Su Ning Jindong The disadvantages of the electric quotient: The VIE model brings distortion effect

Absrtact: The troops did not move, the fodder first. After February 21 for the company renamed, and on the annual plan, business strategy, organizational structure, the appointment of a number of deployment, Jindong in the upcoming 2013 session of the two sessions also prepared sufficient ammunition. Jindong is the national government

The horses were not moved, the fodder first. After February 21 for the company renamed, and on the annual plan, business strategy, organizational structure, the appointment of a number of deployment, Jindong in the upcoming 2013 session of the two sessions also prepared a sufficient "ammunition."

Jindong is a member of the CPPCC, Suningyun Group Co., Ltd. (002024.SZ, hereinafter referred to as "Suningyun business", that is, the original Suning appliance) chairman.

"The 2013 two sessions, Zhang prepared the proposal all and E-commerce (hereinafter referred to as ' electricity quotient ')." "People who do not want to be named, close to Jindong told the China Business newspaper," reporters. Among them, in the proposal of "integrating the development of electronic commerce into the existing legal system as soon as possible", Jindong a "peace" in the past years, pointing to half of the annual trading volume of the electric business, "free from the legal supervision", thus bringing fakes rampant, national tax loss, industry unfair competition.

This means that after three years of preparation, Suningyun will be in the mode of operation after the full force, Jindong target Taobao and other "old electric dealers."

Electric Dealer Only

According to the person said, in 2013, Jindong re-elected members of the CPPCC, as in previous years, he himself will submit 5~7 proposal. Among them, the electric business development should be incorporated into the existing law and order, build the electronic government platform in the era of large data, guarantee the low price of the last kilometer logistics service, standardize the investment of foreign investors to ensure the safety of the real industry and strengthen the legislation of personal information protection.

Data show that a year ago, Jindong to the 2012, the 7 proposals submitted by the two sessions are "a variety of ways to solve the employment of university students," "appropriate to improve the basic subsistence consumption of low-income groups of consumer subsidies," "to stimulate domestic demand for growth and continue the new deal on household electrical appliances", " Optimize facilities and improve policies to dredge the bottleneck of logistics development "to restore the 51 golden Week to stimulate domestic demand to enrich the people's life," the use of enterprise resources to enhance the effectiveness of vocational education.

The comparison is not difficult to find, suning easy to purchase after three years of rapid development, and in 2013 was stereotyped as suning "cloud business model" (Shop + Dealer + Retail service provider) of the online business platform, Jindong Focus on the perspective from the traditional retail industry to the "electric business thinking."

Among them, the legalization of electricity dealers and logistics construction have been two consecutive years. However, compared with the "generalities" in the 2012 to standardize the electric business order and perfect the relevant laws, the 2013 proposal was more forceful and targeted.

In the 2012 proposal, Jindong said that the electric business is an enterprise innovation-driven, industrial upgrading of the major strategy, "Twelve-Five" period of explosive growth. However, due to the late start of the development of China's circulation, the foundation is weak, the supporting service system of online transaction is not perfect, which leads to the disorder of market order and the high cost of logistics, therefore, to develop healthily and continuously, it is necessary to establish and perfect relevant laws, regulations, systems and norms.

In the 2013 proposal, Jindong that 90% of the current dealer transactions in China are in the form of Consumer-to-consumer to engage in business transactions, about half of the trading volume is free from legal supervision, which leads to the flooding of counterfeit products, infringement phenomenon is serious, at the same time, unregistered operations, non-tax sales and other acts led to unfair competition in the industry, Formal registration of business enterprise costs high, ' bad currency to expel good currency '. "The people familiar with the matter said," he also further said that the industry and commerce, quality supervision, prices, tax and other relevant departments should join hands in the Electronic business platform to intervene, from the institutional level to protect intellectual property rights, evade tax evasion behavior, eliminate disorderly competition. ”

Clearly, the goal of Jindong the proposal is fairly clear. And around the development of the electric business, other proposals from the regulatory departments, logistics business, investment risk, user privacy and other aspects of further elaboration. At a time when national fiscal tax is slowing and intellectual property protection is escalating, it seems hard for the relevant authorities to raise the "attention level" of the proposal by means of anti-counterfeiting and taxation.

Stone

In the beginning of 2013, the "2012 annual meeting of the Electric business service providers" in Hangzhou, the latest data from the Alibaba Research Center show that the 2012 China network retail turnover of 1.2 trillion yuan, about 7% of the total social retail merchandise. The scale of the Chinese E-commerce Research Center is similar.

Among them, Taobao and the cat 2012 years of total trading amounted to 1 trillion yuan, equivalent to the national chain hundred strong annual sales total; only November 11, 2012, "Singles Day" period, Taobao and cat turnover of up to 19.1 billion yuan. By contrast, the development of electric business only 3 years of suning Tesco although the growth of the lead, but 2012 annual sales of only 18.3 billion yuan.

Market Research Institute Analysys International, the consumer market reported that the 2012 national network retail Business transactions amounted to 479.26 billion yuan, up from 2011 year-on-year growth of 99.2%. Among them, day Cat Mall, Jingdong Mall, Tencent, Suning easy to purchase in turn occupy the market share of the top four, the market accounted for 44.1%, 16%, 3.8%, 3.5%.

"Jindong play big, he also has been aiming at Taobao department." And in Suning appliances become a whole category, full coverage of the Suningyun business, Jindong final competitors are only a handful: the days of cats and jingdong in front. To Zhang's vision, has been a loss, has not realized the profit of the relative attention, this is the 2012 Beijing-east and easy to buy a year ' mouth frame ', but the industry still rumors Jindong ' Ming Steed Cloud, dark War Wang ' key. Consumer Electronics Observer Liang said.

On the jindong of the law of the electricity merchants, at least the case of more fakes, tax evasion is easy to be people and Taobao platform of small and medium-sized sellers, although since 2011, Taobao has been through improving service platform fees and other "new rules" to clean up small and medium-sized businesses.

In the proposal of "standardizing the investment of foreign investors to guarantee the safety of the real industry", Jindong also put forward an early warning on the risk of "VIE (Agreement Control) mode" in the development of the electric business.

In his view, the overseas capital to the domestic electric industry investment concept as a springboard, not to the industrial profit and the overseas listing premium set for the purpose of the VIE model has brought a serious distortion effect on the development of China's electrical business: Vie only focus on sales growth, not focus on operating profit, Define the investment value and capital valuation of the electric business enterprises by the sales growth and the scale of sales. In order to attract foreign capital, some electric enterprises blindly pursue the growth rate and the pursuit of scale, which leads to vicious competition, general loss and inefficient investment. At the same time, because the VIE mode business operation is in the domestic and the investment is listed outside the state supervision, the online competition is under the line, which leads the whole industry into the war of words and the price war, which brings the hidden trouble to our country's economic security.

Jindong therefore proposed the early introduction of the VIE mode of regulation, to guide China's electricity industry orderly development, and thus promote the healthy development of China's retail industry.

Taking into account the Vie storm of Alipay, Beijing East because of "burning money" and constantly introduce foreign capital of all kinds of past, jindong in the efforts for suning electric business development for tax policy fairness, but also try to the cat and Jingdong on the VIE model of "Chinmaso".

For the above specific content, as of this newspaper, Suning related officials did not make more responses, only said "the proposal will be submitted to the CPPCC free inquiry."