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与许多传统行业扩张“赚规模不赚利润”相比,中国家电连锁两巨头-国美、苏宁的扩张是“既赚规模又赚利润”。数据显示,国美电器的门店数由2001年的32家猛增到2004年底的144家,苏宁电器的门店数也由2001年的25家猛增到2004年的 84家;与此同时,国美电器2004年净利润达 4.58亿元,比上年的1.79亿元猛增155.87%,苏宁电器2004年净利润达18120.37万元,较上年的9890.19万元增长83.22%。我们的研究发现,使得国美、苏宁既获得规模快速扩张,又保持强劲盈利能力的根本原因在于,其商业模式实质上是一种“类金融”模式:国美、苏宁在与消费者之间进行现金交易的同时,延期3-4个月支付上游供应商货款,这就使得其账面上长期存有大量浮存现金,并形成“规模扩张-销售规模提升带来账面浮存现金-占用供应商资金用于规模扩张或转做他用-进一步规模扩张提升零售渠道价值带来更多账面浮存现金”这样一个资金体内循环体系。即是说,国美、苏宁像银行吸储一样,吸纳众多供应商的资金并通过滚动的方式供自己长期使用。
Compared with the expansion of many traditional industries, “make the scale does not make profits ” compared to the two giants of China’s home appliance chain - Gome and Suning’s expansion is “both make the scale and make profits ”. Data show that the number of Gome stores soared from 32 in 2001 soared to 144 by the end of 2004, the number of stores in Suning also jumped from 25 in 2001 to 84 in 2004; at the same time, Gome Net profit in 2004 reached 458 million yuan, an increase of 155.87% over the previous year’s 179 million yuan, net profit of Suning Appliance in 2004 amounted to 181,203,700 yuan, an increase of 83.22% over the previous year’s 98,901,900 yuan. Our research finds that the fundamental reason for G-States and Suning to achieve both rapid expansion and strong profitability lies in that their business model is essentially a “financial-like” mode: that between Gome and Suning and consumers In the meantime, deferring 3-4 months to pay the upstream supplier for the payment of goods, which makes the long-term existence of a large amount of floating cash on the book, and the formation of “scale expansion - increase in sales volume brought floating cash in the book - occupied Supplier funds for the expansion of scale or use it for other purposes - to further expand the scale of the retail channel to bring more value to bring floating cash ”such a system of internal circulation of funds. That is to say, Gome and Suning, like bank suctions, absorb the money of many suppliers and provide long-term use for them through rolling.