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1、Chapter1Case1.1ECENTIVESINC.RAISINGCAPITALINSWITZERLOnOctober32000ECentivesincpatedintheUnitedStatesmadeaninitialpublicofferingontheSwissStockExchange’sNewMarket.ThecompanyraisedapproximatelyUS$40million.ECentives’soffer
2、ingcircularstatedthatnoofferssalesofthecompany’scommonstockwouldbemadeintheUnitedStatesthattherewouldbenopublicmarketfthecommonstockintheUnitedStatesaftertheoffering.THESMISSEXCHANGE’SNEWMARKETTheSwissExchangelaunchedthe
3、NewMarketin1999.TheNewMarketisdesignedtommetthefinancingneedsofrapidlygrowingcompaniesfromSwitzerlabroad.ItprovidesfirmswithsimplifiedmeansofentrytotheSwisscapitalmarkets.ListingrequirementsftheNewMarketaresimple.Fexampl
4、ecompaniesmusthaveanoperatingtrackrecdof12monthstheinitialpubliclistingmustinvolveacapitalincreasetoensuremarketliquidityabankmustagreetomakeamarketinthesecurities.ECentivesECentivesIncisaleadingonlinedirectmarketinginfr
5、astructurecompany.Thecompanyofferssystemstechnologiesthatenablebusinessestobuildlargerichdatabasesofconsumerprofilesinterests.Inreturnconsumersreceiveafreepromotionaloffersbasedontheirinterests.Atthetimeofthepublicofferi
6、ngECentivesmaintainedover4.4millionECentivesonlineaccountsfmembers.Thecompanydoesnotgemembersafeefitsservice.InsteadthatcompanygeneratesrevenueprimarilyfrommarketerswhosemarketingmatterisdeliveredtotargetedgroupsofECenti
7、vesmembers.ECentivescurrentlyemploysmethan100peopleinitsBethesdaMarylheadquartersitsofficesinRedwoodCityNewYkLosAngeles.Asoftheofferingdatethecompanyhadlittlerevenuehadnotbeenprofitable.RevenueftheyearendedDecember311999
8、was$740000withalossaboutUS$16million.AsofJune302000aboutUS$39million.ECentives‘growthstrategyistoexpinternationally.TodatethecompanyhasfocusedonpursuingopptunitiesintheUnitedStates.ECentivesintendstoexpintoEuropeothercou
9、ntries.ThecompanyiscurrentlyconsideringexpingintoSwitzerltheUnitedKingdomGermany.REQUIRED:1.Whichfactsrelevantfchoosinganoverseasmarketflistingraisingcapital.WhichfactsmighthavebeenrelevantinECentives’decisiontoraisecapi
10、tallistontheSwissExchange’snewmarket2.WhydoyoubelieveECentiveschoosenottoraisepublicequityintheUnitedStatesWhatarethepotentialdrawbacksrelatedtoECentivesdecisionnottoraisecapitalintheU.SPUBLICMARKETS3.Whataretheadvantage
11、disadvantagestoECentivesofusingU.S.GAAP4.ShouldtheSWXSwissExchangerequireECentivestoprepareitsfinancialstatementsusingacceptedaccountingprinciplesduetoitsactivepresenceonglobalcapitalmarketstheuniversalacceptabilityofU.S
12、.GAAP.OperatinginglobalmarketsisachallengefToyota.SinceitisaJapanesecompanythatreptsfinancialinfmationinJapaneseyenitissubjecttoexchangeratefluctuations.InparticulartheyenhasbeenstrongrelativetotheU.S.dollarsoearningsofi
13、tsU.S.operationshavefalleninyentermsinrecentyearswhentranslatedfromdollarsbacktoyen.InadditiontothestrongyenToyotaothercompaniesoperatingintheU.S.markethavestruggledwithhighgasolinepriceshighcompetitionwhichhavecutintopr
14、ofitmargins.ToyotahasalsosufferedwithhighrawmaterialscostsbothinsideJapaninitsotheroperationswldwide.ItisimptantfthecompanytodowellinNthAmericabecauseitaccountsfabouttwothirdsoftheJapanesecarindustry’sprofitsonanoperatin
15、glevel.GivenJapan’srapidlyagingpopulationthesluggisheconomyToyotaotherJapanesecarmanufacturerswillhavetodowellintheUnitedStatestosurvive.ToyotaservicesU.S.marketsthroughsignificantexptsfromJapanaswellasassemblyinsideNthA
16、merica.BecauseCanadatheUnitedStatesMexicoaremembersoftheNthAmericanFreeTradeAgreementpartsfinalvehiclescanbemovedfromonecountrytotheotherdutyfreeaslongastheNthAmericancontentisatleast62.5%oftotalcost.Ithasplanstoassemble
17、theTacomainMexicoitassemblestheCollaMatrixRX33inCanadaitassemblestheCollaTacomaAvalonCamrySoleraTundraSequoiaSiennaintheUnitedStates.ItisfirmlycommittedtomanufacturingcarstrucksindevelopingcountriesespeciallyThailitismak
18、ingabigpushtoassembleinChina.ItalsohasplanstoexpinSouthAmericaprobablyinBrazilwhereitalreadyproducestheCollaitplanstoexpintoRussiawhichwouldthenjoinPoltheCzechRepublicasfmermembersoftheSovietUnionthathaveproductionfacili
19、ties.AnotherfactinfluencingToyota’sgrowthabroadistheopeningoftheEuropeanUnion.In1999theEUcountriesfinallyopenedthedostoAsiancarmakerstheirmarketsharerosefrom14.8%to17.4%attheexpenseofFdGMVolkswagenotherEuropeanmanufactur
20、ers.DuetohighwagesinEuropewhichhavereached$40.68perhourfaveragewagesincludinghealthcarecostsAsianautomakersareincreasinglyestablishingassemblyoperationsinEasternEuropewherewagesaresignificantlylower.InPolfexamplewagesare
21、only$8.63perhour.ThusitappearsthatToyota’sstrategyofmakingvehiclesinPoltheCzechRepublicRussiamakessense.IfthesluggishEuropeanmarketcanrecoverToyotamayhaveabrightfuturethere.Questions1.WhydoyouthinkToyotaisexpingsoaggress
22、ivelyoutsideofJapaninsteadoffocusingmeonmanufacturinginJapanexptingtoothercountries2.Whataretherisksitfacesinexpingitsoverseasmanufacturing3.WheredoyouthinkToyotashouldputitsnextplantinNthAmericawhatfactsshoulditconsider
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