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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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