: 12.0pt"><FONT face="Times New Roman">100%</FONT></SPAN><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'; mso-bidi-font-size: 12.0pt">股权，但大部份的公司经营阶层偏好后者，而且对此行为总是找得到借口。对于这种行为，我们归纳出三种动机</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; mso-bidi-font-size: 12.0pt"><FONT face="Times New Roman">(</FONT></SPAN><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'; mso-bidi-font-size: 12.0pt">通常是心照不宣</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; mso-bidi-font-size: 12.0pt"><FONT face="Times New Roman">)<?xml:namespace prefix = o ns = "urn:schemas-microsoft-comfficeffice" /><o:p></o:p></FONT></SPAN></FONT>
< class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; mso-bidi-font-size: 12.0pt"><FONT face="Times New Roman">        <o:p></o:p></FONT></SPAN>
< class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; mso-bidi-font-size: 12.0pt"><FONT face="Times New Roman"><SPAN style="mso-spacerun: yes">         </SPAN><SPAN style="mso-spacerun: yes">                </SPAN>(1) </FONT></SPAN><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'; mso-bidi-font-size: 12.0pt">领导阶层很少有缺少动物天性的，且时时散发出过动与战斗的意念。相对地在波克夏，即使是购并成功在望，你们的管理当局心跳也不会加快一下。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; mso-bidi-font-size: 12.0pt"><o:p></o:p></SPAN>
< class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; mso-bidi-font-size: 12.0pt"><FONT face="Times New Roman">        <o:p></o:p></FONT></SPAN>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; mso-bidi-font-size: 12.0pt"><FONT face="Times New Roman"><SPAN style="mso-spacerun: yes">                         </SPAN>(2) </FONT></SPAN><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'; mso-bidi-font-size: 12.0pt">大部份的公司或企业与其经营阶层，多以「规模」而非「获利」，作为衡量自己或别人的标准</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; mso-bidi-font-size: 12.0pt"><FONT face="Times New Roman">(</FONT></SPAN><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'; mso-bidi-font-size: 12.0pt">问问那些名列</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; mso-bidi-font-size: 12.0pt"><FONT face="Times New Roman">Fortune 500 </FONT></SPAN><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'; mso-bidi-font-size: 12.0pt">大企业的负责人，他们可能从来都不知道他们的公司若以获利能力来排的话，会落在第几位</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; mso-bidi-font-size: 12.0pt"><FONT face="Times New Roman">)<o:p></o:p></FONT></SPAN>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; mso-bidi-font-size: 12.0pt"><FONT face="Times New Roman">        <o:p></o:p></FONT></SPAN>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; mso-bidi-font-size: 12.0pt"><FONT face="Times New Roman"><SPAN style="mso-spacerun: yes">                         </SPAN>(3) </FONT></SPAN><SPAN style="FONT-SIZE: 10pt; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'; mso-bidi-font-size: 12.0pt">大部份的经营阶层很明显的过度沉浸于小时候所听到的，一个变成蟾蜍的王子因美丽的公主深深一吻而被救的童话故事，而认为只要被他们优异的管理能力一吻，被购并的公司便能脱胎换骨。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; mso-bidi-font-size: 12.0pt"><o:p></o:p></SPAN>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt"><SPAN lang=EN-US style="FONT-SIZE: 10pt; mso-bidi-font-size: 12.0pt"><FONT face="Times New Roman">        </FONT></SPAN>

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