z
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

 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

 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 3

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

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.

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

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  

 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

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

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


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



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% 



-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%

20%
 
30%

1.80% 
1.80%

2
      

4,100,000

147,600 
147,600

33.33%

49,200 
49,200

$5,907


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

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

Trích đoạn Mô phỏng Monte Carlo Sử Dụng Real Options Để Phòng Ngừa Rủi Ro Độ Nhạy Cảm Cạnh Giới thiệu về Toyota

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