About Yaohan.

Make a comeback-autobiography of a 77-year-old Japanese entrepreneur

Chinese version of "A comeback-a new voyage at the age of 77" published by Fudan University Press in Japan.

A launching ceremony was held at Fudan University. The author of this book is Mr. Wada Kazuo, former president of Yaohan Group.

At the ceremony, I introduced my original intention of writing this book to readers and had a live exchange with domestic readers.

Yaohan Group is a legendary Japanese retail enterprise, which was once popular in China.

The play A Xin is based on Tian, his mother. The efforts of Hotan family

At present, Yaohan has developed from a small shop to a chain retail enterprise. In the 1960s.

As the eldest son, Wada Kazuo began to become the main operator of Yaohan because of Mr Hotan's advanced management.

Type and business philosophy, but also benefited from the rapid development of Japan's economy, Yaohan quickly grew into Japan at that time.

One of the most influential retail enterprises in China.

In 1990s, Wada Kazuo moved the headquarters of Yaohan Group to China, Hongkong and Shanghai.

It has also achieved unprecedented development. When Shanghai First Yaohan 1995 opened at the end of the year, it set a record of1070,000 people on the first day.

The world record of passenger flow. However, due to the mismanagement of Japanese Yaohan and the impact of the financial turmoil in Southeast Asia,

1997 bankruptcy of Yaohan group. After experiencing a heavy blow, Wada Kazuo made a profound reflection.

When he started his business again at the age of 68, his unremitting pursuit of career and life won people's respect.

After nearly ten years of re-starting, Wada Kazuo has made great progress in the fields of enterprise consulting and green agriculture.

Development, he also successfully opened a new chapter in life. At the age of 77, Wada Kazuo was admitted.

I wrote the book "Make a comeback" based on the experience and lessons of enterprise management for many years and the experience of starting a business again. In circulation

Ceremony Mrs. Kaminowada said that the meaning of life lies in constantly making contributions to society, as a person who has passed away.

An ancient man didn't feel that it was time to rest. On the contrary, he felt that he should work harder.

Work, he hopes to bring some useful inspiration to people through his new book.

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Yaohan

"Why don't we vacate this street-facing room at home and open a shop selling fruits, vegetables and groceries? This is not very

Okay？ "

My wife's father thought about it and thought it was a good idea, so he agreed and immediately got to know grandpa Lao Hotan.

Grandpa has no objection.

In this way, after simple cleaning and preparation, the small grocery store of fruits and vegetables at home opened.

It's called Yaohan Store. Only at that time, no one expected that this store would become the lifelong career of monogamous parents.

, and carry forward in the hands of his wife, become a famous big enterprise in the world!

In Japanese, 800 households means a vegetable shop. It was named "800" to commemorate the Laos and Jin Jia in the early days.

Selling vegetables along the street, starting from scratch. Yaohan takes 800 greengrocers as its partners.

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He designed an effective way for himself to become a diplomat: he applied for the prestigious Tokyo Diplomatic Academy at that time.

English This school, today's tokyo university of foreign studies, has always been the best educational institution for diplomats.

In order to apply for this school, Wada Kazuo studied English from morning till night. He is very determined, and his study has always been

Very good. In order to realize his wish, he redoubled his efforts this time. He writes on the wall and desk at home.

English words are hung everywhere beside the bed. Every day, from opening your eyes to turning off the lights, going in and out.

Muttering, forgetting to eat and sleep, never tired of it!

Although he later failed to become a diplomat, this solid "boy job" made him gallop all over the country.

The international stage and the "internationalism" thought of establishing an international circulation group have laid a solid foundation!

(Wada Kazuo)

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Yaohan, curtain call.

Author Liu Shuhua published on March 9th, 2006 15: 13: 00.

Brief introduction of Yaohan.

Yaohan Group, which enjoys a good reputation in Japan and even the world, has a tortuous and arduous development history and is full of legends. Its founder.

Wada Kazuo, the son of Xinxin, started Yaohan as a rural vegetable shop and gradually developed into a Japanese retail industry.

Giant.

Yaohan's most successful is its overseas strategy. Through rapid business expansion, Yaohan went bankrupt ten years ago.

China has become Japan's largest overseas enterprise in Asia, with its department stores and supermarkets all over Japan, Brazil, the United States and Singapore.

Singapore, Hongkong, Malaysia, Brunei and Chinese mainland. In its heyday, Yaohan had nearly 30,000 employees.

There are 450 supermarkets and department stores in 0/6 countries and regions around the world, with annual sales exceeding 500 billion yen.

From 65438 to 0997, the debt-ridden Yaohan financial crisis broke out in an all-round way. Inheritance of "A Xin Spirit" —— Yaohan

The international group declared bankruptcy.

1September, 1997 18, an event caused a great earthquake in Japan. Retail giant Yaohan Day

On the same day, the company filed an application for the company revival law with the Shizuoka District Court in Japan where the company is located, which is equal to

Declare Yaohan bankrupt.

In Japan, 28,000 people lost their jobs because of the bankruptcy of Yaohan, the biggest bankruptcy in Japan after the war indirectly increased.

It has added a lot of burdens to the Japanese government and banks, and its president, Wada Kazuo, owes a debt of161300 million to the Japanese Yaohan company.

Japanese yen, take full responsibility, pay off all private property, and rent a house in poverty.

165438+ 10, Hong Kong Yaohan International Group also declared bankruptcy liquidation, and its ten branches in Hong Kong and Macau closed down.

. In 65438+February, Jusco Group officially announced the acquisition of Yaohan. At the end of the song, Yaohan faded out of glory.

After more than 30 years of commercial stage.

Yaohan went bankrupt when Asian countries and regions were hit by the financial turmoil and the economy was in downward adjustment, although there was one kind.

This external unfavorable factor led to the failure of management in Yaohan, however, the main reason was that management was divorced from reality.

Ambition inflation, Yaohan embarked on the road of no return.

1, the history of legendary development

Yaohan was originally a rural vegetable shop opened by Hotan's parents. 196 1 year, after Wada Kazuo visited the United States.

Under the signboard of "800 partners" and "lowest price for many years", my father's ambition to build a supermarket chain group was revealed.

After a sleepless night, the 57-year-old father unexpectedly gave him the position of President of Yaohan the next day.

. As a result, Wada Kazuo became the real helm of Yaohan. At that time, Yaohan's total assets were about 654.38+00 billion yen.

From 1966, Yaohan began to expand its chain stores at an average rate of one store a year, and opened eight stores in eight years.

Shop, Yaohan has a certain strength in Japan. At this time, the competition in the Japanese market has become saturated, so

Wada Kazuo, full of business acumen, has strengthened its belief in developing overseas and is determined to aim overseas.

197 1 year, the first branch in Brazil, Yaohan, opened, which set off a service frenzy of "smile with your heart" and expanded in one fell swoop.

Become the largest department store in Sao Paulo.

But then, Yaohan was in crisis. At the end of 1972, at the request of the county magistrate of Shizuoka, Hotan.

Out of morality, Kazuo spent 2 billion yen to buy Hualing Shopping Center and its surrounding open space, which caused serious losses in this county. exist

After it took over the operation, Hualing's turnover doubled.

However, the ensuing oil crisis led banks to tighten their loans. The affiliated bank refused to honor its promise and supported 800 again.

With the construction of real estate on this land, Yaohan's funds are also tight. At this time, Yaohan has opened 10 chain stores.

The capital consumption is too heavy, the debt is 8 billion yen, the assets are insolvent, and others will merge. Fortunately, the whole country was nearby at that time.

When Wanjia Bowling Hall closed down, Wada Kazuo chose 15 suburban bowling hall as a supermarket, and its parking lot was just right.

Make up for the shortage of parking lots in urban supermarkets. This 15 branch has been opened one after another, with little capital, good business and profit.

Fortunately, Yaohan has not been swallowed up by the crisis.

However, Yaohan has not completely walked out of the shadow of the Hualing incident, and has ushered in the second crisis of the enterprise:

Yaohan has four branches in Brazil, of which the branch in Brazil International Center is the largest in South America.

Shopping center. 1977, a serious economic crisis occurred in Brazil, and most Japanese banks refused to give assistance. Finally, Yaohan.

With the support of Suruga Bank, it was temporarily cleaned up. As Brazil's economy continued to deteriorate, Yaohan was finally helpless.

Evacuate.

But Brazil's failure can't stop Yaohan's progress overseas. Throughout the 1980s, Yaohan's main elite

Force is still overseas, except Taoyuan, Taiwan Province Province, London, Los Angeles, new york and Southeast Asia.

New Matai, Indonesian and Brunei have opened branches, as well as Qiu Yonghan, a financial writer in Taiwan Province Province and known as the "God of making money".

Inspired by this, Yaohan made great efforts to enter the Hong Kong market.

At that time, almost all directors in Yaohan were opposed to investing in Hong Kong. But Wada Kazuo based on his "gap theory"

1984, Yaohan established the first branch of Yaohan in Shatian, Hong Kong.

Shatian Store will enter the profit stage at the end of next year. Facts have proved that Yaohan's investment in Hong Kong is correct.

On March 7th, 1986, Yaohan Department Store was listed on the largest Tokyo Stock Exchange, which opened the capital.

Market financing channels. At this time, Yaohan has become a successful model of the department store industry, with total assets of 8.2 billion yen.

, with 82 stores in Japan and overseas in Brazil, USA, Singapore, Hong Kong and Costa Rica.

There are 0/2 large supermarkets/KLOC, with 6000 employees.

1989 is the turning point of Yaohan. Wada Kazuo decided to move to Hongkong and take Chinese mainland as his future.

Focus on international management. This year, Wada Kazuo resigned as the president of Yaohan Department Store.

His second brother, Tian Huangchang, served as the president, and Wada Kazuo withdrew from the establishment of Yaohan International Circulation Group.

Wada Kazuo brought Xiang Xiang about11.50 billion Hong Kong dollars (equivalent to 23 billion yen), including personal property.

Hong Kong, and settled in Hong Kong with his whole family, and officially became a Hong Kong citizen. The move was accepted by the Hong Kong and China governments.

It was very popular. At that time, it was facing 1997 that Hong Kong was about to return, and a large number of Hong Kong-funded enterprises and foreign-funded enterprises.

Industries have left Hong Kong one after another, and capital is rapidly losing.

Yaohan, Japan's largest circulation enterprise, has invested heavily to move its headquarters to Hongkong, which naturally became a sensational event.

Big deal. Therefore, as soon as Wada Kazuo arrived in Hong Kong, he was personally appointed as an incense burner by the Governor of Hong Kong, Wei Yixin.

It is unprecedented for the top head of the Hong Kong government to welcome a commercial enterprise in this way. All the media in Hong Kong are connected to the Internet.

The incident was reported in detail. 1990 in may, the headquarters of Yaohan international circulation group moved from Japan to hongkong.

Later, it was renamed "Yaohan International Group" and began to accelerate Yaohan's international investment.

In the past, Yaohan has been opening stores overseas in the form of leasing stores. Yaohan international circulation group

After the establishment, I decided to change this practice, focusing on real estate development, and began to make large-scale progress in the world.

Line real estate investment. The second month after Yaohan moved to Hong Kong, he signed a contract to buy Hong Kong Lantian Shopping Center.

Sales contract, and then will account for about half of the total area of the main store to Yaohan department store, and invested 20%.

The area is leased to Yaohan International Catering Company, and the remaining 30% is leased to McDonald's fast food restaurants, banks and their restaurants.

His specialty store.

In addition, 20,000 square meters of land was purchased in Lantian for 654.38+05 billion yen to build No.5 shopping mall in Yaohan.

Heart. Buy 2 1 1,000 square meters of land in the bustling area of Vancouver, Canada. I bought new york in America.

The land of16000m2 adjacent to the Hudson River Yaohan new york Procurement Center is built in pure Japanese style.

Hotel.

1990 in just over a year, Yaohan bought16,000 square meters in new york and 43,000 square meters in London.

Square meters, 66,000 square meters in Penang, 2 1000 square meters in Vancouver and 33,000 square meters in Chicago are not allowed.

Movable property development.

In Macau, Wada Kazuo cooperated with Stanley, the gambling king of Macau, to buy land and build a shopping center in Macau.

China department store and Hongkong restaurant branch were opened in the shopping center to form China shopping center and department store.

One-stop restaurant project.

In this way, the real estate development of Yaohan International Circulation Group expanded at an alarming rate and soon became "800".

China is the third pillar industry after department stores and restaurants.

Wada Kazuo is ambitious and determined to become the king of China restaurants in Hongkong, and then set up chain restaurants all over the world.

China restaurant. The immediate goal is to develop China restaurants to 65,438+000 in three years. As of 1990, through

After acquisition and self-opening, the number of China restaurants in Yaohan has reached 30, which took only half a year. To 1993

In May, 2006, it achieved the short-term goal of creating 100 restaurants in three years and became the top restaurant in China.

1990, Wada Kazuo integrated the acquired China restaurant and established Yaohan, a restaurant chain in China.

International Catering Co., Ltd., whose shares were listed on the Hong Kong Stock Exchange on19901February 12, at that time

The annual return on net assets reached 14%, which made Hong Kong people sit up and take notice. At this time, Yaohan already had a home in Hongkong.

City company and three large supermarkets.

2. Fatal debt expansion

However, behind the high performance is its amazing debt. 1992, the main Japanese subsidiary bank in Yaohan announced that

Cloth "weaned" it, but Yaohan performed well by issuing unsecured convertible bonds in the bond market

I don't care. As a result, no one is willing to exchange expired bonds for future ones when the Japanese stock market continues to slump.

Yaohan's waste paper inventory, then 37.4 billion yen bonds have become a time bomb that will explode at the touch of a button.

Since its headquarters moved to Hongkong, Wada Kazuo has reduced its investment in Japan in order to implement its internationalization strategy.

Increase the scale of investment in Asia (focusing on Hongkong and China). After Yaohan gained a foothold in Hong Kong,

That is, against Chinese mainland.

1991April14th, Yaohan signed a joint venture agreement with Shanghai No.1 department store. Both sides agreed.

Italy will build a shopping center with an area of 654.38+10,000 square meters in Pudong New Area (the area was originally planned by China).

The area of this shopping center far exceeds the building area of 30,000 square meters of Shanghai No.1 Department Store.

The largest department store in the world. After Deng Xiaoping's southern tour speech, he was in 1992, Yaohan and Beijing East Third Ring Road.

Saite Group hit it off. At the end of the year, the new Saite grand opening, guests like a cloud.

However, Yaohan's unimpeded overseas practice, high-grade goods, high shelf rate, bag return, hand washing.

Free opening, bar code management, credit card settlement, year-end dividend, bow and smile, no commission, etc.

The National Conditions of China hit a wall again and again, and it was a complete failure. 1994, Yaohan retreated to Beijing and moved to Shanghai.

Shanghai First Yaohan New Century Shopping Mall was built in 1995, which is the second largest shopping mall in the world with an area of140,000 square meters.

. By the end of this year, Yaohan has three major companies in Shanghai: First Yaohan, Yaohan Liannong Supermarket and Yaohan.

South shopping mall. 1996, Yaohan international group announced that it would move its headquarters to Shanghai.

On the eve of its bankruptcy, Yaohan's investment in Chinese mainland has reached 350 million dollars! Always imagine the harmony of a beautiful tomorrow.

Tian Yifu, the first one who rushed to Chinese mainland, suffered the worst failure. At that time, Chinese mainland and Hongkong were still very different.

People's consumption concept is still very backward. Among the first batch of 26 foreign department stores that landed in Shanghai, 17.

There is a loss.

From 65438 to 0994, Yaohan once faced financial crisis. Due to the large investment in Hong Kong and department stores.

The loss of the domain, Yaohan unexpected crisis without budget happened at this time. be embarrassed financially

Yaohan sold the top two floors of the Hong Kong Convention and Exhibition Center for HK$ 560 million. 1996, Yaohan had to sell it again.

In response to the crisis, some assets were used this year to sell the "Tianbi Gao" mansion to Ming for HK$ 375 million.

Zhu xingye group. 1997 After the Southeast Asian financial crisis hit the retail industry hard, Yaohan was frequently sold in Hongkong.

Assets, and sold the 16 high-quality supermarket in Shizuoka Prefecture to the arch-enemy Rong Da Group, cashing in 33 1 100 million yen.

Within ten days after the news that there was no liquidity in Yaohan, the share price plummeted by 5.5% from around 200 yen.

All right. And his friends in Hong Kong have not fulfilled their promise of a turnover of 20 billion yen. In September, 1997, the total liabilities reached.

161300 million yen Japanese Yaohan formally applied to the court of Numazu City, Shizuoka Prefecture for bankruptcy protection; 165438+ October, Hong Kong August

Baiban International Group also declared bankruptcy liquidation; In 65438+February, Jusco Group officially announced the acquisition of Yaohan. what

Yes, the myth of Yaohan has come to an end, and former president Wada Kazuo has lost everything and survived.

A dull life.

3. Yaohan's reflection.

Reflection 1: Management vacuum

The whole Yaohan Group has a huge structure and belongs to family-run operation, and management decisions are often highly concentrated on one person.

This old and lifeless management mode is extremely unsuitable for the development of modern and large department stores.

Adaptation, in this environment where every link must participate in the competition with specialization, personal strength is limited after all.

In the process of enterprise development, Yaohan has never had an effective talent training mechanism. Despite the development,

Strengthen the training of talents in the early stage. However, the cultivation of talents is not achieved overnight. In the early stage of development,

Caused the emptiness of internal management. In the process of Yaohan's expansion, due to the long front, people

Lack of power resources has become a fatal flaw. There is a shortage of middle-level managers and internal management is chaotic, which has become 800.

Fatal internal injuries. As an old employee of Yaohan Group said, "Wada Kazuo is actually a very good place.

Forward, but no one can hold the rear for him. "

Because we pay too much attention to the external expansion speed and ignore the internal management, there is a management vacuum. one

A simple example is the office building rented by Yaohan headquarters in Sha Tin, Hong Kong, which takes five or six days from renting to closing.

In 2000, one-third of the places have been vacant and no one cares. In Hong Kong, where rents are very expensive,

For other companies, this is impossible and should not happen. In addition, due to the lack of management talents

Many internal links are out of control, resulting in high prices of purchased goods and lack of competitiveness.

Under the family management mode, the operating mechanism of Yaohan lacks transparency. Yaohan's group system is fault-independent.

Vertical framework: Yaohan not only manages more than 40 department stores in Japan, but also undertakes the umbrella group.

Various investment undertakings in Southeast Asia; The businesses in Chinese mainland and Hong Kong are mainly listed in Hong Kong.

Yaohan International Group as the main body. It is puzzling that, as a member of the group, Yaohan International Group

There is no direct capital relationship with Japanese Yaohan.

Later, when Wada Kazuo recalled Yaohan's bankruptcy, he also admitted that family management was not conducive to enterprises.

Development, because the progress of the times requires more brains to arm enterprises. Wada Kazuo asked his brother Tian Huangchang.

Being the president of Yaohan is a typical failure in itself. Under the management system of Yaohan, not only the next

People reported false accounts to their superiors, and even Hotan's younger brother reported false accounts to Hotan.

Reflection 2: Decision making is arbitrary.

In terms of investment strategy, many shops in Yaohan are unscientific and divorced from reality because of individualism in decision-making.

Environment and blind development. The population of Ma 'anshan new town in Hong Kong is generally smaller than that of the old town, and there is a lack of floating population, because

This purchasing power is relatively low, and it is difficult to support the hypermarket. Yaohan has opened in a new city with a population of less than100000.

160000-foot shopping mall failed to sell, and it has been losing money from opening to closing.

The choice of department stores should follow objective laws, with a population of 300,000 to 400,000, and new towns with development prospects can at most.

In order to open a small and medium-sized shopping mall of 20,000 to 30,000 feet, there is no such thing as an old city with no development prospects.

Conditions of large department stores. Hong Kong's rising rents, land prices and prices since the 1990s.

Wages objectively limit the possibility of operating large shopping malls in new urban areas with low income.

The partners didn't make a comprehensive evaluation.

Yaohan's mistakes in business strategy accelerated its liquidation. Like other Japanese department stores, Hong Kong Eight

Baiban pursues large-scale shopping malls and attracts customers with a wide range of middle and high-grade goods. This strategy

The early stage was very successful. At that time, China had just started the reform and opening up, and Hong Kong benefited from the rapid economic growth in the Mainland.

The income of citizens has increased substantially. 80% of the initial merchandise of Yaohan Department Store comes from Japan, and 20% is purchased locally.

The summer camp was quite successful.

However, since the 1990s, property prices and rents in Hong Kong have soared, and the operating environment of department stores has changed greatly.

The bigger the mall, the bigger the rent and the more employees it employs. Not all of them are on display.

All the goods sell well, and many of them are goods with extremely slow circulation speed, which not only occupies funds, but also lacks efficiency. the same

At that time, the department store industry had its own rules, unlike other industries, the investment would soon pay off.

Generally speaking, it takes about six years for department stores to start making profits. Yaohan operators turn a blind eye to this.

A market law, mechanically adhere to the initial development model, blindly expand the number of shops, open one after another.

Between. Because many newly opened shops lack customers, they can't make a profit in a few years and get deeper and deeper in the quagmire.

Reflection 3: blind expansion

After a period of success, policymakers in Yaohan began to be blindly optimistic and began to expand unrealistically, such as

It is planned to build the largest department store in Asia and set up 1000 chain stores in China. In fact, Yaohan is

Without such strength, we can only borrow heavily. Once this debt development mode exceeds its reasonable limit,

Degree, will suffer at any time.

In the middle and late 1980s, China's economy and the world economy were both in this situation.

At different levels of adjustment, most enterprises in the world are also in the rest period, and it is precisely at this time.

During this period, regardless of the changes in the economic situation, Yaohan set up branches everywhere and expanded to real estate, real estate and financial industry.

The scale expansion of enterprises has boundaries, and it is definitely not the bigger the better. If you blindly pursue enterprises regardless of your own conditions

With the expansion of the industry scale, the business risks and management costs faced by enterprises will increase. Every enterprise's decision

Enterprises must know their own strength, external environment and management ability when making expansion decisions.

Get a clear understanding and don't make a move.

The consequences of the rapid expansion of Yaohan department stores are very obvious. Take Hong Kong as an example. Industry insiders estimate that opening a portrait.

For a department store as big as Yaohan, it costs 40 to 50 million yuan to maintain it at a time, at least in the current period.

Five years. 199 1 year, Yaohan's profit is at its peak, with a net profit of nearly 57 million yuan. For the next four years, Yaohan

Seven branches were opened, but the profits dropped rapidly. Since 1995, Yaohan has suffered huge losses and accumulated losses.

365,438+06 million Hong Kong dollars. Yaohan keeps investing in new stores, and the battle line is too long, which increases the overall expenditure.

The inventory is also increasing. In the case that the inflow of funds can't meet the expenses, Yaohan has to stick to it

Bank loans and delays in repayment to suppliers have led to an increase in interest expenses.

Tian, the general manager of Yaohan Japanese Company, also made it clear that the reason for the bankruptcy of the company was excessive investment in advance.

. He Zhengguang said: "At that time, I thought the investment plan was absolutely correct. Judging from the results, I think so.

Because the company is too optimistic about the economic situation in Japan and overseas and the ability of its own enterprises. "

In fact, however, Yaohan has no detailed and thorough investment plan overseas. In the late 1980s and 1990s,

In the early 1990s, in order to expand their international business rapidly, Yaohan and Japan used Japan's bubble economy to invest in bonds.

A large number of convertible corporate bonds have been issued in the market. This kind of financing, although get rid of the bank's funds.

Restrictions, it will lose effective financial supervision, and it is easy to fall into the crisis of debt inflation.

Reflection 4: Lack of bank support

From 1996 1 1, the operating conditions of Japanese enterprises in Yaohan began to deteriorate. Yaohan Japanese Volkswagen

Our company will invest through the profits and a lot of money gained from issuing corporate bonds in overseas markets.

However, the recovery of these funds is not satisfactory. Various crises in Yaohan began to emerge, and funds

The chain is facing fracture.

In this case, the 800 partners did not get strong support from the bank, which is also the direct reason for their failure.

One.

Most Japanese enterprises implement the main banking system, and the main purpose of the main banking system is when business appears.

During the economic crisis, we can expect the stable development of the enterprise itself by obtaining financial support from the bank. Danbabai

Partners seem to hate this indirect means of capital control, and only maintain relations with major banks on the surface.

In the process of business development, Yaohan lacks close cooperation with banks. In fact, it is an intermediary to absorb funds.

If we raise funds through direct financial means, that is, by issuing bonds in the securities market. statistics

From 1990 to 1994, the company sold convertible bonds worth 50 billion yen. bubble

After the bubble economy burst, the share price of Japanese Yaohan dropped without exception, both at home and abroad.

The business situation has also begun to ebb, and whether it can repay huge debts has become the primary unsolved case.

Adopting the financial means of directly using the market can reduce the financing cost of enterprises and absorb them on a large scale.

Capital is a bold financial means, but this method has a fatal disadvantage: when an enterprise is operating,

Entering the low tide, the income effect is reduced, and the stock and bond prices of securities market companies fall in tandem.

When the repayment funds of bank bonds are not fully guaranteed, there will be vicious results of being eliminated by the market.

"Yaohan Japan" directly issues corporate bonds without bank guarantee to the financial market and absorbs them directly in the market.

Capital, this move, although it reflects that Japanese enterprises have changed from indirect sources of funds relying on bank loans to

The general trend of absorbing funds directly from the market has also offended the main force of multi-head exchanges.

All right.

Yaohan withdrew from the historical stage, and its historical imprint left more reference for future generations, regardless of it.

After all, the existence of the past is useful. Let the latecomers participate in the successful part.

According to it, let the failed part give more vigilance to the latecomers.

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