The following is the guest speech transcript:
Host: definitely not just mentioned another point, don't think look happy, they sell. I have to ask jianguo, we are old friends. He devotes all know, on CCTV open television used often see their ads, pentium appliances, doing very well. Last year still this year, suddenly become the world's most famous golf brand large shareholders, at that time is a happy he bought?
LiuJianGuo: is not really a pleasure decision, first you go abroad buy this enterprise, is there value amplifier, this is a key point. For instance you received this enterprise after, just say to send milk industry, is the industrial chain of things. We see what is behind? The first is the brand, fancy to the brand value is very big. This brand value is a historical enterprise 52 years, has precipitation many many things, these a few years due to the rich dmc2 many-faceted business mismanagement, the industry to drag down the, we thought that he this brand in China, if such a big market for reposing, in it, if we think the amplifier amplification of the valuable role, this is the first point, after his value amplifier, 1 + 1 will be greater than 2, this is the first.
The second was considered too more is the management culture difference, telling the truth the second time I go to Japan, I think I'll just go take a look. Anyway, I can play, do good for results. Most worried about is management cultural differences, telling the truth from Japanese psychological despise Chinese, you have some money put I bought defy you either. But, I is to take this kind of question to Japan, will go to later dismissed me this idea, he was already a listed company, four years ago due to bad management retreated city, now he cited management mode and financial mode or the original pattern, the listed company is not the least important.
The key to the whole family entrepreneurial jugendstil, everything in the last enterprise crisis of time is fund take time all exit came. Now run the enterprise are all general managers, for professional managers, then there is no national boundaries, why? You two problems need to be solved, one is authorized, one is motivation. I think the Japanese professional manager better use, comparing China's manager is concerned. So, the second point in thinking management culture difference, solve the problem after we determined.
The third because China golf market growth, we now have a money after all hope to exercise, golf is noble, easy movement, should be a first dazzle us think maximum his complementary point. We do pentium appliances have better network channel platforms, use of this platform to golf clubs in China do a promotion, for us it is % 26 # 39; s. Back to just told that thing, we both upstream and downstream, acquisition and he is his father, and his agent is son, upstream and downstream relationship combining necessarily produce 1 + 1 greater than 2 results.
Host: definitely not listen well, I have a question, so-called inside information, just let's chat below never mention this, he tried to see you say that now. It is said that you can still be cheated, this be cheat is said finally found that he has a lot of implicit debt, such as some especially employee welfare this aspect, he is in your before going clean very beautiful, you go in after real staff costs than ye high, cause you originally anticipated profits, with you originally expected sent many?
LiuJianGuo: this is not easy to be cheat, ahead of us please the pricewaterhousecoopers (PWC).
Host can definitely not: it doesn't matter.
LiuJianGuo: they do a net survey of time also is very serious, he is like this. Now what? Japan's salary is higher, originally in this process, the enterprise among bust down a bit, down a little wage, but promised employees for instance in a year of less than give them up back 10% pay, mainly is the thing, I think there is no problem. We finally comment, not only 10%, 20%, but still have to add core with efficiency combined. So, this also don't worry defrauded problems, and we also speak most cunning, most cunning is Chinese, fund another 15% shares mortgage there, if you find any N problem, it can deduct money is 15% of the back, Chinese or no problem.
Time is up, at this point should go out. But, going out to the core for a bit, you buy the enterprise, have the ability after govern him, you don't become takeover after your own baggage, sometimes put your main drag down, this is a little. Mr.crawford brand issue about this aspect, the Chinese brand particularly hard to accumulate, you see China more than 50 years of brand rarely, very little. So, besides university and pharmacy, almost no 50 years brand things. Japan's brand apt for over 50 years, we were also frightened, true 50 years? They said quanzhen.
Now that there is such a good chance, inside short time can find some family has accumulated gradually, this thing? In China has gone from manufacturing power, slowly turned to the real r&d powers, you this time many things need some the accumulated resources. I think merger is a very good method, but don't become your own baggage.
以下是嘉宾发言全文：
主持人王冉：刚才提到另外一点，别以为看的高兴就卖。我得问建国了，我们是老朋友了。他主业大家都知道，在中央电视台打开电视以前经常看到他们的广告，奔腾电器，做的非常好。去年还是今年，突然间成为全球最著名的高尔夫品牌的大股东，当时是不是一高兴就买了？
刘建国：确实不是一高兴就做的决定，第一个你去海外收购这个企业的时候，有没有价值放大，这个很关键。比如你收了这个企业之后，刚才说到送奶产业，是产业链的东西。我们看后面是什么？第一个是品牌，看中这个品牌价值非常大。这个品牌价值是52年的一个历史企业，已经沉淀很多很多的东西，这几年由于富二代多元化的经营不善，把主业给拖累了，我们的想法就是他这个品牌，如果在中国这么大的一个市场为寄托，在把它放大的话，我们认为这个有价值放大的作用，这是第一点，看中他的价值放大，1+1会大于2，这是第一个。
第二当时考虑也是比较多的就是管理文化差异的问题，讲实话我第二次去日本的时候，我认为我去看看吧，反正我也打球，干好就有结果。最担心就是管理文化差异，讲实话日本人从心理看不起中国人，你们有点钱把我买了不服你也没有用。但是，我是带着这种疑问去日本的时候，去了以后打消了我这个念头，他原来已经是一个上市公司，4年前由于经营不善退市了，他现在引用管理模式和财务模式还是原来的上市公司模式，这个还不是最关键的。
最关键的创业元老，整个家族东西全部在上一次企业出现危机的时候被基金收走的时候全退出来了。现在经营这个企业全都是一般职业经理人，对于职业经理人那么就没有国界了，为什么？你需要解决两个问题，一个是授权，一个是激励。我认为日本的职业经理人更好用，相比较中国经理人而言。所以，第二点就在思考管理文化差异的问题，解决这个问题之后我们就下决心了。
第三个因为中国高速增长高尔夫市场，大家现在有了钱之后都希望锻炼身体，高尔夫又是高贵，比较轻松的运动，应该是一个首眩我们觉得最大他的互补点。我们做奔腾电器已经有比较好的网络渠道和平台，利用这个平台把高尔夫球杆在中国做一个推广，对我们来讲是轻车熟路的。又回到刚才讲的那个东西，我们既是上游又是下游，收购他又是他的爸爸，又是他的代理商又是儿子，上下游关系结合一定会产生1+1大于2的结果。
主持人王冉：听着挺好，我还有一个问题，所谓内幕消息，刚才咱们下面聊的时候都没有提这个事，就想看你现在这么说。据说你们还被骗了，这个被骗是说最后发现他有很多的隐性的债务，比如一些特别是员工福利这方面，他在你们进去之前打扫很漂亮，你们进去之后真实员工成本比你们要高，导致你原来预期的利润，跟你们原来预期差了不少？
刘建国：这倒不是被骗，我们前面请了普华永道。
主持人王冉：没关系可以说。
刘建国：他们做了净值调查的时候也是非常认真的，他是这样的。现在是什么呢？日本的工资比较高，原来在这个过程中间，企业不景气的时候降了一点，降了一点工资，但是承诺过员工比如在一年以内给他们涨回去10%的工资，主要是这个事情，我认为是没有问题的。我们最后表态，不光加10%，还得加20%，但是核心跟效率结合起来。所以，这个也不担心被骗的问题，还有我们也讲最狡猾，最狡猾的就是中国人了，基金还有15%的股份抵押在那里，如果发现有N多的问题，这15%的钱是可以扣回来，中国人还是没有问题的。
时间到了，到了这个点应该要出去。但是，要出去核心一点，你收购这个企业之后，有没有这个能力治理好他，你收购之后不要成为自己的包袱，甚至有时候把你的主业拖垮，这是一点。关于刚才讲到品牌问题，中国品牌这方面特别难积累，你看中国超过50年以上的品牌很少，非常的少。那么，除了大学和药店，几乎就没有50年以上的品牌东西。日本的品牌动不动就50多年，我们当时也吓坏了，真50多年吗，他们说全真的。
既然有这么好的机会，短时间内可以找到一些人家有积累的东西，这个何乐而不为呢。在中国已经从制造大国，慢慢转向真正的研发大国的时候，你这个时候有很多的东西需要一些资源的积累。我认为并购就是一个很好的方法，但是不要成为自己的包袱。
