Research On The Risk Of Haier Group's Industry-finance Combination Strategy From The Perspective Of Business Model

Under the background of intensified global competition in home appliance industry,rising price of bulk raw materials and slow intelligent process,the situation of all electric manufacturers in China is very passive.The convergence of business models has forced them to join the bloody price war in exchange for some meager profits.If enterprises want to change the situation and obtain new growth point of enterprise value,they need to reconstruct business model.In the process of business model reconstruction,enterprises need financial support in all aspects.It is not enough to rely on their own funds alone."Financing is difficult,financing is few and financing is expensive" is a pain point in the transformation of China's manufacturing industry,and Haier Group,a leading white home appliance company,is no exception.Haier Group follows the pace of the times,implements the diversified development strategy of the combination of industry and finance under the background of the gradual opening of the national financial policy,in order to break through the development bottleneck and realize the overall transformation of the enterprise.Based on a new business model,this paper analyzes the implementation of Haier Group's industry finance integration strategy from the aspects of enterprise positioning,key resource capability,business system,profit model,cash flow structure and enterprise value After the transformation of business model,and identify the risks faced by the transformation.In terms of operational risk,from the traditional profit model of Haier Group,the net interest rate of its main products is low,and the profitability of the enterprise needs to be improved;in terms of key resource capacity,Haier Group's R & D capacity is weak,the development space is limited,and the share of its main products in the domestic market is declining,and the leading role of the brand influence of the domestic market in the financial field is weakened,which will bring operational risk.In terms of financing risk,the business system excessively relies on the bank financing channel.Once the credit rating of the enterprise is lowered and the loan interest rate is increased,the enterprise will no longer have the key resource ability of low-cost capital.The reduction of enterprise interest margin will lead to the risk of capital chain fracture.In terms of investment risk,the improper use of low-cost capital will cause low return on diversified investment and increase the debt burden of enterprises.In addition,the excessive cash holding brought by financial capital may aggravate the agency problem and lead to investment risk.In the aspect of integration risk,enterprises should pay special attention to the mutual transmission of financial capital and industrial capital risk,and the use of high financial leverage aggravates the overall risk of enterprises.The key resources of an enterprise are limited.How to allocate resources reasonably between the financial field and the industry in order to achieve the coordinated development of financial capital and industrial capital is also a problem of concern in the integration risk level.According to the process of Haier Group's combination of industry and finance,this paper puts forward four measures to deal with business risk,financing risk,investment risk and integration risk,which are to consolidate industrial capital,broaden financing channels,make scientific investment decisions and reasonably arrange finance.Through the case study on the risk identification and preventive measures of Haier Group's industry finance integration,this paper provides a reference for the manufacturing industry which is implementing the strategy of industry finance integration and suffering from transformation.