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In the wake of this round of massive integration of coal resources in Shanxi Province , the Shanxi coal mine enterprises plummeted from more than 2,200 to 130 , mine for more than half the number of compression , from 2598 down to 1053 . Annual output of 300,000 tons of which mine has been eliminated following an annual output of 900,000 tons and over, accounting for fully mechanized coal mine mechanization of up to 70% . After integration of all mechanized exploitation of mine , which means great opportunities Coal enterprises are approaching .
Face a new round of industry consolidation opportunities ,传奇SF mainly coal machine equipment manufacturing industry, World Technology Co., Ltd. ( hereinafter referred to as "Heaven and Earth Science and Technology ") boasted , " within three years , the world is definitely a breakthrough technology, 10 billion yuan of business revenue . " According to the annual report of 2009 , world science and technology revenues reached 6.4 billion , of which Coal sales revenue as high as 4.64 billion yuan , in the Coal industry, third behind China Coal Energy and Zhengzhou Coal .
Founded in 2000, world of science and technology from Coal Research Institute of the advantages of spin-off of assets in just two years, successfully landing on the Shanghai Stock Exchange . First-class scientific research and technology and personnel resources of the world attractive technology since the founding of the way bolted on , 10 years, after several rounds of double assets rose rapidly from less than 200 million yuan to 8.5 billion.
" For us, the biggest risk is whether the leading science and technology . If you can not maintain a technological lead, we will have no advantage in the competition . " Heaven and Earth Science and Technology CFO Song Jiaxing face " CFO " magazine interview , 传奇SF the words point out the The research team has the top suppliers of coal core competitiveness .
Technology is king
According to statistics, China's coal demand in 2009 has exceeded 300 thousand tons and 200 million tons per year rate of increase. Coal as the most basic of energy consumption accounted for 60% of primary energy . Experts are expected in the next 10 years, the demand for coal increased from 3.3 billion tons to 50 million tons, of which 900 million tons by the traditional coal-producing delta province of Shanxi , Inner Mongolia, Shaanxi, 传奇SF provided the current needs of the remaining 800 million tons Potential for increasing production area - Xinjiang , Ningxia provide .
Based on the coal market long-term observations and judgments , world technologies are now in Shanxi , Inner Mongolia, Shaanxi, Ningxia were in formations surrounding the northern China Mei Tan Zhu producing coal machine building from manufacturing to services Kuangjingyunying whole industrial chain .
" Taking Yinchuan, Shizuishan as the starting point 500 kilometers , northwest China 's coal -producing areas have basically been covered . We Yulin , Taiyuan, Ordos and other places have their own companies, including manufacturing , maintenance , mine planning and construction have been The formation of one-stop service. "
With the world science and technology continue to push forward the construction of the industrial chain of coal mining equipment not only fully integrated , more advanced science and technology challenges .
In short, coal mining projects often require "three machine 1 "- boring machine , miner , scraper conveyor and hydraulic support . In a different area, because the depth of coal seams , the level of temperature to pressure differences in the geological conditions of mining technology and equipment needed are also different . From doing shaft , tunnel excavation to mine and ground transportation , and coal washing and automatic loading , 传奇SF earth science and technology at all times face from technologies, processes , equipment and services challenges.
In order to continue to maintain the core strengths of technology leadership , space science and technology R & D investment from the management system to have given a great investment .
"At present , our company has perfect management system of science and technology , encourage innovation group . from the specific terms of three aspects. First , in order to attract talent, we set up a R & D center in Beijing , can solve the R & D personnel accounts ; second Our company come up with 5 million yuan each year as R & D Fund to support the subsidiary to declare the project , establishing an innovative culture; In addition, as the Coal Science Research Institute , we take each year , including 863 projects, 973 projects, projects of national technical titles More R & D projects . " in the coal industry has nearly 20 years of experience in R & D system Song Jiaxing know the value of science and technology on the world .
In recent years, earth science and technology in product R & D investment are between 5% and 6% , this indicator was originally derived from the earlier SASAC ASTRI 's R & D investment on coal assessment criteria , request can not be lower than the main business income of 5 % . Song Jiaxing said , "With the expansion of the scale of income , income structure changes, R & D investment ratio will decline , but the total investment will certainly be increased year by year . "
In the management system, financial and other measures to attract investment and talent on the basis of a multi-pronged , earth science and technology advantages in the field of coal machine quickly become prominent . June 11 , China reported 50 coal feeder machinery industry - a total of three subsidiaries in the technology world the list, three of Coal sales revenue up to 2.7 billion.
Strengthen the performance appraisal
Since listing in 2002 , Song Jiaxing financial performance appraisal system by changing technology led the world of financial management and control system evolution.
Typically, the perfect industrial chain , each link in the chain return on investment is different. As a financial manager, Song Jiaxing think the most important job is how the allocation of resources , putting more resources into high-return place .
But the premise of resource allocation is how to measure the performance of various departments and sectors . Just visit the capital market in 2002 , the World Technology Evaluation only goal is profit . Song Jiaxing , said , "and the current market environment of inquiry than the current public financing have restrictive provisions , that is, 20 times earnings per share issue price of the stock on the decision . As the quantity of issued share capital , such as to finance to more Money , the only way out is to increase corporate earnings per share, earn more profit . "
With the gradual expansion of the scale of world science and technology , rapid growth in profits , the financial sector since 2003 to implement individualized assessment . This phase of the performance appraisal , including financial targets and non-financial indicators of two parts. Financial indicators , including the main business income , net profit , accounts receivable , cash flow from operations , ROE , six of the contract amount . Relatively flexible and non-financial indicators , according to the circumstances and characteristics of each subsidiary to conduct assessment . Such as new product development market , industrial base projects. After comprehensive assessment of the financial sector , to put more resources into the high yield sector.
In the individual assessment process, good at learning and thinking Song Jiaxing continue to advance reform of financial performance management . At present, the world financial assessment technology has been divided into three , namely, the total assessment, per capita ratio, input-output ratio . "This is our university for the Chinese people MPAcc research results - a balanced scorecard . such as the assessment of three at the same time , both scientific and fair . some large revenues but low per capita proportion ; some companies are profitable , The reason is that large investment . through a comprehensive assessment, the greater the value of the allocation of resources , the development of enterprises is also very beneficial . "
Decentralized management of funds
For most enterprises, centralized management of funds go to improve their efficiency , the best way to reduce financial risk . But Song Jiaxing think that both advantages and disadvantages . "Currently, we do not have to implement centralized management of funds . mainly due to diversification in the equity business , capital flows, the legal and financial settlement of the issue , in reality a bad action . "
According to reports, heaven and earth science and technology present in the horizontal transfer of funds within the group to that group headquarters to the subsidiaries of the remaining funds to a shortage of funds business , but compensation for the use of the premises are carried out under .
" Borrower 's business must be in accordance with the benchmark interest rate stood at 10% of the standard use of funds to pay fees , and debt service due . "
In this process , as Heaven and Earth Science and Technology CFO, Song Jiaxing is one of the core work of the various subsidiaries of funds to grasp the situation , identify the well-funded enterprises and shortage of funds business. Second, establish a standard loan system , the contract text .
"Group of funds based program is three months , 传奇SF a subsidiary of the required monthly plans are developed , capital inflow and outflow conditions at a glance . such as the subsidiary of the loan each other , I just oversee the implementation of on it. However, payables Must undergo a rigorous approval. "
One -quarter results in 2010 , world science and technology as much as 1.5 billion in accounts payable . This Song Jiaxing said , "For accounts payable management, I try to use commercial credit . We , and most suppliers have established long-term strategic cooperative relations and have been working very smoothly . In addition, our vendor has on key terms of the contract Constrain , the accounts payable and incremental tied . This mode after years of cooperation, gradually solidified down . "
On the other hand , the cost of reasonable control help to improve fund use efficiency and enhance market competitiveness.
As the technology world to win technology, product R & D investment is much more than general business . In the Song Jiaxing , enterprises strategic decision to finance the development of strategic , financial strategic cost management decisions .
Cost control the current world of technology is divided into two cases. In the transformed enterprise , the implementation of differentiated strategic management , through a certain input costs and support business development of high-tech products . "In this regard, we do not price war does not encourage cost control , more concerned about whether the new technology and new products in the market that has lead . Zhezhong added value because of high market O'clock in the market to seize the high ground Jiuneng . "On the contrary , in the production of the acquired business , the Song Jiaxing strictly control production costs. Because these products with low technological content , gross margins are also low . "If not for cost control , market competitive Li will lose . Now, we set up the Beijing R & D center is in order to introduce high-tech Ren Cai , Tigaochanpin value . Yidingshuiping in Jinhou technology has reached the time , it also has the possible conversion to Ci Yi Strategy up . differentiation and cost leadership strategy is cost management at different stages of management only . "
" Whether the cost of management or other management , should be effective . as long as conducive to the healthy development of enterprises , it should not be limited to obstruct it. "
Address operational risk
As the world continues to expand the scale of the development of technology , business gradually increased , along a variety of risks associated . For a long time , earth science and technology as the company regarded the development of risk prevention and control of an important goal .
For listed companies, to avoid the risk bear the brunt of compliance . Initially available , from the layman into the world of science and technology to face the capital market regulatory agencies know what to do all kinds of rules and regulations . "We were from the layman to enter the capital market , everything is strange . But the capital markets should pay attention to regulatory requirements , including related parties of the occupied capital of listed companies , related party transactions and so on . because of any reaction on the market have the potential to the company The image of the impact . " But now, heaven and earth science and technology in the capital market to operate long enough, on the investor relations management , research activities , including institutional investors , individual investors to participate in general meetings and other management are effective, "we do Very good, also received recognition from all sides . "
Compared with the risk of compliance , enterprise risk management can be described as pervasive . As a manufacturer of coal , the macroeconomic environment is very large . Policy is good, thousands of businesses to benefit ; the other hand , the development of enterprises will face difficulties . Shanxi coal to the 2009 wave , a large number of small coal depot fell . In the same year 's financial crisis has also caused China's various industries with varying degrees of impact . Forward-looking and based on market research to judge , world science and technology that the financial crisis and the effects of not too great.
" The reason is that China's rapid economic development of the national economy must maintain a certain growth, otherwise there will be problems . the Government was introduced four trillion yuan investment plan is for this reason . So we expect the Chinese economy in the short time To bounce back . In addition, the financial crisis on the spillover effects of coal machine industry has a lag effect . Therefore, in this time difference in the coal machine industry will not be a big impact . " Song Jiaxing analysis of their conclusions is given .
Nevertheless, the World Technology , or risk assessment and response done enough preparation .
By Coal industry practice , method of payment is carried out to 3:3:3:1 . After the signing of the contract , equipment buyers pay 30 % of the first advance payment , then pay 30% of the product to complete , and then after passing the product installation , and then pay 30% , final payment remaining Zhibao Jin . However, during the financial crisis , world science and technology take a series of measures to shorten the payback period to ensure the safety of funds .
In addition, mergers and acquisitions , the world technology has been pursuing sound aggressive investment strategy . So far , Northwest Bonnieux , Northwest coal depot , Changshu Tangshan coal depot to pump factory and three other acquired companies and world science and technology to achieve a good synergy. Heaven and Earth Science and Technology from 2009 to 2008 on the listing of all investment projects after the assessment of view , both equity investment or acquisition , or construction industry is very successful investment projects .
"Our acquisition of object in the selection , the prerequisite is that the company meets the company's development strategy. Northwest benniu do conveyor, loader and other equipment , in 2004, talked about one before , but it was not acquired . Mainly because of discrepancies with the business development strategy . in the business decided to do a complete industrial chain , we took it acquired . "
After the acquisition, restructuring the work of the more important. Heaven and Earth Science and Technology in accordance with the financial practices , Song Jiaxing financial officers to send the key as the control board . "The acquisition came back, we will send responsible for financial control , if possible, will send Vice President in charge of technical departments and marketing departments . Next, we will be assessing the acquisition of the company , its financial investment To limit . such as high-risk investment , external guarantees . Through this series of measures to the risk of our investment down to a minimum. the simultaneous implementation of Ji Cheng化marketing , Kuotaicaifu synergies. "
【Disclaimer 】 : This article is just my opinion , has nothing to do with the Chief Financial Officer network . Its originality and presentation text and content of the text confirmed Without this net , on which all or part of this article and the content , text authenticity , integrity , timeliness Ben Wang does not make any guarantees or promises , the reader is for reference only , and please Self- verification of relevant content .
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