Tài liệu Tiểu luận:TÀI CHÍNH CÔNG TY ĐA QUỐC GIA - CASE STYDY 2 GENERAL MOTOR CÔNG TY TOYOTA CÔNG TY DỊCH VỤ KỸ THUẬT LAJOLLA docx

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I HC KINH T  H 
P








C GIA - CASE STYDY 2
GENERAL MOTOR

CH V K THUT LAJOLLA

GVHD: PGS.TS. Nguyn Th 
c hin:
1. Nguyn Th 
2. Trn Th 
3. 
4. Trn Th 
5. Phan Tin Thun
MC LC

 1
 NHY CM CNH TRANH TI GENERAL MOTORS 1
I. TNG QUAN V GENERAL MOTORS 1
m General Motors: 1
 3
 5

3.1 V th  5
  7
C CA GM 10
 10
m c 10
1.2. Hong c 10
 10
1.2.2. Chic 10
cu t chc c 11
2. Chia ri ro c 11
2.1. M 11
a C 12
 NHY CM CNH TRANH 14
1. Ngun g nhy cm cnh tranh ca GM 14
2.1 Mt s gi nh 16
 nhy cm cnh tranh 18
 nhy  Hia tn tht 19
ng Monte Carlo 21
 nhy cm ta GM 23
3. Gi qun tr  nhy cm cnh trani v
ca GM 23
3.1 S Dng Chi Qun Tr R Nhy Cm
Cnh Tranh 24
3.2. S D a R Nhy Cm Cnh
Tranh 26
 30
 30
I. Gii thiu v Toyota 31
n 36
 36

 39
NG KINH DOANH C
 44
n xu 44
 46
 47
 XUNG GII QUYT 48

 51

52

 55
 58
CH V K THU NHY
CM CHUYI 58
 c 58
II. V tn tht do chuyi   cn b nhiu thi gian,
 qu 59
1.Tn tht do chuy  59
III. V gp phi  tng quc gia: 62
1.Jamaica 63
2.Mexico 63
3.Venezuela 64
IV. Mt s gi xut cho Meaghan: 65
1.Gi 65
2.Gii quc gia c th 66
2.1.Jamaica 66
2.2.Mexico 66
2.3.Venezuela 67

DANH MC BNG BIU

Bng 1.1: Ma chia c
M (%) 11
B nh 17
Bng 1.3 D liu t  18
Bng 1.4 d li nhy 19
Bng 1.5 Kt qu  nhy 19
B nhy cm tng hp 23
Bng 1.7 T nhy ct 23
B 34
Bng 2.2 Li nhuc c 
31/03/2007 35
B ph 40
DANH M
u t 
 5
 thu nhp mi c phn ca GM 8
 T n 1/1980  08/2001 9
i t  22
i hin tht ( triu $) 22

 34
 40
 phn kinh doanh c 41
ch s n ca Toyota t 42
a t 43
 c sn xut   44
 45
 46

 48
 T  63
 T  64
 T ng USD. 65
C GIA
CASE STUDY 2

Tài Chính Doanh Nghiệp 06 – K34 Trang 1


 
MOTORS

I. 
1. 


   



           


 

 


C GIA
CASE STUDY 2

Tài Chính Doanh Nghiệp 06 – K34 Trang 2

              


 -1937           
Flint, 
 
 




-45         


:  

- 
- 
   













C GIA
CASE STUDY 2

Tài Chính Doanh Nghiệp 06 – K34 Trang 3








0       


-
 
EV-1.   
-


           



             
 


 
 



Volt.
2. 
C GIA
CASE STUDY 2

Tài Chính Doanh Nghiệp 06 – K34 Trang 4

n nht th gi u v
doanh s th gi 8.5 trim 15.1%
th phng sn xut ti
i xe ci xp x 200 qu
o ra thu nhp 4.4 t  $ (xem Bng 1 v
p hp nht ca GM). Bc M vn tip ti din cho phn
ln doanh s p trung ln nht v n
t b (xem Bng
m quan trng cng quc t c
trong phng th kinh doanh.
General Motors Corporation (GM), sn xuch v vi
ng hp nhn thit k, sn xu
marketing v ng b tr 
ho ng ca T       

Operations (GMAC), cung cch v  
   ch v th ch        o him ch

GM hong kinh doanh xe
     c: GM Bc M (
         
t k ,
sn xu yu  Bc M u Chevrolet,

ng cu cc M vc thit k,
sn xu      u Opel, Vauxhall, Holden, Isuzu, Saab,
C GIA
CASE STUDY 2

Tài Chính Doanh Nghiệp 06 – K34 Trang 5


u t 

3. 
3.1 V th 
t 185 t $. Bao gc
p cao th ch s t 8.58$ mi c phng.
Thu nhm xu 
 ng ln nht c gii.
GM Bc M thu nhp 4.4 t c
mnh ca doanh s  M  t  
th   , bao g      
p , tng 1.6 t u 6
ng thu nhp.

 
th phn M t gin 27.8%, trong khi th phu ca GM
gim mt n
 m tt v mc, doanh
t cao th 2, do doanh s c li, t l, thu nhi
nhut c u gim.

C GIA
CASE STUDY 2

Tài Chính Doanh Nghiệp 06 – K34 Trang 6


















C GIA

CASE STUDY 2

Tài Chính Doanh Nghiệp 06 – K34 Trang 7

 
 
GENERAL MOTORS CORPORATION
AND SUBSIDIARIES
Q1.2001
Q1. 2000
Total net sales and revenues
$42,615
$46,858
Cost of sales and other expenses
34,510
37,141
Selling, general, and administrative
expenses
5,390
4,857
Interest expense
2,211
2,228
Total costs and expenses
42,111
44,226
income before income taxes and
minority interests
504
2,632

Income tax expense
208
783
Equity income/(loss) and minority
interests
(59)
(66)
Net income
237
1,783
Dividends on preference stocks
(28)
(29)
Earnings attributable to common
stocks
$209
$1,754
Basic earnings (losses) per share
attributable to common stocks


Earnings per share attributable to $1-
2/3 par value
$0.54
$2.88
C GIA
CASE STUDY 2

Tài Chính Doanh Nghiệp 06 – K34 Trang 8

Earnings per share attributable to Class
$(0.10)
$(0.08)
m xum vi mt t l
tht qu  t ln trong thu nhp mi c phn EPS vi
t qu c t qu t qu
m so vt qu cc do s gim xu trong
doanh thu so vc. S gim xu c tho lu
trong ph

 thu nhp mi c phn ca GM
T   ti M gi
tip tc trong thi tn tht doanh thu so v
kt qu c                i-6.8
(figure1). Vic gim doanh s  st gim
c
    phm
u c nhy cm cnh tranh ci v
Nhng gic
trong nh li nhun ct
By lin li nhu phn ca GM

C GIA
CASE STUDY 2

Tài Chính Doanh Nghiệp 06 – K34 Trang 9

 T n 1/1980  08/2001
Nguồn – Bank of JaPan (BOJ)
Ph  

thc cng m nhy ca GM vi rng
  ngh mn tr rn kh
 o v GM kh nhy cm c


C GIA
CASE STUDY 2

Tài Chính Doanh Nghiệp 06 – K34 Trang 10

II. 
1. 
m c
 Tn ca GM
 m bo nhu c cho GM
 Trc tip qui ro hong
 H tr chic kinh doanh cc nm gi 
n thit cho hong c
 hong.
 Cung cc h tr 
c
1.2. Hong c

 Qu u.
 Qu    ho   u, bao gm c nhng mi
quan h  
 ng chiu qu a
GM.
 Qu nhy cm c i.
1.2.2. Chic

 Mua l c mn,
chng h             
doanh mi.
 Quc hi
h c
 Lp k hoch cho kh n.
  chic cho mt trong nh
bn nht th gii.
C GIA
CASE STUDY 2

Tài Chính Doanh Nghiệp 06 – K34 Trang 11

 i quan h trung gian.
u t chc c


2.1. M
Mn tr ri ro t m thiu
ng cng thi ti thii gian qun
tr n tr ng qun tr p vi
ho c
c h tr bc ca
     a c     i l i vi xu
a ri ro c
M.
Bng 1.1: Ma chia c M
(%)
C GIA
CASE STUDY 2

Tài Chính Doanh Nghiệp 06 – K34 Trang 12

By size of sales
Accounting
earnings
Cash flows
Balance
sheet
accounts
Firm value
More than $ 6.5
billion
23
65
0
12
$6.5billion -$3.3
billion
37
58
0
5
$3.3 billion -$1.7
billion
50
38
0
12
$1.7billion -$0.7

billion
66
34
0
0
Less than $0.7
billion
38
43
5
14
Total
44
47
1
8
Source: Bodnar and Gebhardt, 1998
Qua b n thy rng chia ri ro
c M u l a ri
ro chuyp trung rt la r
n c
2.2. a C
T a cn tr c
 c m a
 nhy cm giao d  nhy cm chuyc th hin qua
tra bi k i mt chi
nga th  hn ch thi gian qu dng cho qut qu
cu ni b n lc cho qut
C GIA
CASE STUDY 2

Tài Chính Doanh Nghiệp 06 – K34 Trang 13

th   n hiu qu  k ca mc chun th   
a c nhy cc qu khu
v giy vic qun tr p vi
hong kinh doanh nn tng c
Chi ga th       
nga 50% c xu n kt hp vi
hon phn phi
tr nhy cc d  khu v
c s d nh kh  i ro c nhy
c   l       tu      
twelve-            s
dnng k hc s d
 nhy cn chn
c s d  nhy cn 12
t c s chch khng li ch i t bi
nh ng nh ngh
y mt ch.

C GIA
CASE STUDY 2

Tài Chính Doanh Nghiệp 06 – K34 Trang 14

III. 

i th c n
t Nht Bn. Nhi th cnh tranh ch yu ca GM  Nht

nh rng GM
 nhy cm li v ch ngoi
ht s bi
 phn ct ln ln
trong ca h nh danh bt k s st
gi a h th
i m M ,
i th cnh tranh ca GM  Nhc li th gim
 t s giu qu ca vic kinh doanh
ca GM li phi mt vi ri ro tin t p
 c mc li nhu dn mt m
hi th cnh tranh gin tng
li nhui vc  th ng M 
n th phn ca GM. C th
cuu can thi ng tin t mnh m 
  lng
 can thip mnh m  ng tin t kt
hp vi nhc Nht B can
thip b n s 
Tuy vy, Nht bng li  p tc can thic
t By
ng khom xung
yu nhn hin tm ng rt l
qu hong ca GM.
Nhip tc cho v s can thip hiu qu ca Nht Bn.
 th hng rng s can thip ch ng
 n hm ca h c d n lc
C GIA
CASE STUDY 2

Tài Chính Doanh Nghiệp 06 – K34 Trang 15

c bo v ng tin cc Nht chng minh rng
vu kin li bt qu can thip
  ng tin ct c m
Mt trong nhng bip ca Nht Bng d tr
ngoi hi. D tr ca Nhn 200 t $, t khong 250t n 450
t $, t gi
tin rng mt qu   ng tin m  t Bn li cn d tr mt
ng ly. Chng h tr ca M ng 50 t $. Trong
bt k ng h t B     can
thip ca h hay trong vic mong muu ch p 
ca h.
p cy rng li nhun
cng 20 t i
v sn xui so vi doanh s 
i M, s ng 12 t  dng b d li
ng rng s i trong li nhu  ng 125$
m cho mi ph ci
 i nhun xu s 
i doanh s  Nht suy git Bn
n dng s suy yu c  phn  M
qua th phn ca th  p khu t Nht ngt
khoi Nhc th ph
ng li t s yng
a th phn nhp
khu ca Nhng trn c
 hi nhng cn
 i gian gy
rp k gt nhiu s bing

t  ng gii nhu thp k
80.
C GIA
CASE STUDY 2

Tài Chính Doanh Nghiệp 06 – K34 Trang 16

ng
  t m li nhun hong
u gp cxe Nht 4 t $.T con s th
c ri vi s gii mi vi
nhun hong chung ci th ct s 
o t u cho
thy ri nhu
i vi nhun ti t 
 chu s ng ca t 
trong c  l 
 Nhy nhng c 
ng ti c   hong
  ng t
ting ti c ng
khon n nh danh bng khon n c GM huy
ng qua hou ph trnh danh b
Feldstein cho r  nhy cm cnh tranh mi   n
n c nhy c
  a nhng ca nhng r
i v
nh  nhy cm cnh tranh ci vt
Do c a lu chng c
nhy cm ci vi ri ro t  n li hoc

bt lc h m tim n c nhy cm
 t nh li nhy c
2.1 Mt s gi nh

 



 



20% -
40%
30%

C GIA
CASE STUDY 2

Tài Chính Doanh Nghiệp 06 – K34 Trang 17

  

15% -
45%
30%


20%
20%


2
2



4,100,000
4,100,000


33.33%
33.33%

2000 Average Incentive per Unit in the
United States  GM
1969
1969


20%
20%

B nh
  ng.   
t s   u:
-  a c k vng doanh s
gim khong 10% 






 
-  i vFeldstein gi nh rng bt k th phn
t s c chia s ng trong s 
n  Detroit (General Motors, Ford, vChrysler
 
- 2000 Average Incentive per Unit in the United States  

- 
ng 20% s t c nhy
ct con s  chp nh

JPY/USD

1980
209.79
4.40%
1981
219.02
10.72%
1982
242.49
-3.36%
1983
234.34
5.81%
1984
247.96

-18.23%
1985
202.75
-20.03%
1986
162.13
-20.90%
1987
128.25
-3.60%
C GIA
CASE STUDY 2

Tài Chính Doanh Nghiệp 06 – K34 Trang 18

1988
123.63
16.17%
1989
143.62
-6.89%
1990
133.72
-4.23%
1991
128.07
-3.19%
1992
123.98
-11.50%

1993
109.72
-8.70%
1994
100.17
1.69%
1995
101.86
11.66%
1996
113.74
13.87%
1997
129.52
-9.36%
1998
117.4
-12.60%
1999
102.61
9.36%
2000
112.21

Bng 1.3 D liu t 
 nhy cm cnh tranh


30%


20%
 
30%

1.80%



1.80%

2
      

4,100,000

147,600



147,600

33.33%

49,200



49,200

$5,907


$291



20%

$1,453.12

C GIA
CASE STUDY 2

Tài Chính Doanh Nghiệp 06 – K34 Trang 19

y, vi mt s gi nh ct gim
 
- Tn th c thu c      291 triu USD (khon
4.06% thu nhc thu c
- Hi  a tn th  1,45 t   (chim khon 20.3% thu nhp
c thu c
 nhy  Hia tn tht
Bng 1.4 d li nhy


15%
20%
25%
30%
35%
40%


20%
25%
30%
35%
40%


  nhy ci v a
i.
- 
$1.45

15%
20%
25%
30%
35%
40%

20%
0.48
0.65
0.81
0.97
1.13
1.29
25%
0.61
0.81

1.01
1.21
1.41
1.61
30%
0.73
0.97
1.21
1.45
1.70
1.94
35%
0.85
1.13
1.41
1.70
1.98
2.26
40%
0.97
1.29
1.61
1.94
2.26
2.58
Bng 1.5 Kt qu  nhy
 th nhy cy t 
nh nh n ln nht 2.58 t  
 nhy cm ci v 
n hia tn th nh 

       thu      nh kinh