文｜投资界 王露　

yiweiyinmibinggounvjiangxianshen。

touzijiehuoxi，zuowan（11yue21ri），haixinjiadianfabugonggaoxuanbuzhongyaorenshibiandong，yuangongsizonghuijishi、zhixingdongshigaoyulingweixinrendongshizhang。

xiannian42suidegaoyuling，benshuocongxinancaijingdaxuehuijixuebiyehou，kaiqizaihaixindezhiyeshengya，caodaobaokuohaixinjituanshougououzhoujiadianpinpaigorenjedengyibibibeishouguanzhudejiaoyi。rujin，gaoyulingzhengshizhizhangshizhichao400yidehaixinjiadian，zheiyeshihaixinjituanqixiashizhizuidadeshangshigongsi。

erbinggouchushendegaoyulingzhizhangyijiashangshigongsi，wuyishidangxiabinggoudachaodelingyizhongzhujiao。

刚刚，一位女掌门诞生，并购色彩浓厚

高玉玲是谁？

congbuduodexinxizhong，dazhinenggougoulechutaderenshengguiji。chushengyu1982nian，18suineiniankaoruxinancaijingdaxuehuijixuezhuanye，sinianhouliuzaibenzhuanyejixugongdushuoshixuewei。qiuxuejieduan，gaoyulingjiuduikuajingbinggouyouzhejidadehaoqihereqing。

qizhongyouyigexijie，tadeshuoshibiyelunwen《lianxiangjituankuaguobinggoujizhengheyanjiu》，bianshiweiraozhelianxiangbinggouibmgerendiannaoyewujinxingyanjiu。

2007nianbiyehou，gaoyulingjiaruhaixin，xianhouzaijituanqixiahaixinshixiang、haixinjiadiandenggongsicongshicaiwugongzuo，yibubuzoudaohexinweizhi。genjuhaixinjiadiancaibaoxianshi，2015nian，gaoyulingkaishidanrenhaixinjiadiancaiwufuzeren，houluxudanrenhaixinjituanfuzonghuijishi、haixinjiadianzonghuijishidengzhi。

zhengshizheiyinian，haixinkaishijiakuaihaiwaibinggoubufa，luxushougouxiapumoxigegongchang、dongzhidianshi、ouzhougaoduanjiadianpinpaigorenjedengdeng。

qijian，gaoyulingzuoweihaixinjituanshougououzhougorenjegongsicaiwuzufuzeren，congguanlicengzuotan、xiangmujindiaodaobaojia，dailingtuanduiqiantouzhidingzhenghefanganbingshishi。dangshigorenjeshoudaohaixin、haier、meilingdenggongsishenchudeganlanzhi，sanxuanerhouzaierxuanyi，zuizhonghaixinyiyue2.9yiouyuandejiagechenggongshengchu。duiyuhaixineryan，zheiyizhankuozhanouzhoujiadianshichangdezhanlvedaxialelianghaojichu。

duonianhou，gaoyulinghuidaomuxiaohexuedixuemeimenjiaoliushiyiranbulibinggouhuati，“shangxueshixueguodebinggouheshijianzhongyouhendadechabie，danbingbushimeiyouyonghuozhexuecuole，xuexideshijichu，shijianzhongyudaodenantihezhuangkuanggengjiafuza。”

ciwai，gaoyulingjijituijinjituanhaiwaigongxiangjianshe，shixianbeimeijimoxigegrsxitongshangxianhexiangmuyanshou。zaituidongjituancaiwuzhuanxingyugongxiangyouhuadengfangmian，tongyangbuyiyuli。

“lizubenzhigongzuo，jingyeshigan，ganyuchujimaodun，buduantishengcaiwugongzuoshuiping，chuangxincaiwuguanlisilu，tuidongjituancaiwuzhuanxing，zhulihaixinquanqiuhuabuju，weiqiyeguifanyunzuo、chuangzaoxiaoyi、wenjianjingyingzuochuzhuoyuegongxian。”2020nian，gaoyulinghuodeqingdaoshiwuyilaodongjiangzhangshidedaolezheiyangdepingjia。

zhidaojinnian11yue21ri，haixinjiadianzhaokaidishierjiedongshihui2024niandisicilinshihuiyi，xuanbuxuanjugaoyulingweigongsixinrendongshizhang，caiwufuzerenyousunzhangchundanren。zheishigaoyulingzaihaixinjituandedi17nian。

zhici，shizhichaoguo400yiyuandehaixinjiadianyinglaixinyirennvzhangmen。

并购狂人崛起史

shijishang，haixinzonghengbinggoujianghuyijiu。

haixinjituandeqianshenshi1969nianchenglideqingdaowuxiandianerchang，yishengchanshouyinjiqijia，chenglizhichuyuangongjinshiyuren，houyuqitadanweizuchengqingdaodianshijizongchang。guoqushushinian，haixinjituanyibubuyouxiaodaoda，youquyudaoquanguo，chengweijiayuhuxiaodeguominpinpai。

zheibeihoulibukailinghunrenwu——zhouhoujian。

1982nian，congshandongdaxuedianzixibiyedezhouhoujianjinruqingdaodianshijichanggongzuo。1992nian，tashengrenweichangzhang。cinianbianzaiquantiyuangongzhongjinxingzhengming，qu“hainabaichuan、xinchengwuxian”geyizi，zhengshijianggongsigengmingweihaixin。

haixinjituanshanyubinggoujizibenyunzuo，deyiyuzhouhoujianzaonianlvxiantichu“yizibendeyanguanglaikandaizibenshichang”，dadanchangshizibenyunying。

zaozai1994nian，haixinbinggouzibodianshijichang，suihouyongyinianshijianniukuiweiying；1997nian，haixinxianhoubinggouguiyanghuaridianshijichang、liaoningjinfengdianshijichang。tongnian，haixinbolidianshichanyehexinzichan，haixindianqi（hougengmingweihaixinshixiang）zaishangjiaosuochenggongshangshi。

haixindebinggouchengmingzhizuo，bianshishougoukelong。

kelongchengliyu1984nian，shidangshizhishoukeredemingxingqiye，90niandaibianchenggongzaigangshenliangdishangshi，yingshouliangyandanjingyingbushanzhaiwuyalijida。jingguoyinianduodezhengduo，2006nianhaixinyukelongqiandingguquanzhuanrangxieyi，yi6.8yiyuandechujiashougou，cihoukelongherongshengchenglehaixindezipinpai，gongsixianshigaimingweihaixinkelonghouyougengming，bianchengrujindehaixinjiadian。

jiannandebinggoulichengzhishidiyibu。dangshidekelongxiangzhongzhengjianhushilidebingren，yourencheng“haixinshiyongtiaoxiaxuanyadefangshilaitancezheigexuanyayouduoshen。”haozaihaixintingleguolai，shangqudao、jianzichan、peiyangrencai，zuizhongrangkelongduguonanguan。

daole2018nianzhihou，haixinyibianbujuguoneishichang，yibianjixujiangyanguangtouxiangquanqiubantu，jielianshougouledongzhidianshi、gorenje、ribensandiandengguojipinpai。

tongshi，congjiadianchufa，qiyewulingyubuduankuozhandaozhihuidianqi、xinpiandenggaokejichanye。2023nian，haixingonghaozi16.05yishougouledxinpianchangshangqianzhaoguangdiankongzhiquan；2024nian，haixinchenggongshougoubingruzhuagushangshigongsikelindianqi。

shizhijinri，haixinjituanyongyouhaixinshixiang、haixinjiadian、sandiankonggu、qianzhaoguangdian、kelindianqiwujiashangshigongsi，zongyingshouchao2000yi。youyisideshi，chuhaixinshixiangwai，qitasijiajunyinshougouerlai。

tanjibinggoucelve，xianrenhaixinjituandongshizhangjiashaoqiancengbiaoshi，shougoubujinshituozhanyewu、kuodadipandelujing，gengshimibujishuhechanyeduanbandezhongyaojiejing。tarenwei，shougoudehaochuzaiyububi“conglingkaishi”，ershi“zhanzaijurendejianbangshang”。

cicibinggounvjianggaoyulingchurenhaixinjiadiandongshizhang，weihaixinweilaidebinggouzhilugengtianlejifenxiangxiang。

今年，上市公司排队并购

fangyanwangqu，dabinggouweimuzhengzailakai。

jinniandeshangshigongsibinggouanlicengchubuqiong。9yue，tclkejifabugonggaonishougouhanguoxianshimianbanzhizaolongtoulgdweiyuguangzhoudezigongsi，jiagewei108yiyuanrenminbi。yuhaixinbinggouluxiangsi，zaozai2004niantcljiukaishibinggouzhilu，weiqiquanqiuhuayewumaixiafubi。

wuduyouou，mingchuangyoupinfabugonggaocheng，yi63yiyuanshougouyonghuichaoshi29.4%deguquan，yiyuechengweiyonghuidediyidagudong。jinguanliangjiatongshilingshouxingyelongtou，yunyingluojixiangqushenyuan。mingchuangyoupinchuangshiren、dongshizhangyeguofuhaoqingzhuangzhi，“dajiadoukanbudongjiuduile，ruguokandedongwojiumeiyoujihuile。”

不并购，难成王。

tongguoyilunlunbinggoushixianguimokuozhangdekexingxing，beijutoumenyiyiyinzheng。qingkeyanjiubaogaoxianshi，2024nianqiansanjiduyoushangshigongsifaqiwanchengdebinggoujiaoyigongji590qi，shejijiaoyiguimo1651.57yirenminbi，fenbiezhanshichangzhengtide35.5%、39.8%。

jubuwanquantongji，jinshangzhoujiuyounanjinghuaxian、baiyinyouse、nanjingshanglv、hengfengzhiye、shanghaijianke、zhongguohedian、shantuigufen、shengdaziyuan、jiabiyoudengyue20jiaagushangshigongsipilulebinggouzhongzujinzhandezuixingonggao。

dajiadebinggoureqingweiherucigaozhang？

qizhongdaolixianeryijian。dangqian，xinyilunkejigeminghechanyebiangexiangzongshenyanjin，chanyediaozhengguochengzhongxuyaoyizibenhuanshijian、huanjishu、huanchanye。xingyexipaizhong，jiashangyijishichangrongziyufakunnan，ipobiandeyaoyuan，henduochuangyegongsichengshouzheyejizengzhangkunnan、jingyingguanlijinzhangdejumian，zhuanerbuzaisikeipo，fangxiagaoguzhidecuojue，poqiexiwangtongguobinggoushixiantuichu。

zheidangzhong，shangshigongsiwuyishihuoyuedechanyemaijia。chanyefangtongguozhengheshixianchengzhanghexiaolvtishengyizhishibinggoudehexindongli。yifangmiankeyiweiraochanyeliankaizhanshangxiayoubinggou，dazaoyouyingxianglide“lianzhu”xingqiye。lingyifangmian，duiyupoqiezhuanxingdechuantongqiyelaishuo，kuajiebinggoukechuangqiye，huojiangweiqijianliqidierzengzhangquxian，shiqijinshengxinzhishengchanli。

youqijinnianyilai，binggouzhengceyicipukai。“xinguojiutiao”mingquegulishangshigongsibinggouzhongzu；“chuangtou17tiao”tichutuokuanbinggouzhongzutuichuqudao，zhichifazhanbinggoujijinyijiwanshanbinggoudaikuanzhengce；zhengjianhui“binggouliutiao”defabu，dakaileagukuajiebinggoudedamen……zheishigaozhiliangfazhanzhiludeguanjianyihuan。

zhengruchenyijijinfenxi，dangyijishichangbiaodefengfu，zhengcekaishiyibubusongbangdehuanjingxia，xiangxinweilaiyishangshigongsiweidaibiaodechanyefanghuichengweibinggouzhuli，binggoujijinyehuichengweibinggouhuoyuedetuidongliliang。

raner，binggouzhongzujiaoyibushijiandande1+1>2dezibenyouxi。shijishang，binggoujiaoyinengfouzuochengyumaifangchushoudequedingxinghepoqiexingyijimaifangjuyoufuyoujingyandeneiwaibujiaoyituanduixixixiangguan，gengbuyongtihouxuqiyezhenghefazhanwenti。

zheiyitangzhengtu，renzhongdaoyuan。