老摩根时代流传下来的“厚利”

Old Morgan age hand me down"case"

　　——关于产融结合的组织形式、层次和基础

Production - about harmony with the form of organization/Levels and foundation

　　如果沃尔玛没有庞大的客户群，万豪没有酒店管理品牌效应，他们的金融业务将会失去产融结合基础和优势。

If wal-mart did not have a big customer base,Marriott no hotel management brand effect,Their financial business will lose production melt based and advantage.

　　产融结合起源于摩根(John Pierpont Morgan)时代，最初含义是指金融资本对产业资本的渗透与控制。

Combined with production melt originated in Morgan(John Pierpont Morgan)age,Originally refers to financial capital to industrial capital of the infiltration of control.

　　19世纪末20世纪初，摩根成了华尔街的金融霸主，但他并不满足于金融帝国成就，开始向产业领域延伸。1879年，他从范德比尔特手中购买了美国中央铁路75%的股权，并在1900年成为名副其实的“铁路大王”；之后，摩根又盯上了钢铁业，把美国分散的钢铁公司合并重组为美国第二大钢铁企业——联合钢铁公司，并在1901年以4.8亿美元的价格购买了卡耐基的美国钢铁公司，组成当时全球最大的钢铁企业。

The end of the 19th century at the beginning of the 20th century,Morgan became the Wall Street financial overlord,But he is not satisfy financial empire achievement,Began to extend industry.In 1879,,He from Vanderbilt hand bought the United States central railway 75% of the equity,And in 1900 to become worthy of the name"Railway magnate";after,Morgan and marked the steel industry,The United States disperse iron and steel company reorganization merger for America's second largest iron and steel enterprise, joint iron and steel company,And in 1901 with the price of 480 million dollar to buy the Carnegie American iron and steel company,At the time of the world's largest iron and steel enterprise.

　　到1930年，摩根财团所控制企业的资产总额已占到当时美国八大财团资产总额的50%以上。凭借金融资本的雄厚力量，摩根控制了庞大的实业资产，成为垄断的代名词。随着反垄断法的颁布，摩根的力量开始削弱。加上金融市场发展，金融资本主导的产融结合时代消逝了。随之而来的是一个以产业为主导的产融结合时代。

By 1930,Morgan consortium control enterprise's total assets at the time the United States has accounted for eight big corporations more than 50% of the total assets.With strong financial capital strength,Morgan control the huge industrial assets,Become the pronoun of monopoly.Along with the promulgation of the anti-monopoly law,Morgan's forces began to weaken.With the development of financial markets,Financial capital leading production melt combined with time gone.Following is a industry as the leading production melt combined with age.

　　产融结合的功能和内在价值何在？ Production function and harmony with what is intrinsic value?

　　我们认为，产融结合的本质是借助企业主业的竞争实力形成的高等级信用和对上下游企业的风险控制能力，利用金融工具（机构），为企业自身和利益相关者提供金融服务，与经营形成协同效应，降低风险，平滑波动，推动增长。

We think,Harmony is the essence of combining production with the enterprise the competitive power of the main formation of high grade credit and the downstream enterprise risk control ability,Use of financial instruments(institutions),For the enterprise itself and stakeholders to provide financial services,Formation and management synergy effect,Reduce risk,Smooth wave,Promote growth.

　　两种组织形式 Two kind of organization form

　　产融结合的组织形式有两种：

Produce melt with the form of organization have two:

　　企业与外部金融机构合作，包括商业银行、租赁公司、VC、保险公司等。例如，浦发、深发展和招商银行(600036,股吧)都是UPS的合作伙伴。UPS为银行推荐客户，并为其提供信用担保等风险控制服务，由银行提供贷款并赚取利差收益。

Enterprise and external financial institutions cooperation,Include commercial Banks/Leasing company/VC/Insurance companies, such as.For example,Pudong development/Shenzhen development and China merchants bank(600036,guba)Are all UPS partner.UPS for bank customers recommend,And to provide credit guarantee risk control service, etc,The bank provides the loan and earn interest margin revenue.

　　企业自设金融机构。全球最大的工程设备制造商卡特彼勒设立全资子公司卡特彼勒金融公司，为购买其产品的客户提供设备融资、融资租赁服务，为经销商提供应收款或存货融资服务。2008年，卡特彼勒金融公司贡献了30亿美元收入和3.85亿美元利润，在全美设备金融公司中排名第四，金融业务为集团整体贡献了5.8亿美元的营业利润，相当于集团总营业利润的13%，成绩斐然。

Enterprise sets up financial institutions.The world's largest engineering equipment manufacturers caterpillar set up wholly owned subsidiary caterpillar financial company,For buying their products provide equipment financing/Financing lease service,To provide the accounts receivable or inventory financing service.In 2008,,Caterpillar financial company contributed $3 billion in revenue and profit of $385 million,In the United States equipment financial companies ranked fourth,Financial business for group contributed $580 million operating profit,Equivalent to 13% of the total group operating profit,Has made brilliant achievements.

　　选择哪种组织形式，与风险管理能力及管理成本等因素有关。如果企业自己成立金融机构的风险控制能力和成本更强，就可以自己设立金融服务机构。反之，则与外部金融机构合作。我们可以看到，在财富500强企业中，不少企业没有自设金融服务机构。

Choose which kind of organization form,And risk management ability and the management cost factors.If enterprises established their financial institutions risk control ability and cost more strong,You can set your financial services.and,The financial institutions and external cooperation.We can see,In the fortune 500 enterprises,Many enterprises not our financial services.

　　UPS产业竞争地位优势，运营能力强，对客户的风险控制能力强，相应地，信用等级高——穆迪和标准普尔同时评定的3A企业，融资成本及管理成本低，收益高。

UPS industry competitive position advantage,Operation ability,To the customer risk control ability,accordingly,High credit rating, moody's and standard &poor's and evaluation of 3 a enterprise,Financing cost and management cost is low,Gains high.

　　UPS所处的物流环节深度介入大量中小企业交易的核心环节，能聚合中小企业需求。更重要的是，从资信审核到过程中的风险控制，再到抵押物变现，不管是哪个环节，UPS都能比银行节约几个点的成本。UPS的很多客户是中小企业，在为客户提供物流集成方案的同时，UPS也深度了解了客户经营状况的内部信息。在整个融资过程中，客户的抵押物/存货紧紧掌控在UPS手里，UPS能有效控制违约风险。即使出现违约，由于UPS常年从事物流业务，对每类货物的买卖双方都很熟悉，在必要的时候可以很方便地变现抵押物资，降低损失。

UPS in logistics link to a large number of small and medium-sized enterprises in depth the core link trade,Small and medium-sized enterprise needs to polymerization.More important is,From credit review to the process of risk control,To pawn realizable,No matter which link,UPS can than Banks save a few points of cost.Many of the UPS customer is small and medium-sized enterprise,For customers to provide logistics integration solutions at the same time,UPS and also a deep understanding of the clients business operations inside information.In the whole process of financing,Customer's pawn/inventory control firmly in hand UPS,UPS can effectively control risk of default.Even the appearance of breach of contract,Because of UPS perennial engaged in logistics business,For each type of both buyers and sellers of goods is very familiar with,When necessary can be easily realizable mortgage materials,Reduce losses.

　　卡特彼勒的设备租赁服务与银行系设备租赁公司和独立设备租赁公司相比，在资产的余值管理方面具有优势。

Caterpillar equipment leasing service and the department of banking equipment leasing companies and independent than equipment leasing company,In the asset residual management advantages.

　　卡特彼勒有一支专业“再分销服务团队”(CRSI)，负责处理卡特彼勒的二手设备。为了降低二手交易中信息不透明成本，CRSI成立之初大力推广卡特彼勒二手设备认证(CCU)，通过分级评定为买卖双方树立一个可信的价值标杆。从近乎全新的设备到使用多年的设备，不同品质的设备有不同的评级和价格指导。卡特彼勒为经CCU认证的二手设备提供相应水平的保修和零配件更换服务。CRSI的认证使卡特彼勒的二手设备成为全球最保值的二手设备。

Caterpillar have a professional"Then distribution service team"(CRSI),Responsible for handling caterpillar's second-hand equipment.In order to reduce secondary trading information opaque cost,At the beginning of its establishment CRSI to popularize the caterpillar second-hand equipment the authentication(CCU),Through the classification evaluation for buyers and sellers to set up a credible value benchmarking.From the almost brand new equipment to use many years of equipment,Different quality equipment have different rating and price guidance.Caterpillar for the authentication of CCU second-hand equipment to provide corresponding level of service and spare parts replacement service.CRSI certification make caterpillar's second-hand equipment to become one of the world's value of second-hand equipment.

　　三个层次 Three levels

　　产融结合有三个层次。

Combined with the production melts three levels.

　　第一层次，企业集团利用自己的软实力，引入产业投资基金（参与投资基金，或与外部投资基金合作），支持主业快速扩张。但并不同步增加资产负债，达到轻量化资产结构的效果。例如，万豪酒店利用REITs，分拆重资产酒店和轻资产的酒店管理；Prologis发起设立和管理区域仓储投资基金，引入退休金、养老金等长期资本，在全球发展仓储业务。

The first level,Enterprise group use their soft power,Introducing industrial investment fund(Involved in the investment fund,Or with external investment fund cooperation),Support business rapid expansion.But not synchronous increase assets and liabilities,To achieve the effect of lightweight assets structure.For example,Marriott hotel use of REITs,Split heavy assets hotel and light assets of the hotel management;Prologis launch establishment and management area warehousing investment fund,Into retirement/Pension and other long term capital,In the global development storage business.

　　以万豪为例，控制2700多家酒店，固定资产却只有23亿美元，不到麦当劳的1/8，仅占公司总资产的27%。这正是引入产业投资基金，轻量化资产结构的结果。

To marriott, for example,Control more than 2700 hotels,Fixed assets but only $2.3 billion,Less than 1/8 of the McDonald's,The company accounts for only 27% of total assets.This is introducing industrial investment fund,Lightweight assets structure of the results.

　　1993年，万豪酒店集团一分为二：万豪服务和万豪国际。前者专营酒店地产业务，后者专营酒店管理业务。万豪服务对名下地产进行证券化包装，做REITs，为投资者提供投资工具，让万豪享受税收减免，并释放作为固定资产形式的地产业务中蕴藏的巨大现金流。万豪国际则几乎不直接拥有任何酒店资产，只是以委托管理的方式赚取管理费收益。把万豪服务分离出去之后，万豪大大降低了固定资产比率，控制了经营风险。两家公司分离之后，合作仍然紧密：万豪服务为其融资新建或改建酒店，然后与万豪国际签订长期委托经营合同；而万豪的品牌效应则保证了万豪服务的证券化收益。分离之后，万豪国际在直营的同时开发了特许业务；而经营地产业务的万豪服务则将业务延伸到万豪品牌以外，开始为其他酒店品牌处置固定资产，“轻”化企业负担，实现了产融结合、相互支持的业务结构。

In 1993,,Marriott hotel group in two:Marriott services and marriott international.The former specializes in hotel real estate business,The latter specializes in hotel management business.Marriott service to name for the real estate securitization packaging,Do REITs,For investors to provide investment tools,Let the marriott enjoy tax breaks,And release as fixed assets form of real estate business has huge cash flow.Marriott international is almost not directly have any hotel assets,Just to entrust management way of earning management fee income.The marriott service separation after go out,Marriott greatly reduces the fixed asset ratio,Control of the business risk.The two companies after separation,Cooperation still close:Marriott services for its financing new or rebuild to the hotel,Then and marriott international signed long-term entrust management contract;And marriott brand effect is to ensure the marriott service securitization income.After separation,Marriott international in retail at the same time developed franchise business;And the business real estate business marriott service will business extended to outside marriott brand,Start to other hotel brand disposal of fixed assets,"light"Change enterprise burden,To realize the production with harmony/Mutual support business structure.

　　第二层次，企业借助产业运营能力、高等级信用和客户的风险控制能力，利用金融工具/机构，获得低成本融资，为客户、经销商、供应商等利益相关者提供金融服务，解除用户购买能力不足或者供应商融资能力不足、导致关键原材料供应不足等问题，与主业形成经营协同效应：拉动需求增长，推动企业主业收入增长，巩固主业竞争优势，同时，获得金融服务收益。

The second level,Enterprise by means of industrial operation ability/High grade credit and customer risk control ability,Use of financial tools/institutions,Obtain low cost financing,For the customer/dealers/Suppliers stakeholders to provide financial services,Remove the user to the purchase ability is insufficient or supplier financing ability is insufficient/Lead to key problems such as insufficient supply of raw material,And the main form management synergy effect:Pull demand growth,Promote enterprise business revenue growth,Consolidate its competitive advantage,At the same time,Get financial services revenue.

　　第二层次的产融结合模式到目前为止比较普遍，成功案例不胜枚举，几乎遍布各行各业。

The second level of production melt combined with pattern so far more general,Successful cases too numerous to mention one by one,Almost in all walks of life.

　　在服务业，UPS开展供应链金融服务，包括以存货为抵押的贸易融资和以国际应收账款为抵押的贸易融资等业务。沃尔玛2005年发行了具有积分折扣功能的信用卡“发现卡”。“发现卡”不收年费，可以在沃尔玛和其他加盟零售店铺使用，并可享受最多1%的购物折扣。通过产业与金融结合，沃尔玛零售业获得了稳定的消费群，同时也分享了金融业的收益。

In the service industry,UPS supply chain in financial services,Including to inventory for mortgage trade financing and international accounts receivable for mortgage trade financing business.Wal-mart issued in 2005 has integral discount function of the credit card"Discover card"."Discover card"Don't accept the annual fee,Can be in wal-mart and other retail shops to use,And can enjoy the most 1% of shopping discount.Through the industry and finance combination,Wal-mart retail access to a stable consumer group,At the same time also Shared the financial income.

　　在制造业，福特公司1923年率先成立了从事汽车贷款业务的福特汽车信贷公司。随着汽车的普及，1960年代以后福特汽车金融业务飞速发展，福特金融迅速取代传统商业银行成为全球最大的汽车金融公司。目前福特汽车信贷已经为遍布全球36个国家的1100万汽车消费者、12500家汽车经销商提供汽车金融服务，而旗下的赫茨公司是全球最大的汽车租赁公司。汽车金融收入已占福特总收入的40%以上。

In manufacturing,The ford motor company was established in 1923 in auto loan business of ford motor finance company.Along with the popularization of cars,After the 1960 s ford motor finance business rapid development,Ford financial quickly replace the traditional commercial Banks to become the world's largest automobile financial company.At present the ford motor credit have 36 countries around the world of the 11 million car consumers/12500 automobile dealers provide automobile financial service,And its Hector, company is the world's largest car rental companies.Auto finance income have accounted for ford the 40% above of gross income.

　　在高新技术产业，很多科技大企业为了持续成长，往往成立风险投资机构。例如，IBM、微软、Merck、Intel、强生等，目的在于投资外部技术创新企业，构建满足客户需求的生态圈，扩大自身产品市场需求，获得新的增长机会期权，创新经营协同效应。

In the new and high technology industries,Many large enterprises of science and technology in order to continue to grow,Often established risk investment institutions.For example,IBM/Microsoft/Merck/INTEL/Johnson &johnson,Purpose lies in investment external technology innovation enterprise,Constructing ecological circle meet customer demand,Expanded its product market demand,Get new growth opportunities option,Innovative business synergy effect.

　　例如，1999年，IBM组建了风险投资集团。IBM的风险投资与独立风险投资不同。IBM一般不会直接注入资金到新创企业，而是与外部独立的IT风险投资机构合作，把风险投资商、新创公司和IBM三者有机地结合起来。

For example,In 1999,,IBM established risk investment group.IBM's risk investment and independent risk investment different.IBM generally not direct injection funds to start-up enterprise,But with external independent IT risk investment institution cooperation,The risks investors/Startups and IBM integrated organically.

　　IBM以其软硬件技术、产品和创新服务帮助那些已经被风险投资公司看中的新创公司快速成长，并不断在IBM的平台上创造出更多的新技术、新产品，共同打造IBM的“技术创新生态系统”，为其客户提供优质的服务，为IBM发现新型产业和IT产业链上具有价值的技术和企业。IBM则可以近水楼台使用最佳的新技术，创造更快、更加创新的解决方案，客户可利用解决方案实现业务转型，并获得市场竞争优势。IBM每年的研发资金在50亿美元左右，而风险投资提供给创新公司的资金有220亿美元，4倍于IBM自身的研发投入。

IBM with its hardware and software technology/Products and innovative services to help those who have already been risk investment company see rapid growth of start-up companies,And constantly in the IBM platform to create more new technology/New product,Together makes IBM"Technology innovation ecological system",For the customers to provide quality services,For IBM found new industry and IT industry chain has value on the technology and enterprise.IBM is a favourable position can use the best of new technology,Create faster/More innovative solutions,The customer can use solution achieve business transformation,And to achieve a competitive market advantage.IBM annual r&d funds at about $5 billion,And risk investment to provide innovative company funds have 22 billion dollars,Four times the IBM own r&d investment.

　　第三层次，企业集团为产业链不同环节、投资及收益波动性不同的实体企业提供风险管理工具和交易机制，平滑收益波动，烫平周期，达到产业链环节的供求均衡，收益稳定。

The third level,Enterprise group for different link chain/Investment and income volatility different entity enterprise provide risk management tools and trading mechanism,Smoothing income fluctuation,Ironing cycle,To achieve industrial chain link the equilibrium of supply and demand,Income stability.

　　最典型的例子是安然(Enron)。

The most typical example is enron(Enron).

　　1980年代末期，安然公司是全国最大的天然气公司，最大的独立开发生产商，最大的独立电力生产商，拥有最大管道系统。安然的主业原本在实体方面，占据天然气行业上中游，随着竞争加剧，主业毛利率下降，从1988年开始提供金融服务。

The end of the 1980 s,Enron company is the country's largest natural gas company,One of the largest independent development producers,One of the largest independent power producers,Has the largest pipeline system.Enron's main originally in the physical aspects,Occupy ShangZhongYou gas industry,Along with the competition,Business gross margin decline,Begin from 1988 to provide financial services.

　　1990～1993，安然花费6000万美元发展Enron金融服务系统。1991年，安然公司将其金融服务公司与其天然气市场部合并为天然气公司，定位为金融与天然气服务（Enron Gas Service，EGS）的混合型机构，成为“天然气银行”，借助其天然气主业的强大业务能力，为生产商和消费者同时提供长期合同，匹配供需，使天然气生产商获得稳定的需求合同，消费者得到稳定的供给合同。

1990 ~ 1993,Enron $60 million development Enron financial service system.In 1991,,Enron will its financial services company and its natural gas marketing combination for natural gas company,Positioning for financial and natural gas service(Enron Gas Service,EGS)Hybrid mechanism,become"Gas bank",With its main natural gas a powerful professional ability,For producers and consumers at the same time provide long-term contract,Matching supply and demand,Make gas producer gain steady demand contract,Consumers get stable supply contract.

　　1992年安然公司已然成为北美最大的天然气营销商，他们针对不同的消费者类群设立不同的子公司，同时提供100多种契约，包括实物契约和金融契约，后者的发展尤为迅猛。通过金融工程技术，安然能够满足终端消费者的需求，价格可变可固定，交割量可变可固定。

1992 enron has become North America's largest natural gas marketers,They according to different consumer groups set up different subsidiary,At the same time to provide more than 100 kinds of contract,Including physical contract and financial contract,The development of the latter is especially rapid.Through the financial engineering technology,Enron can satisfy the terminal consumer demand,Price variable can be fixed,Delivery quantity variable can be fixed.

　　在金融创新方面，EGS毫无疑问是非常成功的。不幸的是，安然没有满足于此，利用会计准则漏洞，放大了EGS业绩。例如，1999年和2000年末分别有3.95亿和7.63亿美元收入来自价格风险管理活动而没有现金流入，此类收益占1999年税前利润的三分之一和2000年税前利润的二分之一。这完全违背了EGS匹配供需、稳定市场的初衷。EGS沦为安然操纵股价的工具，最终导致了安然的覆灭。

In the financial innovation,EGS no doubt is very successful.unfortunately,Enron not content with this,Using accounting standards loopholes,Magnifies the EGS performance.For example,1999 and the end of 2000 there were 395 million and 763 million dollars income comes from the price risk management activities and do not have cash inflow,Such gains accounted for one third of the 1999 pre-tax profit and 2000 pre-tax profits of happiness.This is against the EGS matching supply and demand/Stabilize the market's original intention.EGS into share price manipulation in the tool,Eventually led to the enron's collapse.

　　以上三个层次，是产业经营利用金融资本从浅到深的过程。第一层次，是产业经营为主，金融资本为辅；第二层次，产业经营和金融资本地位基本相当，仍以产业经营为主；第三个层次，金融资本引领产业经营。这三个层次可分离采用，可结合采用（例如，同时采取第一层次的轻资产和第二层次的供应链金融），可分阶段升级采用（例如，依次采取第一、第二、第三层次）。不同的企业集团，可自由选择适合自身发展情况的层次模式，实现真正的“产融结合”。

Above three levels,Is business use of financial capital from shallow to deep process.The first level,Is business primarily,Financial capital is;The second level,Business and financial capital position basic quite,Still with business primarily;The third level,Financial capital lead industry management.The three levels can the separation,Can be combined with the(For example,At the same time take the first level of light assets and the second level of supply chain finance),Can divide stage the upgrade(For example,In turn to take the first/The second/The third level).Different enterprise group,Can be free to choose to suit their own development level pattern,true"Production with harmony".

　　基础：主业稳定 foundation:Stable main

　　基于经营协同效应的产融结合，成功的根本在于企业主业经营规模和稳定性。如果UPS没有供应链管理能力、AAA评级和业务规模，沃尔玛没有庞大的客户群，万豪没有酒店管理品牌效应，或一旦产业基础遭遇增长瓶颈，金融业务规模化平台和低成本资金丧失，金融业务将失去产融结合基础和优势。

Based on the operating synergistic effect yield with harmony,Success is the root of the enterprise business scale of operation and stability.If no UPS supply chain management ability/AAA rating and business scale,Wal-mart did not have a big customer base,Marriott no hotel management brand effect,Or once industrial base encounter bottlenecks,Financial business scale platform and low cost capital loss,Financial business will lose production melt based and advantage.

　　如果有一天沃尔玛的零售业务停止增长，它的信用卡业务也将面临同样的困境。近几年美国汽车厂商的领导地位受到日本厂商挑战，销量下降和利润摊薄，甚至严重亏损，福特、通用汽车的信用评级均被降至“垃圾级”。公司金融业务资金成本大幅上升。为了挽救汽车制造业务，福特汽车正考虑向花旗集团出售其汽车金融业务的部分或全部股权，以筹措足够的资金用以开发新车。此前，通用汽车已将其汽车金融公司51%股权出售给了一家私人股权基金。

If one day wal-mart retail business stop growth,Its credit card business will also face the same dilemma.In recent years the United States automobile manufacturers leadership is under Japanese manufacturers challenge,The sales volume to drop and profit diluted,Even heavy losses,ford/General motors credit rating were down to"Garbage level".Company financial business capital costs have risen sharply.In order to save the car manufacturing business,Ford motor was looking to sell its citigroup auto finance business part or all of the stake,To raise enough money to develop new car.after,General motors has put its automobile financial company 51% equity sold to a private equity fund.

　　施乐作为复印机的发明者，借助租赁服务，在1970年代成为全球最大的办公设备生产商。随着佳能等日本企业的崛起，施乐的利润空间被压缩，1980年代中期，施乐进入了金融服务领域，收购了一家投资银行、一家基金公司和一家保险公司，此后金融业务一度占施乐利润半壁江山。但金融业务并没有给施乐带来更多的金融资源，反而使其资金负担更加沉重，负债率直线上升。面对日本企业的奋起直追和价格联盟，施乐为了腾出更多的资金来做主业，于1990年代初重新评估其多元化战略，决定退出金融领域。它先是以3.6亿美元出售了基金业务，然后把投资银行业务出售给管理层，保险业务费尽周折才低价出售。由于长期在新技术上投入不足，施乐的市场份额直线下滑，股价从80美元跌到8美元。施乐用了整整15年时间才真正从它的保险业务中解脱出来。

Xerox as the inventor of the copy machine,With the aid of leasing service,In the 1970 s as the world's largest office equipment manufacturer.With the rise of Canon, and Japanese enterprises,Xerox profit space is compressed,In the mid 1980 s,Xerox into financial services,The acquisition of an investment bank/A fund company and an insurance company,Since then the financial business once accounted for xerox profit deodorants.But financial business and didn't give xerox bring more financial resources,Instead, make its money more heavy burden,Leverage in a straight line.In the face of the Japanese enterprises and catching up with the price alliance,Xerox in order to make more money to do business,In the early 1990 s to evaluate the diversification strategy,Opt out of the financial sector.It first sold for $360 million fund business,Then the investment banking sold to management,Insurance business with setbacks to sell at a low price.Because of the long-term insufficient investment in new technology on,Xerox, the market share of the linear glide,Share price from $80 fell to $8.Xerox use exactly 15 years time to really from its insurance business freed.

　　（作者为清华大学经济管理学院金融系公司金融学教授）

(The author is tsinghua university economic management academy finance company finance professor)