Where was Wang Mingfu born?

Wang Mingfu, 1966, a native of Huichang, Jiangxi, is good at capital operation, strategic consulting and investment banking expert in China. He is currently the chairman of Hejun Consulting Group and the chief researcher of the Institute of Finance and Securities of China Renmin University. Lawyer, Master of Laws, Doctor of Finance, Senior Visiting Scholar, University of Illinois, USA.

Chinese name: Wang Mingfu.

Nationality: China.

Ethnic group: Han nationality

Place of Birth: Huichang County, Jiangxi Province

Date of birth: 1966

Occupation: entrepreneur, strategist, investment banker, educator.

Graduate school: China Renmin University.

Representative works: On capital management, investment bank merger and acquisition, and enterprise competitiveness.

Title: Chairman of Hejun Consulting Group

outline

Wang Mingfu has served as director of Junan Securities Research Institute, general manager of Junan Securities M&A Department, and executive dean of Finance and Securities Research Institute of China Renmin University. At the same time, he also served as an independent director of several large enterprise groups such as Guohua Holdings, Shenzhen Airport, UFIDA Software, Gas Company and Ganzhou Urban Construction Group in People's Daily. Mr. Wang Mingfu has served as an economic consultant and commercial consultant for local governments, enterprise groups, listed companies and institutional investors for a long time. He is mainly good at enterprise strategic planning, corporate governance, corporate culture, investment and financing, mergers and acquisitions, asset restructuring and securities investment, and has handled dozens of large-scale cases.

Wang Mingfu was born in a rural family in Zhoutian Town, Huichang County, Ganzhou City, Jiangxi Province. The college entrance examination was admitted to East China Normal University, and then he was admitted as a graduate student in the Law Department of Nanjing University and a Ph.D. in Finance of Renmin University of China. He is currently Chairman of the Board of Directors of Hejun Consulting Group, Lawyer, Master of Laws, Doctor of Finance, Executive Director of the Institute of Finance and Securities of Renmin University of China, Senior Visiting Scholar of the University of Illinois, and a well-known expert in securities investment, mergers and acquisitions in China. Ren Jun 'an Securities Research Institute Director and General Manager of Jun 'an Securities M&A Department. He has served as economic consultant and business planning for the government, listed companies and institutional investors for a long time, and is mainly good at enterprise strategic planning, capital operation, mergers and acquisitions, asset restructuring and portfolio design.

Personal realization

Wang Mingfu is a famous strategic consultant and financial investor in China. He is currently the chairman of Hejun Consulting Group and an independent director of many large enterprise groups such as Shenzhen Airport and UFIDA Software. He is the founder of a large brokerage research institute in China, a leading expert in the fields of domestic capital market mergers and acquisitions, market value management, and the first generation of senior research experts in the development of China securities market, with profound theory and rich practical experience. He is the author of Enterprise Competitiveness, Capital Management Theory, Blue Chip, Master Map, Three Practices, etc.

experience

Wang Mingfu, 1995- 1998, Wang Mingfu served as the director of Junan Securities Research Institute, leading the institute to rise rapidly, becoming the most avant-garde, largest and most influential professional securities research institution in China, and has always been in a leading position in the field of securities research of domestic investment banks. Created the research model of a generation of securities firms in China, and was recognized by the industry as the first person to launch the research brand of CITIC Jiantou.

1999 from mid-2003, Wang Mingfu served as the executive director of the Institute of Finance and Securities of Renmin University of China. During this period, the Institute of Finance and Securities of China Renmin University grew rapidly and became the most influential and largest theoretical research institution in the field of securities research in China universities. On a series of major issues, such as share-trading reform, capital market construction, banking and trust industry reform, financial risk prevention and management, and frontier financial academic theory, the thoughts, opinions and related research reports of the Institute have formed a wide range of social and decision-making influences.

In 2000, Wang Mingfu founded Hejun Consulting Co., Ltd. and served as the chairman, and began to enter the management consulting industry. He led Hejun with the dual professional ability of "management consulting+investment banking" and made a sudden appearance in the consulting industry in China. Hejun Consulting Group has more and more professional consultants and investment bankers, and has become the most influential leading brand in the local consulting industry in the fields of corporate strategic planning, organizational system, marketing, corporate culture, human resources, corporate governance, private financing, mergers and acquisitions and management training.

With long-term professional experience and theoretical exploration, Wang Mingfu has formed a unique insight and understanding of China's industry, enterprise management and capital market, and published more than one million academic papers and professional writings. The main theoretical monographs are Investment Bank M&A, Enterprise Competitiveness, Capital Management Theory, Blue Chip, etc. Dr. Wang Mingfu's views and opinions on capital management theory, corporate strategy theory, industrial integration thought, entrepreneur's employment capital thought, industrial leader theory, securities investment philosophy, investment banking theory and so on have had a far-reaching impact on China's business and investment circles.

Character story

Ship repair business

It is along this track that COSCO's ship repair business has come out step by step and achieved rapid development. From a loss-making stall in 2000, it has rapidly developed into a leader in China's ship repair industry, and successfully listed on the backdoor in Singapore, becoming a constituent stock of SGX.

The strategic transformation of COSCO's ship repair business is a typical case in which Wang Mingfu's industrial integration thought and structural efficiency theory are applied to enterprise practice. Wang Mingfu said that among Hejun's hundreds of strategic consulting clients, there are countless similar cases, and the specific situation of each company is different, but structural optimization and industrial integration have always been their guiding ideology for liberating productivity and releasing enterprise efficiency.

Give sb. a new life

New Oriental School has the brand charm of "Super Girl". Every year, more than one million students flock to New Oriental to learn foreign languages. It was listed on the New York Stock Exchange in 2006, with a high valuation. Its founder is then a charming hero with knowledge and capital. However, when it comes to New Oriental, people always mention the indissoluble bond with Yu, which has to start from a management crisis that New Oriental experienced during its growth.

"Those things about New Oriental have been widely reported by the media, and everyone knows them," Wang Mingfu said with a smile. At the beginning, the basic situation was that New Oriental started as a self-employed, doubled year after year and developed at a high speed, but the mechanism was not smooth and the internal management was chaotic. According to the contracting method of "dividing the system and earning a commission", the senior executives each took a piece of business, collected money and fought for each other. Later, they developed into core backbones that attacked each other and fell apart. How to resolve the governance crisis and rebuild the management order has become an urgent issue of life and death.

Wang Mingfu intervened as a management consultant, first made a systematic management diagnosis of New Oriental, objectively and neutrally analyzed the management crux of the chaotic situation, and pointed out that the only way out for New Oriental was to give up self-management, establish corporate governance, change the operation mode and develop organizational functions, and accordingly formulated a five-year strategic plan for New Oriental. At the same time, Wang Mingfu, with the insight of his senior investment banker, keenly discovered the capital market value of New Oriental and boldly valued it at 5 billion yuan. This valuation is shocking and questionable to Yu and all New Oriental people. At that time, New Oriental was a mess that was about to fall apart. Some insiders joked: Wang Mingfu really dares to talk nonsense. New Oriental is about to fall, and it is still worth 5 billion.

Depreciation of resources

Grab the shell

Wang Mingfu, former general manager of M&A Department of Junan Securities, discovered a new thing. Since the end of 2008, the Hejun startup company where he works has met several companies that want to give away or sell their controlling shares at a low price, and several of them have good asset quality, abundant cash flow and good financial status. These original market darlings seem to have lost all their aura overnight. Wang Mingfu recalled that in previous years, listed companies with poor quality also had great value. In order to grab the shell, new companies often have to pay tens of millions or even hundreds of millions of funds, far exceeding the cost of listing themselves. Although Wang Mingfu was a little surprised by the rapid depreciation of Shell resources, he also felt it was inevitable. The sharp depreciation of shell resources is a typical feature of the new restructuring era. After all, the old restructuring with asset replacement as the main form, hype as the main driving force and report reorganization as the main means has begun to enter a dead end.

No more good dreams

Wang Mingfu believes that the direct cause of the deadlock in the old restructuring is the pressure from the regulators. Due to the strengthening of supervision and the self-discipline awareness of intermediaries such as accounting and securities industry, accountants and brokers are truly aware of their legal responsibilities and will never easily obey the wishes of listed companies. In this way, it is naturally difficult for many reorganizations to "replace the original garbage with packaged garbage". But the deeper reason for the end of the old restructuring is the pressure from the market, especially from the international market. After China's entry into WTO, facing the global division of labor, the original domestic dominant enterprises have to consider their own strategic viability. To enhance strategic viability, it is necessary to carry out industrial-based strategic restructuring. If you beat around the bush on "statements" and "finance", it is probably a prison. The old reorganization has reached a dead end, and the new reorganization will gain greater vitality. Wang Mingfu, who has been engaged in M&A and restructuring since 1993, feels this more deeply. In fact, the old restructuring is going downhill, which invisibly makes the listed companies that had no substantive industrial operation ability gradually get into trouble. In the past, we could rely on related party transactions to maintain our performance, but we lost money. The decline in income and net assets naturally devalues the control rights of such listed companies. In order to sell a good price, some prophets have sold their controlling shares as soon as possible, which is also the main reason why some companies with good lives are eager to shell. Give up the shell, the report reorganization will not work, and the new reorganization-industrial merger and acquisition will naturally win more favor in the market.

The play has begun.

Just when the market still has doubts about the new restructuring, the sound of the new restructuring has quietly sounded. Wang Mingfu believes that the watershed of the new and old restructuring era was the exposure of the Yin Guangxia and Lantian share scandals last year. China formally joined the WTO; The management's supervision of intermediaries has been strengthened as never before. Although it has just started, the new reorganization has shown its own personality. Wang Mingfu summarized the new restructuring into three characteristics: First, it changed from financial orientation to strategic orientation. The new reorganization is no longer for the needs of financial statements, but for the needs of strategy, which may come from the listed company itself or from the reorganizers; Second, the speculative drive has evolved into an industrial drive. The most fundamental reason for restructuring is the need of industrial development itself; Finally, from simple asset replacement to reorganization with the goal of resource integration and value chain reconstruction. Because the new restructuring is often faced with industries with excessive repeated competition, the driving force of the new restructuring is the pressure from big international enterprises after China's entry into WTO. In this context, the reorganization of newly listed companies is not only financial, financial and speculative, but also industrial and strategic. The impact of restructuring is no longer limited to the capital market, but will become a part of the whole economic and industrial restructuring. Therefore, Wang Mingfu emphasized that the goal of the new restructuring is not "small, weak and sick" companies, but that the whole industry should be integrated under the leadership of leading companies. The most active force of new restructuring will be excellent and leading companies. Although new reorganization still exists sporadically, perhaps this reorganization based on China's international industrial orientation, industrial division, resource allocation and value chain construction after China's entry into WTO will soon set off new waves in the securities market.

Practice drip

Wang Mingfu said: "I used to be a person who liked to talk about big ideas and big projects. My mother-in-law's management never entered my eyes. Since 2009, I have found that I have really changed, and I like to care about and ponder the "small things" in management. More and more, I feel that only when I understand the small things can I really know how to do it. Here I try to write some insights from my own understanding, and find that writing such things is really a good self-study and self-cultivation. Publishing here is to attract jade. I really hope to read that my peers have better writing here. "

Exercise 1

Hejun's customer, Shaanxi Drum Group, has an employee mutual fund. The basic source of funds is the voluntary participation of employees in the form of "donors", and the company also allocates some funds to be managed by trade unions or special fund committees. The fund is mainly used for the relief of employees' major difficulties and special needs, such as subsidies and condolences to employees or their families for unexpected disasters, subsidies for major medical expenses that cannot be fully covered by social security and medical insurance, and scholarships for children with excellent grades from poor families. Fund beneficiaries are limited to employees who voluntarily participate in donations and do not benefit non-participants. Shaanxi drum is a large enterprise with an annual profit of several hundred million. Such measures are naturally not a big deal. But for a real manager and management thinker, it is really meaningful. First, the "insurance" function has been enhanced through mutual assistance, which can really play a role in solving problems and disaster relief. Do you know that for a person in a difficult situation, perhaps thousands or even hundreds of dollars decide the direction of the turning point of fate at such an emergency? Don't keep shouting "people-oriented", give me real care about "people"! When people really encounter difficulties, our concern should not be vain and melodramatic. Second, such a fund is very human and homely, so besides the function of "insurance", it also has a sense of warmth and human touch. No matter for organizations or individuals, in many cases, this sense of warmth and human kindness is more important than poverty alleviation. It seems that the "Hejunqing" employee mutual aid association will be established sooner or later. This mutual aid association should not only have a mutual aid fund to solve difficulties and disasters, but also mobilize all employees' social relations and help each other in matters ranging from renting a house and buying tight tickets to going to school, seeing a doctor, being a matchmaker, being filial to parents, defending against bullying and dealing with family affairs. I sincerely hope that Hejun, you, me and him will sincerely contribute to each other and help each other in the 20 years of 10, and build Hejun into a hometown of human feelings that is "helpful and natural". Do you know that the establishment of such a hometown of human feelings is a return to the true colors of "people" in the age of innocence, and it is also one of the most meaningful contents handed down by a consulting company!

Exercise 2

In 2005, the case of infringement of trade secrets by three former employees of Huawei ended in the second instance and the first instance judgment was upheld. Three key employees were sentenced to two years and three years' imprisonment respectively. Mr. Ma Feng, an intellectual property lawyer, wrote an article in China Entrepreneur magazine and commented that it is not uncommon for employees to use the business secrets obtained from the company as a bargaining chip for finding another job or as the capital for starting their own business. For this reason, many enterprises in China have established a system of signing confidentiality agreements with employees by learning from the practices of mature foreign enterprises. In Huawei's case, the main basis of Huawei's rights protection is the employee confidentiality contract signed by three employees and Huawei. It seems that for the future of the organization, the organization should not hesitate to put those lawless people in prison and carry out their rights protection to the end. For such people who have no bottom line of professional ethics, talking about the so-called "being kind to others and employees" is probably not the original meaning of humanism and generosity. It seems that in enterprise management, some revolutionary words should be firmly remembered, such as: appeasing the enemy is a crime against the people!

Exercise 3

More than two years ago, GF Securities lost money and the management changed shifts collectively. After the new team was in place, a rule was issued: office supplies (including paper and pens) were purchased by employees at their own expense, not provided by the company free of charge (news from the Economic Observer). This kind of self-exposure of poverty and poverty is incredible in the securities industry, which has long been accustomed to paying attention to decency: who dares to play finance with you in such a poor company? But that's what GF Securities did. It is conceivable that the purpose of doing this is not simply to save the cost of public affairs, but to establish a certain atmosphere in management and employee behavior. More than two years have passed. Nowadays, GF Securities has become the securities company with the highest morale and the most development momentum in China, and its profitability has moved from loss to the top three in the country. For a large brokerage firm, the cost of office supplies is very small, but the organizational atmosphere of routine saving and cost sharing is great. That's what I said. See the big from the small! Being a man is like this, and so is doing business. It seems that Hejun should implement such a practice, that is, office supplies (including paper and pens, photocopies, faxes, etc. ) is purchased by the Transportation Management Center, and other management measures of similar nature are collected by each team.

Exercise 4

I am the principal of New Oriental School, a client. He told me a management story of his school a few years ago, which is also his personal mood story: one day, the finance department of New Oriental was short of money and found that someone had stolen the password and took hundreds of thousands of money through the Internet. This is a process of internal and external collusion, with employees of New Oriental inside and relatives of his hometown of Chongqing outside. The matter was urgent, and the gentleman suddenly disappeared from his post and hid back in his hometown in Chongqing. When the company contacted him, it earnestly advised him that as long as the money was returned, it would not be pursued and kept secret, which not only exempted him from responsibility but also protected his reputation. However, repeated persuasion failed, so we had to call the police. Haidian District People's Police ambushed Chongqing for three months and finally captured it. Seriously, the other party obediently returned all the money to the company. Yu told the police that the money had been taken back, so he was let go. The police said: "How can we let the case go? Do you think the law is a joke? " Finally, this gentleman in Liang Shang was sentenced to 7-8 years' imprisonment (the memory is not exact, but it is very long anyway). Yu is a very human person. He said, "It's really hard to sentence a person to jail for so long for hundreds of thousands of dollars. A person's life may be ruined." President Yu, the manager, said, "If we don't judge him on this matter, we won't start this company. Everyone can dig a little and become an innocent person! " It seems that there are always some confused employees who take the company system and even the law seriously. When managers want to be bodhisattvas but have to resort to thunderbolt, the test is not the law, but how managers face difficulties.

Exercise 5

Twenty years ago, Zhang Ruimin, Ni, Ma Mingzhe and others were in their prime. The learning objects and idols of that generation of China entrepreneurs are Kōnosuke Matsushita and Iacocca. They learned the corporate creed, mission vision, creating people before creating things from Japanese enterprises, and then borrowed them from their own enterprises. That's how Ma Mingzhe started the morning recitation ceremony for employees in Ping An Insurance, trying to shape employees' behavior by shaping their ideas. Employees are not used to it and treat it with jokes and opposites. For example, they like to recite "reputation first" as "sexual desire first", or secretly rejoice or laugh when they recite it. Ni also asked employees to recite corporate philosophy and creed at Changhong's morning meeting. In the company's enforcement and employees' laughing and cursing, this kind of thing has become the habit and culture of these enterprises over time. It is rumored that Niu Gensheng now forces Mengniu cadres to recite Mengniu's corporate creed and cultural requirements, and requires everyone to pass the closed-book exam. Don't be afraid that you don't understand, don't understand and don't like it. You must recite it first. It is said that the basis for doing this is that when we were young, we didn't know the three-character classics, ancient prose, Tang poetry and Song ci, but we will learn them by heart sooner or later and will like them all our lives. It seems reasonable. In some large enterprises in Japan, managers need to volunteer in temples for a period of time before being promoted to new positions, and eat and live in temples for weeks or months in a row, isolated from secular contact. The reason for this is that in order to take on greater responsibilities, one must first abstain from sex and know how to practice. Creation is easy to create difficulties, and these entrepreneurs have good intentions. The success of their enterprise is definitely related to their ideas and efforts. It seems that the implementation of three-degree cultivation should also assist some mandatory requirements while guiding incentives, requiring all staff to recite, write, do and test! Hejun proposed to adhere to the "three repairs" for all staff for more than ten years or even permanently. If this situation continues, it should be able to achieve a cultural atmosphere. The success of the organization needs this cultural atmosphere, and so does the life realm and significance of employees!

Exercise 6

By 2006, Zheshang Lu Qiu Guan had gone through numerous business storms from scratch, and his private company Wanxiang Company had maintained 37 years of growth, and the group's operating income would reach 30 billion yuan. A few days ago, Lu recalled his decades of working experience and summed up his entrepreneurial experience in nine words: "Have a goal, just hold your horses and keep quiet"! (See "Chinese and Foreign Management") The peasant entrepreneur in Lu is no longer a farmer, but one of the few doers in China's business circles who is worthy of the title of "management master", but his feelings and experiences are still simple and powerful as dirt. This is really a person who knows how to operate, this is really a person who knows China, and this is really a person who knows how to operate in China. With such an attitude and understanding, it is no wonder that he can become a rare tumbler in China's business circles who can withstand decades of wind and rain! "Have a goal, just hold your horses, work hard" should be our basic attitude in consulting Jun, refusing to shout, to be impetuous, to show off, to be superficial, to be quick and quick, just hold your horses, to accumulate wealth slowly, and finally to make Hejun brilliant and plain! I often say that to be a gentleman with a spiritual attitude, treat him as a work, which is probably what I mean.