Yin Junqi: on the harm of speculative capital to logistics
- 2018-04-26 14:12
- Logistics speculation capital price and market economy
Kaizong Akiyoshi, this article refers to speculative capital, not in the general sense of capital, but to the capital of the speculators and institutions specializing in profit, including capital of the stock market, and the funds of various investors. This kind of capital has a common feature, that is, it takes the hype as the bait, coercion the enterprise to sign the betting agreement, and then quickly arbitrage in the stock market by means of packing and deception, and finally leaves the market a mess.
Some readers or ask that capital is the foundation of market economy, and its advantages far outweigh its disadvantages.
Indeed, capital is more important than market economy than fish. Dialectics, however, holds that everything has two sides and capital is also. One side is an angel, one side is the devil. It is an angel when it is regulated and regulated and is beneficial to the development of the market economy, while it is the devil when it is mercenary, does not accept supervision, misacts, and damages the development of market economy. The speculative capital that is now flooding the Chinese market is a devil's side. This is the case in many industries, and so is the logistics industry. Unfortunately, from top to bottom, few people can see the depth of their damage. This is a special essay, which is listed as follows.
One of the Scourge: speculative capital is the root of the price war
The general approach is said to be this: speculative capital uses a large amount of money in the hands to sign a betting agreement with the target enterprise, forcing the invested enterprise to increase to a set level in the next few years, otherwise it will be destroyed. In order to fulfill the performance promise, the target enterprises often adopt the dumping strategy prohibited by the market, drink poison and quench thirst, and carry out vicious competition at low prices. Then, on the one hand, we should use inferior products and Jerry building to reduce costs; on the other hand, we will increase profits through packaging falsely, and finally realize arbitrage from stock market.
Why is the target enterprise so desperate? This is because China's previous listed company system and the existence of serious loopholes in the gambling agreement, so that bad business opportunities. Logistics engineering construction usually takes one to several years, which provides a time difference opportunity for the target enterprises to carry out profit packaging. For example, 1 hundred million of the projects are signed for 3 years, and the project is expected to lose 10 million. According to the accounting standards for project completion, the target enterprise can advance or postpone the settlement, so that the profit will be packed before the end of the project. In spite of the rapid growth of performance, although every project has a loss at the end, it can use future project funds to fill the immediate losses and achieve a surface and temporary profit. However, we must have a steady stream of projects as support for our food. Therefore, target enterprises will be able to win projects at low cost. The bright eye will see that the way to eat the grain can not be long, and both the speculators and the target enterprises have their own abacus, and they can only support the period of the stock sale or the promise period.
In China's stock market, there are tens of times or even hundreds of times of price earnings ratio. In fact, this is only a superficial phenomenon. Considering that most of the performance is through packaging, the actual price earnings ratio is thousands of times. It is precisely because of this unusually high rate of return that some companies are willing to borrow money from usury to package their performance and achieve arbitrage from stock market. The poor are just hundreds of millions of investors, and all the hard-earned money has been wasted.
Low price vicious competition not only brings disaster to the whole industry, but also brings heavy losses to the target users. Poor product quality and unsustainable after-sales service will endanger the end-users. Such examples are innumerable. People in the industry hate this, and the government departments have already restricted the bidding law and so on, hoping to improve in the future.
Two of the Scourge: speculative capital is the deadly enemy of a good faith enterprise.
First of all, those who are victims of low price competition are those who abide by the law and abide by the law. In the face of low price competition, some of them have to accept the price war in order to survive in order to survive, otherwise they can only wait for death; some are simply subsistence, and close the door. This is the typical bad money drives out good money, which has brought devastating blow to the development and ecology of the whole industry.
In addition to fighting in the market, there is competition for talent. Because of the large influx of capital, the salary of the target enterprise is greatly raised. On the one hand, the burden of other enterprises is becoming more and more heavy and the cost is further rising. On the other hand, because of the high salary of the target enterprises, there is a serious phenomenon of serious loss of talent in other large number of enterprises. Training people needs time and experience, digging people is very simple. All of this brings fatal blow to many enterprises.
Although we can not say that all enterprises in the price war do not abide by the integrity, Jerry building, resulting in a decline in the quality of the project. But it is undeniable that under the low price competition, all enterprises are considering how to reduce costs in order to survive. Within the range of options, the quality of the whole project has been determined from the moment of tender. When survival becomes a problem, no one will think about innovation and development.
Competition is cruel, but it is not the most fatal. The biggest hurting of speculative capital to the market is that it is unsustainable and irresponsible. After the money comes, capital will flow away like a tide, leaving only a market full of holes. And many of the target companies will be exposed. The ultimate victims are the development of the industry, the participation of the industry and the interests of the vast number of users. But they all seem to have nothing to do with the speculators and the target companies, because no matter what the market is like, they are all successful people - successful money from the stock market for the rest of their lives. What do you do with me?
In 2015, the State Council issued the 2025 strategic plan of manufacturing in China, emphasizing the upgrading of the overall level of manufacturing and emphasizing the training of "craftsman spirit". This is obviously a good thing for the nation and the people. But if the speculative capital of the speculator is free from regulation, the market will be more and more impetuous, the credit enterprise will only be less and less, the basic research and talent training will not be willing to do it, and the so-called "craftsman spirit" is only a word and a good wish.
Three of the Scourge: speculative capital is the enemy of the market economy.
The purpose of economic activities should be to serve the society and make the market prosperous and stable. Market economy is about fair competition and sustainable development. But the current speculative capital's behavior is seriously deviated from this basic principle.
In order to maintain the healthy development of the market economy, the governments of all countries in the world generally insist on anti monopoly and antidumping. Because of the profit of capital, monopoly will hurt the interests of consumers on the one hand. On the other hand, the monopoly enterprises will lose the motive force of innovation gradually, the market will lose vitality and eventually lose the motive of sustainable development. This is what economists are worried about. The great harm of dumping is the impact on the normal enterprises and the industry and the devastating impact on the whole ecology. In fact, the dribbler is an obvious example. After the collapse of the rivals, the rights and interests of the users are hurt through the monopoly of the market. In the west, it is absolutely not allowed to gain monopoly by dumping the competitors through dumping, let alone gain short time advantage through dumping and profit this kind of speculation in the stock market. This is strictly prohibited by the market economy.
China's stock market was controversial and criticized for its loopholes in its own structure and lack of supervision in the early days. Financial fraud has even become a common problem of listed companies. Whether it is state-owned enterprises or collective enterprises, publicity of "packaging experience" has become an open secret. And the punishment for the illegal enterprises is too mild. Some enterprises have even reduced to renting days, their annual income is no more than 10 million, profit is less poor, also in the market with billions of market capitalization, and some enterprises all the data are fake, and have been successfully listed, this is really the miracle of the Chinese market. The regulatory omission seems indifferent or powerless.
In order to gain vitality, some listed companies have to hunt for prey all year round. These prey include businesses and teams. Sometimes a small company with an output value of tens of millions of small companies, the valuation can reach hundreds of millions or more; and individuals, their value is redefined, a few times or even tens of times the value of the moment. In the face of this situation, who can stop the water? A few years ago, there was such a story: the high salary of listed companies excavated people from the logistics system integrator and entered this strange industry. Those who dig need performance, so they show their ability, use the endorsement of listed companies, win the bid at low price, and vicious competition. As mentioned earlier, the listed companies are willing to get their performance and enter a new industry to retell the stock to the stock, and the stock price will naturally have a rise in the market. While the party is holding a high salary and doing a business at a loss, once the project needs to be concluded, the huge loss needs people to bear the responsibility, so the resignation is settled. Everyone has to deal with each other. I believe this story will continue to happen now and in the future.
Capital is harmless, but it is used by greedy people. Sometimes we do not act as we are, but we hope that the hero will stop this illegal act. We will only be disappointed again and again. The issue of ZTE, which had been frisked for a few days ago, may be a job for ZTE. The enterprise is dead or alive, in fact, there is no impact, the money that has been taken enough. It was a huge humiliation for the country. In fact, the incident does not seem to have anything to do with logistics, but is it so inextricably linked? If we do not have the spirit of contract, we have no awe of the rules of the market, let the speculators unscrupulous and unscrupulous, to do whatever we want, then one day, we should be swept out of the world by the international community to be a big probability event.
Everybody treasure it!
The author of this article: Yin Junqi, President of Wu Qiang science and technology