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从海尔当前的资本流动趋势判断，投资者若想通过投资青岛海尔获得赢利，就如企盼太阳从西边上山一样不可设想。海尔集团的投资回报率为社会公众股东的75.73倍。作为母体的海尔集团资产规模越来越小，而从海尔集团脱胎而出的电器国际资产规模却越来越大。一位美国顾问说：“他们在国际上的现金流一定是负数，他们必须从中国公司抽调资金”“海尔之谜”的核心是海尔集团与青岛海尔之间的第三者——电器国际。随着海尔集团的资产不断向国内的电器国际转移，在今后的某个时候，海外的电器国际有可能实施反收购。到那时，海外的电器国际有可能为海尔王国的国王了。它也有可能在海外上市，直接面向全球投资者募股。张瑞敏在2001年11月26日的中国企业信息化现场会上透露，海尔包括采购、制造、营销、品牌、资本在内的5个全球化中，只有资本全球化还没有解决。而电器国际“第三者”的出现，也许将了却张瑞敏的这一心愿，使海尔集团的资本最终找到自己的归属。这对青岛海尔的社会公众股东意味着什么呢？他们的资本正在和将要继续出逃，部分地出逃。眼下,包括采购、制造、营销、品牌和资本在内的5个全球化中,只有资本全球化还是张瑞敏未了的心愿。电器国际“第三者”的出现,当使这一悬念尘埃落定,而海尔集团的资本
Judging from the current trend of capital flows in Haier, if investors want to make profits by investing in Qingdao Haier, just as expecting the sun to ascend from the west can not be imagined. Haier Group, the return on investment for public shareholders 75.73 times. Haier Group, as the mother of the assets of smaller and smaller, and Haier Group born out of the scale of the international electrical assets are growing. An American adviser said: “They must have a negative international cash flow and they have to transfer funds from Chinese companies.” At the core of “Haier's Puzzle,” Haier Group's third party with Qingdao Haier, Appliances International, With the Haier Group's assets continue to international transfer of domestic electrical appliances, some time in the future, the International Electrical Appliances overseas may implement anti-takeover. By that time, overseas Electric International may be the king of Haier Kingdom. It is also possible to go public overseas, offering shares directly to global investors. Zhang Ruimin revealed at the on-site conference of Chinese enterprise informatization on November 26, 2001 that only the globalization of capital has not yet been solved in Haier's five global markets, including purchasing, manufacturing, marketing, branding, and capital. The emergence of International “third party”, may be the wish of Zhang Ruimin, so that the capital of Haier Group eventually find their own ownership. What does this mean for the public shareholders of Qingdao Haier? Their capital is and will continue to flee, in part to flee. Right now, of the five globalizations, including procurement, manufacturing, marketing, branding and capital, only capital globalization is still a dream of Zhang Ruimin. Electrical International “third party,” the emergence of the suspense when the dust settles, and Haier Group's capital