On June 5, 2009, Hechen Credit confirmed that the long-term credit rating of Beijing Wangfujing Department Store (Group) Co., Ltd. was AA+, and the rating outlook was stable. Robbie, a credit analyst at Hechen, said: "This rating and outlook reflect our good support for Beijing Wangfujing Department Store (Group) Co., Ltd., which is in the middle and upper reaches of the department store retail industry, with stable financial situation. The new opening facade in 2009 will bring new profit growth points to the company's performance. But at the same time, we will continue to pay attention to the company's promotion strategy and intensity, as well as a series of weakening factors such as the national consumer market stimulus. "
Founded in 1955, the company is a state-owned holding enterprise with a registered capital of 392.973 million yuan. Is a national chain retail enterprise with department stores as the main part. At present, the company has opened and operated 20 large department stores in 15 cities nationwide, initially completed the strategic layout of the main business chain, and gained a comparative advantage in the competition.
By the end of 2008, the company's sales revenue was10/74045438+0 billion yuan, a year-on-year increase of 13.85%. From the perspective of industry composition, the company's sales revenue mainly comes from the department store retail industry, accounting for 97.36% of the main business income, and the gross sales margin is17.80%; From the geographical analysis of sales revenue, North China accounted for 44.82%, Central South accounted for 24.33%, Southwest accounted for 22.53%, and Northwest accounted for 6.00%. We expect that with the acceleration of expansion in different places and the operation of new outlets, the company will continue to bring new profit growth points to the company.
Hechen Credit believes that according to the development trend of China's economy and retail industry, the company will speed up the integration of industry and capital resources, and make further efforts in brand extension, regional expansion, rich business models, personnel training and enterprise mechanism innovation, so as to achieve new leap-forward development. But at the same time, we will continue to pay attention to the company's promotion strategy and strength, as well as a series of weakening factors such as the stimulus of the national consumer market.
Select relevant indicators to evaluate the performance of enterprise groups.
Evaluation principle of enterprise group management performance 1. Principle of goal consistency. In order to give full play to the cooperative advantages of enterprise groups and maximize their interests, group companies must first consider the principle of goal consistency when setting evaluation indicators. This principle requires that the goal setting and assessment of subsidiaries must help prevent subsidiaries from pursuing the maximization of their own interests on the basis of violating the interests of enterprise groups. 2. The principle of strategic compliance. Enterprise management should be a kind of strategic management, that is, the sustainable development of enterprises should be considered. The strategic principle requires that the setting of performance evaluation indicators should consider the following two aspects: ① Pay attention to the balance between financial indicators and non-financial indicators. Financial indicators have the following defects: first, financial indicators are mainly outcome indicators, which can only reflect the results of behavior, but not the process of behavior. Second, financial indicators can not fully reflect the management performance of managers. Financial and accounting statements reflect the financial position, operating results and cash flow of enterprises in the unique language of accounting, which makes many non-financial results that cannot be expressed in the unique accounting language of accounting difficult to be reflected by financial indicators because they cannot enter the financial statements. Third, financial indicators are easily manipulated. The above defects lead to the short-term behavior of managers. For example, managers often increase current profits by reducing R&D expenditure, which is obviously not conducive to the long-term development of enterprises. Therefore, for the sustainable development of enterprises, enterprises should establish a strategic performance evaluation system. ② Pay attention to the balance between profitability indicators and liquidity indicators. When measuring the business performance of an enterprise with financial standards, we should not only see its profitability, but also fully understand the quality and liquidity of assets. The book profitability of enterprises is very strong, but the asset quality is not high and the liquidity is poor, which may also bring great risks to enterprises. For example, if a large number of sales are made at the expense of the quality and quantity of accounts receivable, it may bring huge losses to enterprises because of a large number of bad debts. 3 Controllability principle. The principle of controllability requires that the performance evaluation of subsidiary managers should be limited to the controllable scope of their rights. There are many factors that affect performance that managers can't control, such as changes in the external market environment and management fees shared by headquarters. Only by eliminating the influence of these uncontrollable factors in performance evaluation can we make the evaluation more fair and reasonable and realize incentives. The purpose of restraining managers. Second, the basic content of the balanced scorecard The balanced scorecard is a new internal performance evaluation method proposed by Hehe in the 1990s, which overcomes the shortcomings of the traditional performance evaluation based solely on financial indicators, including both financial and non-financial measurements; Pay equal attention to results and processes. Generally speaking, the financial indicators of performance evaluation involve three aspects, namely profitability, operational ability and solvency. ① There are three different evaluation bases for profitability indicators, namely, profit base, cash base and market base. Profit-based evaluation indicators can be divided into accounting profit basis (such as sales growth rate, controllable marginal contribution, after-tax profit,) and economic profit basis (such as economic added value and corrected economic added value). Cash-based evaluation indicators mainly include a series of indicators such as net operating cash flow and free cash flow. Market-oriented profitability indicators mainly include stock market prices. 6 Economic Forum ∞ for sale. Reflect the ability of enterprises to create value by using existing assets, involving assets turnover rate, inventory turnover rate, accounts receivable turnover rate and other indicators. ③ For solvency indicators, based on the safety of enterprise operation, it mainly involves a series of indicators such as current ratio, quick ratio and asset-liability ratio. The non-financial indicators of the balanced scorecard involve customers, internal business processes and learning and growth.