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扩张无度谨防捧杀 股东权益需受尊重

2017-09-08 07:27:03   中国经济网

过度扩张盈利下降企业发展谨防“捧杀”

上周,以高估值傲视资本市场的“人工智能第一股”遇到了麻烦。8月28日,科大讯飞股价突现闪崩跳水,28日和29日两个交易日内,科大讯飞80亿元市值迅速蒸发。几乎与此同时,长江商学院教授薛云奎公开撰文评论科大讯飞“风险巨大”。这场毫无征兆的、股价和舆论的双重“地震”,将科大讯飞推向风口浪尖。受益于AI概念,自今年5月份以来,合肥上市公司科大讯飞一路狂飙突进,市值逼近千亿,成为资本市场人工智能领域最为耀眼的明星股。科大讯飞自诩为“中国智能语音与人工智能产业领导者”。近年来,通过大举投资并购快速扩张,业务触角甚至延伸到了造纸、旅行社等领域,这些新业务的财务表现良莠不齐,多家公司经营状况不容乐观;与此同时,公司主营业务造血乏力,在此情况下,科大讯飞在资本市场频频募资补血。

通过五花八门的投资并购,科大讯飞缔造了一幅以人工智能为核心,业务布局极为广泛的资本蓝图。在公司庞大的旗下资产中,数据公开可查的多家公司经营状况并不理想,部分企业甚至在登记住所“查无踪迹”。短时间内,并购涉及的行业众多,员工数量翻倍,但最关键的盈利却在下滑。现在对这样的发展之路作定论时间尚早,但不得不说,如此运营风格风险是很大的。概念超前不等于盈利能力超强,技术先进不等于市场自动形成。如果长期处于资金链紧绷,甚至丧失盈利能力,企业的前景就十分危急了。企业家不仅要应对竞争的围堵,也要防止“捧杀”:人工智能的领头羊,无所不能的扩张步伐,如此等等,须知,稳健发展是企业存活的基础,适度扩张是外延发展的理性边界。失败不一定让人彻底丧志,但胜利往往让人冲昏头脑。

股东权益需得到尊重决策程序要符合法规

荃银高科日前召开股东大会,就2.88亿元收购同路农业进行表决,结果遭遇第一大股东“中植系”、第三大股东“大北农系”在内的重要股东的集体狙击,17项议案最终被全部否决。为何董事会高票通过的事项却在股东大会卡壳?因为“中植系”和“大北农系”虽然分别身为第一大和第三大股东,却至今未在荃银高科获得一个董事席位,董事会决议无法代表大多数股东的意志。知情人士透露,表面来看,收购同路农业功败垂成是源于估值问题,但深层次来看,这或许是一次一开始就注定要失败的收购——三年来,张琴与“中植系”从结盟到交恶,恩怨已深;今年来,“大北农系”的半路杀出,让张琴更加警惕。

现代管理制度是什么?规范的股份公司应该是怎样的治理结构?这些似乎是企业管理ABC的知识,到了实践中却无人会用。我们很难理解,在一个股份制企业中,拥有最多股份的第一大股东,不仅没能当上董事长,甚至连个董事的席位也没有;我们很难想象,公司高管在最大股东、第三大股东和众多小股东投反对票的情况下,决策该是多么尴尬。股份制企业和私人企业最大的不同点在于:私人企业是“一个人”的,老板说了算,赢了、亏了,也是他一个人负责;股份制企业,股东是众多的,决策就不是一个私人、一个高管可以拍板,而是要众多股东决策;意见不合时,要靠投票来决定——注意,不是人多说了算,而是股票多说了算。或许,你的决策有道理,甚至是正确的,但是,一切以多数股东的意志为转移。这方面,程序的合法是关键,治理结构的科学性不容颠覆。

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