SPECIAL EDITION
The Stillman Exchange The Official Business Publication of Seton Hall University
Made possible by the generous support of the O’Brien Family
Huawei’s American Dream
WEDNESDAY, MARCH 23, 2011
Best Buy Withdrawal from China —defeated by its own business model?
By Edison Yin
Photos courtesy of gb.chinareviewnews.com and designed by Herbert Chao Xu
The marriage between Huawei and overseas market fails again and again
By Xixi Liu In 2008, Huawei launched an acquisition of 3Com Corporation in order to enter the North American market. But the Committee on Foreign Investment (CFIUS) in the United States rejected the purchase request on the ground of “national security”. Starting from May 2010, Huawei acquired parts of patent of 3Leaf Company who had announced bankrupt. On February 11, 2011, CFIUS proposed Huawei to withdraw the transaction with 3Leaf for the same reason- national security. On February 19, Huawei said in a statement, “This is a difficult decision. We decided to accept the recommendation of CFIUS to withdraw our application to acquire specific assets of 3Leaf.” Huawei’s second
attempt to crack the North America market was ended in failure once again. As the world’s second largest telecom equipment supplier, Huawei set up its North America headquarters as early as 2001. There are 13 offices and 8 R&D centers as well as 1,000 employees. However, Huawei has never achieved great breakthroughs in the U.S. market. Huawei believes, get the U.S. market, get the world market. Realizing its American dream is indeed a difficult road for Huawei. It is because of not only its own technology and capacity issues, but also the cultural differences, such as communication between Huawei and the U.S. and the technical controls of U.S. in foreign economic relations. Continued on page 2...
Obama Officially Nominates Locke Ambassador to China By Chang He President Barack Obama officially nominates current Secretary of Commerce Gary Locke as the new U.S. Ambassador to China. Locke replaces former ambassador Jon Huntsman, Jr. Upon senate approval, Locke is to become the first Chinese-American to take on this post since the U.S. established formal relations with the People’s Republic of China. At 61 years of age, Locke was born in Seattle, Washington. A, third generation Chinese-American, Locke is a descendant of Luo Binwang, a famous Chinese poet who is known to be one of the “Four Greats of Early Tang Dynasty”. A graduate of Yale University and Boston University School of Law, Locke was elected Washington House of Representatives in 1982 and later Washington State Governor in 1996 as the first Chinese-American state governor. Serving two terms as state governor until 2005, Locke assumed the role of U.S. Secretary of Commerce in 2009. Many supporters believe that Locke has both the experience and the talent will be more than enough to prepare him for the new Ambassador position. During his tenure as a member of the Washington House of
Representatives, the Washington Governor and later the Secretary of Commerce, Locke has built great official and personal relationships with the leadership in China. At the same time, Locke’s ChineseAmerican background is expected to help him effectively conduct effective communications with the Chinese. It is also expected that Locke’s Chinese roots will resonate with the Chinese side making him a wellrespected and highly-regarded “distant-family member” and “guest” of the Chinese nation. Though ironically, compared to the former Ambassador Jon Huntsman, Jr. who is the “Whiteman who speaks Chinese”, Locke is the “Chinese man who does not”. Nevertheless, Locke has expressed his fondness of his ethnical roots and is proud of the Chinese civilization’s achievement in the past few thousand years. Despite all in the end of the day, Locke will nonetheless continue to identify himself as a typical American citizen whose job will is to represent the standpoints and interest of the American government and people. "I'm going back to the birthplace of my grandfather, my father, my mom and her side of the family, and I'll be doing so as a devoted and passionate advocate for America, the country where I was born and raised,"
The United States-based consumer electronics retailer Best Buy announced on February 22, 2011 that it had decided to stop running its nine stores in China. Best Buy claimed that it was a very hard decision, but they would be focusing on localized development by enhancing the development of its wholly owned Chinese brand—Five Star Electronics Co. Inc. Best Buy also claimed that it would not withdraw from China entirely because Five Star would take charge of one or two Best Buy retail store and reopen them with a brand new business model. In fact, Best Buy had failed to gain national influence since its entering Chinese market in 2006 because most of its retail stores were located in East China. There has been talk during the six years about its withdrawal. It has been said that Best Buy’s failure in China is based on its “famous”, “advanced” business model. It has been well accepted that the Best Buy business model stands for a higher business civilization; nevertheless, a direct consequence of Best Buy model was that the retail store cost was too high, failing to provide a competitive price. It significantly reduced Best Buy’s competitive power in this way, especially in China. When Best Buy entered China in 2005, the Chinese suppliers were not terrified at all; instead of it, they deeply expected it—the business model of Gome and Suning (Two Chinese biggest household appliance retailers) had had an ingrained vicious circle which was suffocating every supplier. Household appliance manufacturers expected a new model that could contend against the current model; in addition, the carrier must be strong enough—such as Best Buy, the biggest household appliance retailer in the world. Continued on page 2... Mr. Locke said. Arguably, US-China relations is one of the most important bilateral relationship in the 21st Century. However, foreign relations involves many levels of leaderships on both sides, Locke’s full level of influence on US-China relations is understandably questionable. However, we know for sure that his role as the Ambassador to China will involve two sides: the adamant supporter Photos courtesy of United States of the strengthening of Department of Commerce and Sino-U.S. cooperation designed by Herbert Chao Xu and communication as Gary Locke Secretary of Commerce of U.S. well as the equally as adamant defender of U.S. interest. On the other side, the Chinese will not only welcome and love their distant relative whose achievement they are proud of, but also at the same time, they will not back off in defending their rights either. Contact Chang He at chang.he@student.shu.edu
The Stillman Exchange
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Cirrus to be Acquired by CAIGA By Herbert Chao Xu A subsidiary of China's biggest plane maker announced the acquisition of the world's second-largest general aircraft maker- Cirrus- the first time a Chinese company has acquired an aircraft manufacturer from a developed country. China Aviation Industry General Aircraft Co Ltd (CAIGA), a subsidiary of Aviation Industry Corp of China, will acquire 100 percent of the stock share of Cirrus, and Cirrus will become a fully-owned subsidiary of CAIGA. The transaction is set to close in April after they obtain approval from the Chinese government and the U.S. government's Committee on Foreign
Investment in the United States. The companies did not disclose the value of
one of the best selling 4-place airplanes in the world. "We are dedicated to being an international leader in the provision of general aviation products and servic-
Photos courtesy of cirrusaircraft.com and designed by Herbert Chao Xu
Cirrus SR22 family of aircraft
the deal. Cirrus has delivered nearly 5,000 new piston airplanes over the last decade. For nine years in a row, the Cirrus SR22 family of aircraft has been
es," said Meng Xiangkai, president of CAIGA. "Light piston aircraft is one of our business focuses and we are deeply impressed with Cirrus' performance in the global general aviation industry."
WEDNESDAY, MARCH 23, 2011
Brent Wouters, president of Cirrus, is also positive over the acquisition by CAIGA. "This transaction will have a positive impact on our business and our customers because we share a common vision with CAIGA to grow our general aviation enterprise worldwide," Wouters said. Sometimes the quickest and surest way of entering a new market or expanding substantially in an existing one is to buy your way in by means of a strategic acquisition, merger, or joint venture partnership. So, Cirrus’s acquisition is a big step for CAIGA to improve its research, manufacture and sales level. And it is a good way to step in the American market. Contact Herbert Chao Xu at chao.xu@student.shu.edu
Huawei’s American Dream Best Buy Withdrawal from China ...continued from page 1 —defeated by its famous business model?
...continued from page 1 However, the result was disappointing. Best Buy suffered in deficit year by year and after six years, it ultimately came to an end. Theoretically, the Best Buy “buy out” operation method and “spot trading” were supposed to be the best way to return to essence of retail and the most beneficial model for business ecological harmony. Included in their business model was to obtain the dominant right of the retail store by buying out the products and bear the depreciation loss; the employees of Best Buy are responsible for the sales promotions; making profit by scale purchases and purchase and sale price differentials. Compared to the badly condemned business model of Gome and Suning, Best Buy model stands
The Stillman Exchange The Official Business Publication of Seton Hall University
Editorial Board Managing Editor Ian Mehok Assistant Managing Editors Margaret Reilly Li Duan Special Edition English Editor Margaret Reilly Special Edition Chinese Editor Herbert Chao Xu Special Edition Photographer Simon Xin He Faculty Advisors Michael Reuter, M.B.A. Jason Yin, Ph.D. E-mail stillmanexchange@shu.edu Website http://www.stillmanexchange.com/ About The Stillman Exchange is the first undergraduate-published business newspaper in the United States. The Stillman Exchange is published on a bi-weekly basis from the Center for Securities Trading and Analysis in the W. Paul Stillman School of Business at Seton Hall University.
for a higher business civilization with no doubt. Then what exactly is the Gome and Suning model? They enjoy a model that combined commission sale and distribute. They rent the sales area in the store to different household appliance manufacturers. Then they collect the rental fee and a certain percent of the manufacturers’ revenue. Even the sales promotion people are hired or appointed by the manufacturers. The tremendous fast expansion of Gome and Suning was based on collecting the store entrance fee from those manufacturers and returning money to them slowly. It’s not hard to tell that one of the direct consequences of Best Buy model is the high storing cost—labor cost, advertising cost and other cost for a single store are much higher than one of Gome and Suning. This made Best Buy on one hand fail to provide a more competitive price to the consumers; on the other hand, due to the limited profit from every single store, the pace of Best Buy opening new stores was detrimentally slow—Gome and Suning have thousands of retail stores in China, and Best Buy only had nine. Best Buy finally recognized that it should apply a more localized way to operate its retail stores in China— Chinese people appreciated all the good experience and high level and high quality devices Best Buy presented, but what they really want was a lower price. Nevertheless, this kind of “localization” led to a fall back of the business civilization—learning from Gome and Suning, Best Buy began to collect store entrance fee from suppliers, which made it worse because the suppliers would not pay for it. The sales revenue could not satisfy the U.S. headquarters, plus, it could hardly benefit Chinese customers and suppliers; as a result there was no way Best Buy could find a reason to stay in China. Contact Edison Yin at pengfei.yin@student.shu.edu
On one hand, U.S. export to China has been extremely strict. For instance, satellite exports were severely restricted. Nuclear trade and cooperation have been stranded as well as high-performance computers and many other dual-use technologies for commercial and military applications. For “national security” consideration, the U.S. government is very conservative and cautious about the mergers and acquisitions in relation to high technologies. This leads to the Huawei’s failure in the U.S. market to a great extent. Meanwhile, the U.S. export control on China is an important reason of America’s trade deficit with China. It is also harmful to Sino-U.S. high-tech exchanges and trade relations. On the other hand, Huawei has to start self-reflection. Some analysts said that the failure of the acquisition is due to Huawei’s lack of transparency and openness. The longer Huawei goes
without becoming a transparent company, the more difficult it is going to be for them to build trust in the long run. The good news is that the latest disappointment has prompted Ken Hu, the company’s deputy chairman, to write an open letter on February 25. The letter aimed to clarify “long-standing and untrue rumors and allegations” and to invite the U.S. to investigate the company over concerns about security and intellectual property disputes. Obviously, Huawei is trying to change its closed public relation strategy to a more open attitude to face the international market. America is a market that cannot be ignored and a market that is difficult to break into. But keeping companies like Huawei out would have costs in the U.S. How to grasp the market under the highly politicized U.S. investment review is a great challenge to Huawei to achieve its American Dream. Contact Xixi Liu at xixi.liu@student.shu.edu
Dai’s way of celebrating Valentine’s Day By Yuanxin Hu Compared with Valentine’s Day in western countries, in Dai culture we do not emphasize on chocolates, flowers and kisses on Chinese Valentine’s Day (QiXi Festival). We choose various ways to celebrate. Tell the legends of QiXi Festival. There are many kinds of stories associated with QiXi Festival. When they are young, a multitude of people listen to the beautiful legend from grandmother. You can imagine that the lighting stars mean the forever love in the galaxy. Celebrate in a traditional way. Young girls learn to do some needlecrafts such as paper flowers, pocket bags, and burn incense to send to lover a sense of love. Other symbol of love is to send each other Valentine’s cards that profess love. In the evening, people sit outdoors to observe the stars which are named NiuLang and Zhinu. How wonderful it is that you and your lover stay together, looking the sky. Enjoy the holiday in fashion. The Chinese Valentine’s Day is a part of the same like the western Valentine’s Day. So we can choose
certain romantic ways to celebrate. Happy couples express love with exchanging rings or flowers. If you do not have a lover, you can have a meal with your friend or give presents to share pleasure. Create a fairyland of lights. This is another old traditional of QiXi to welcome the fairy back to earth to meet her Cowherd lover. The fact is that many Chinese youths prefer the western Valentine’s Day than QiXi festival because they have been bombarded by the commercial fanfare of the Western festival. The QiXi festival had seldom been maintained. Recently, with the development of the education in culture traditions, people begin to reawaken the national memory. Society gives enough attention to our traditional festival. Many organizations create activities and ways to celebrate the festival. Some professors say that more should be done to protect the festival. We read about QiXi festival in primary school textbooks. Learning at an early age promotes awareness of traditional culture. Contact Yuanxin Hu at yuanxin.hu@student.shu.edu
SPECIAL EDITION
The Stillman Exchange The Official Business Publication of Seton Hall University 西 东 大 学 商 学 院 官 方 出 版
2011年3月23日 星期三 第6期
Made possible by the generous support of the O’Brien Family
华 为 的 美 国 梦
百思买 败给自己先进 的商业模式？ 记者 尹鹏飞
照片转自中国评论 由徐超编辑
华为联姻海外 缘何屡屡受挫
记者 刘晰晰
华为第二次进军北美市场的尝试再次以失败 告终。 2008年，华为对美国3Com公司展开收购， 作为全球第二大电信设备供应商，华为 以此进军北美市场，但随后美国外国投资委 在2001年就设立了北美总部，目前在北美地 员会（CFIUS）以涉及美国国家安全为由，驳 区拥有13个办事处和8个研发中心，员工1000 回了收购请求。2010年5月起，华为分两次收 余人。尽管如此，华为在美国市场始终未能 购了已宣布破产的美国三叶公司的部分专利。 取得较大突破。得美国市场，得天下市场。 2011年2月11日，CFIUS再次以国家安全为由，建 对华为而言，美国梦确实是一条艰难之路， 议其撤销对三叶公司的交易。2011年2月19日 不仅有自身技术与能力的问题，还涉及文化、 晚，华为发表声明称，“这是一个艰难的决 沟通和美国对外经济关系中的技术管制。 定。然而，我们已经决定接受CFIUS的建议， 未完... 详见第4页 撤销收购三叶系统公司特殊资产的申请。”
奥巴马正式提名骆家辉出任美国驻华大使 记者 何畅 美国总统奥巴马3月9日正式宣布提名现 任美国商务部部长骆家辉出任美国驻华大使， 接替四月底即将去职的现任驻华大使洪博培， 若获国会通过，骆家辉将成为美国历史上首 位华裔驻华大使，也是1979年中美建交以来 第一位担当此职的在任内阁成员。 现年61岁的骆家辉出生于华盛顿州西雅 图，是华人移民第三代，祖父祖籍广东台山， 是“初唐四杰”之一骆宾王的后代，上世纪 初移民美国。他先后在美国耶鲁大学和波士 顿大学学习。一九八二年，骆家辉当选华盛 顿州众议员，并于一九九六年当选华盛顿州 州长，是美国首位华裔州长，四年后获连任。 后又被奥巴马任命为美国历史上首位华裔商 务部长，同时也是继前劳工部部长赵小兰、 能源部长朱棣文之后，美国政府的第三位华
裔部长。 支持者普遍认为，骆家辉的经验和才华 有助于他胜任这一职位，特别是他担任华盛 顿州州长和商务部部长期间力推中美商贸关 系，并与中国高层建立了良好的私人关系。 同时，他的华裔背景也使得他能够更好地了 解中国人的处事方式，有助于两国在棘手问 题上的沟通和坦诚对话。 同为华人的血脉亲情确实容易勾起人们 内心深处的某种情愫，然而，“游子赋归” 终是客。中国人应理性地看待骆家辉的身份。 他与前任驻华大使洪博培的区别在于，一个 是会讲中国话的白人，一个是不会讲中国话 的华人，然而他们都是美国公民。骆家辉对 自己也有着非常清晰的定位，他多次表示， 为自己的中国血统感到自豪，为中国几千年 来的文化而骄傲。但他同时也强调，自己是 地道的美国人，代表的是美国，美国政府和
2011年2月22日，美国著名的家电零 售巨头百思买（Best Buy）宣布关闭其 在中国的9家零售店。百思买声称这是 一个非常艰难的决定，但在未来百思买 会更加积极地用其全资品牌“五星”推 进品牌本土化战略。百思买同时声称其 不会完全撤出中国，其电器业务会被整 合到五星电器品牌并选择在合适的时候 重新开张一到两家门店。 事实上，百思买自2006年进入中国 起就没有形成全国性的影响，它的九家 门店大部分在华东一带。并且这六年中 一直有百思买要撤离中国的传言。百思 买被指出其在中国的失败与其领先的商 业模式密不可分。 众所周知百思买模式代表了更高的 商业文明。然而，其带来的一个直接后 果就是店面成本太高，无法提供更有竞 争力的“价格”。 百思买2005年进中国的时候，中国 供货商对其没有感到恐惧，反而有深深 的期待。 国美苏宁的商业模式已经积重难返， 压榨得中国诸多家电厂商透不过气来， 这些厂商们期待一种能够与国美苏宁模 式相抗衡的商业模式，而且这个载体还 要足够强大，比如号称世界最大的家电 零售商百思买。 结果却让人失望了。年年亏损的百 思买在中国甚至都未成年，艰难经营6 年后，黯然撤退。 未完... 详见第4页
美国人民。 从理性角 度而言，中美 关系无疑是二 十一世纪最重 要的双边关系， 两国之间存在 的问题，不是 一个驻华大使 能左右的。骆 家辉的复杂之 处在于，他既 照片转自美国商务部 由徐超编辑 是 鼓 吹 中 美 加 现任美国商务部长 骆家辉 强 合 作 的 坚 定 支持者，同时 也是美国利益的坚定捍卫者。对于赋归游子， 中国人向来重情重义；对于国家利益，中国 人也将坚决捍卫。 联系 何畅 chang.he@student.shu.edu
The Stillman Exchange
4
中航工业通飞并购美国西锐 记者 徐超 中国最大的飞机制造商的一 个子公司近日宣布并购世界第二 大通用飞机制造企业美国西锐公 司。这也是中国航空工业企业首 次并购欧美发达国家飞机整机制 造企业。 中航工业的子公司中航工业 通飞（CAIGA），将收购美国西 锐公司100%的股权。而西锐公司 也将成为中航工业通飞的完全控 股子公司。 如果这项交易经过中国政府 和美国外国投资委员会审批合格， 有望今年4月实现股权交割。但 双方并没有透露达成此项交易的 具体价格。 西锐公司在过去十年间已累 计交付将近5000架新式活塞型飞 机。并且西锐的SR22型飞机已经 连续9年成为世界销售最好的4座 飞机。
由于中国将逐步开放低空飞 行，因此此次并购不仅填补了中 国小型飞机相对匮乏的空白，而 且使中航工业通飞在未来小型飞
凯说道，“轻型活塞式飞机是我 们商业重点之一，并且我们也对 于西锐公司在全球通用飞机领域 杰出的表现印象深刻。”
照片转自西锐公司官网 由徐超编辑
西锐公司SR22系列飞机
机的市场竞争中更具竞争力。 “我们致力于成为国际领先 的通用飞机产品和服务的提供 商。 ” 中航工业通飞总经理孟祥
傣族人过七夕的方式
西锐公司总裁伍特斯也对这 次并购很有信心。 “这次交易将对我们的业务 以及客户产生积极的影响，因为
华为的美国梦 ...接第3页
记者 胡元馨 与西方国家的情人节相比， 我们不强调巧克力，鲜花和吻。 我们傣族人选择不同的方式来庆 祝七夕节。 ※讲述七夜祭的传说。 在七夕来临的时候，一大群 年轻人聆听长辈讲述美丽的传说 和与七夕节有关的许多故事。你
The Stillman Exchange The Official Business Publication of Seton Hall University
编辑组 总编辑 Ian Mehok 副总编 Margaret Reilly Li Duan 特刊英文编辑 Margaret Reilly 特刊中文编辑 Herbert Chao Xu 特刊摄影师 Simon Xin He 指导教师 Michael Reuter, M.B.A. Jason Yin, Ph.D. 电子邮箱 stillmanexchange@shu.edu 网址 http://www.stillmanexchange.com/ 关于 The Stillman Exchange是美国第一份 由大学生出版的商务报纸。 The Stillman Exchange是在西东大学 W. Paul 斯德尔曼商学院证券交易分 析中心编辑并出版的双周刊报纸。
可以想像，闪亮的星星代表永远 的爱情。 ※传统的庆祝方式。 年轻女孩会做纸花，香包， 烧香或者送一些显示对情人的爱 的刺绣工艺品。到了晚上，人们 坐在户外，仰望牛郎星，多么美 妙，你和你的爱人在一起，看着 天空，憧憬着未来。 ※用时尚的方式享受节日。 七夕类似西方的情人节。因 此，我们傣族人也会选择一些浪 漫的方式来庆祝。幸福的夫妇用 交换戒指或鲜花的方式来表示爱 意。也许你没有情人，你可以与 你的朋友分享用餐或礼物的乐趣。 ※灯笼仙境。 这是另一种古老而传统的方 式，七夕的童话告诉我们情人们 点亮的灯笼将是牛郎织女相会的 路标。 但事实是，许多中国年轻人 更喜欢西方情人节，因为他们被 商店大张旗鼓的宣传西方节日所 感染。所以，七夕节也很少得到 重视和维持。近年来，随着传统 文化教育的发展，人们开始重新 唤醒民族记忆。社会更加重视我 们的传统节日，许多组织举办活 动来庆祝这个节日。而我们的课 本上也记载了七夕节的传说，通 过这种方式促进人们对传统文化 的认识。
联系 胡元馨 yuanxin.hu@student.shu.edu
美国对华出口一直极为严格。 卫星出口被严格限制，核能贸易 和合作遭搁浅，高性能计算机等 许多军民两用技术都被收紧。出 于“国家安全”的考虑，美国对 高新技术方面的并购非常保守和 谨慎。在很大程度上，这导致了 华为在美国市场的屡屡受挫。与 此同时，美国对中国实施的高新 技术出口管控正是形成美国对华 贸易逆差的一个重要原因，这也 不利于中美之间高新技术的交流 和经贸关系的发展。 另一方面，华为也不能不对 自身进行反思。有分析指出，华 为的收购失败源于其缺乏透明度
2011年3月23日 星期三 我们与中航工业通飞有着同样的 愿景，那就是使我们的通用航空 企业全球化发展。”伍特斯评价 道。 伍特斯同时指出此次并购对 增加就业机会也有积极影响。“中 航工业通飞了解西锐员工的实力 和才华，以及西锐品牌在通用航 空领域的卓越地位。通过此次交 易，中航工业通飞将会投资我们 在明尼苏达州和北达科他州的人 才，并承诺继续使用我们世界级 的生产设备。” 中航工业通飞在中国拥有四 家上市公司，并且总收入在2010 年达到191亿元人民币。 有时候，打入一个新市场或 扩张到已有市场最快最稳妥的方 式就是战略并购、合并，或合资 合伙。所以，对于西锐的并购是 中航工业通飞提高研发、生产和 销售水平迈出的重要一步，也是 打入美国市场最好的方式。
联系 徐超 chao.xu@student.shu.edu
和公开性。长此以往，华为想要 建立公众信任就越发困难。可喜 的是，在经历了审查、诉讼和收 购失败等一系列复杂问题后，华 为一改低调姿态，华为美国公司 董事长胡厚崑于2月25日发表公开 信，试图澄清外界对华为的种种 政治背景的“误解”，声称华为 立志在美国市场进行长远投资。显 然，华为正试图改变其坚持多年 的封闭式公关策略，以更加开放 的姿态面对国际市场。 美国是一个不可忽视的市场， 也是最难打开的市场。但是将华 为这样的公司置之门外也势必会 增加美国电信市场的成本。如何 把握美国投资审查高度政治化背 后的市场空间，是横亘在华为实 现美国梦路上的巨大挑战。 联系 刘晰晰 xixi.liu@student.shu.edu
百思买败给自己先进的商业模式？ ...接第3页 理论上来讲，百思买的“买 断经营”、“现款现货”是回归 零售本质、最有利于商业生态和 谐的模式。即通过现金买断的方 式获得卖场的主导权，购买家电 厂商的产品，并承担商品的折旧 损失，门店促销由百思买员工承 担，通过规模采购和购销差价赚 取利润。相比国美苏宁千夫所指 的商业模式，百思买模式代表了 更高的商业文明。 国美苏宁采取代销+经销方 式，将销售区域分租给不同的家 电厂商，从中收取租金，并提取 厂家销售额的一定比例赚取利 润，由厂家派驻促销员在卖场 销售。“美苏”的极速扩张，是 靠收取供货商进场费和延期回款 来实现的。 然而，百思买的经营方式给
其带来的一个直接后果就是店面 成本太高，人力成本、广告费用、 开店费用等等都比国美苏宁的店 面要高很多。这就使得百思买一 方面无法给消费者提供更有竞争 力的“价格”；另一方面在单店 盈利无法提高的前提下，百思买 开店的步伐被大大滞缓了。国美 苏宁有上千家店，百思买在中国 只有9家店。 百思买终于幡然醒悟要更加 本土化的经营。但这个本土化却 带来了商业文明的倒退，就是学 习国美苏宁的方式向供货商收取 进场费。这使得供货商更加不买 账。 业绩无法让美国总部满意， 中国的消费者和供货商也不买账， 百思买已经找不到在中国继续生 存的理由。
联系 尹鹏飞 pengfei.yin@student.shu.edu