跨国公司进入中国市场的投资决策分析（财务与

模块名称：英语投资决策分析财务与信息
作业名称：跨国公司进入中国市场的投资决策分析
报告字数：3000字


跨国公司进入中国市场的投资决策分析

背景介绍
US.Co China（一家美国跨国公司）正考虑在中国进入一个以前从未参与的新市场。你是公司的财务分析师，被指定负责该项目的财务评估。衡量公司任何新产品投入成功与否的最低标准如下：1）在投放当年，新产品总利润应比市场平均水平高出5%；2）项目的净现值NPV应大于1千万美元（项目时间持续5年）。依据给出的信息，你需要回答以下三个问题。

问题：
■ 成本被认为是该决定中应考虑的关键因素之一。期间，瓶子（包装）是“制造”还是“购买”对成本的影响最大。你需评估这两个选择，并提交你的建议书（五年的项目规划），说明哪个选择更好。（提示：最佳选择是你财务评估的基础，并假设该决定持续时间为五年）。
■ 根据以下给出的应考虑因素以及成功标准，你最终的新市场进入计划建议书是什么？。
■ 如果你是总经理，在投放产品之后的5年里，哪三个问题是你要优先关注的？

应考虑的关键因素
■ 种类/市场大小  
年份 2001 2002 2003 2004 2005
市场大小 (1000 pcs) 10,000 11,000 12,100 13.310 14,641
目标份额 (%) 5.0 10.0 15.0 17.50 20.0
*假定目标份额不受定价的影响
■ 成本
     成本的重要组成部分是包装（瓶子）和运营成本（如：总生产成本=原材料成本+运营成本）。我们有两个选择（自己生产和从供应商购买）如下：（每个选择的资本投资是一样的，第一年为9千万）
(USD/pc) Y1 Y2 Y3 Y4 Y5
生产    
-- 运营成本 4.0 4.0 4.0 3.5 3.0
-- 原材料成本 4.0 3.5 3.0 3.0 3.0
购买    
-- 运营成本 3.0 3.0 3.0 2.5 2.0
-- 原材料成本 4.5 4.5 4.5 4.5 4.5
■ 竞争者
2000年 竞争者A 竞争者B 竞争者C 竞争者D 其他
产品份额(%) 25.0 18.0 12.0 15.0 30.0
定价 (USD/pc) 9.0 8.0 10.1 10.0 12.0
总利润(%) 30.0 25.0 20.0 20.0 8.7
*总利润=收入-生产成本（除去营销与其他运营支出）



■广告
市场营销的同事正在考虑2种预算方案：1） 维持型，第1年40万美元的广告费；2）增强型，第1年预算额为维持型广告费用的2倍。这将使每年的市场份额在实现上一年目标的基础上增长1%。 （假定各年的电视广告费用所占年收入的百分比相等。）

■ 其他假定
   1）其他运营费用（人力成本等）：收入的10%
   2）现金流：为简单起见，只考虑资本投资折旧加回（资产寿命5年），不考虑任何营运资金的影响。
   3）所得税率：15%
   4）贴现率：8%

Module name: financial and information

Homework name: multinational companies to enter the Chinese market in the investment decision analysis

The report count: 3000 words



Multinational companies to enter the Chinese market in the investment decision analysis


background

US. Co China (an American multinational company) is considering in China to enter a new market never participate in. You are the company's financial analyst, be assigned to the project financial evaluation. Measure the company any new products into the minimum standards of success are as follows: 1) put in that year, the new product total profits should be 5% higher than the market average level; 2) the net present value of the project should be greater than $10 million NPV (the project time lasts five years). According to the given information, you need to answer the following three issues.


Question:

S cost is considered the decision should be considered in one of the key factors. Period, bottle (pack) is "manufacturing" or "buy" on the influence of cost is the largest. You need to assess the two choices, and submit your proposal (five years of project planning), explain which choice better. (hint: the best choice is to you, the basis of financial evaluation and assumed that the decision lasts for five years.

According to the following s given should consider factors and success criteria, you end up new market access plan proposal??? What??? .

S if you were a general manager, put in the five years after the products, which three the problem is you must give priority attention?


The key factors should be considered

S kind/market size

2001 2002 2003 2004 2005 years

Market size (1000 PCS) 10000 11000 12100 13.310 14641

Target share (%) 5.0 10.0 15.0 17.50 20.0

* assume that goal by the influence of the share price

S cost

Cost is an important part of the package (bottle) and operating costs (such as: the total production cost = raw material cost + operation cost). We have two choices (their production and from the supplier to buy) as follows: (each selected capital investment is the same, the first year for 90 million)

(USD/PC) Y1 Y2 Y3 Y4 Y5

production

-4.0 4.0 4.0 operation cost 3.5 3.0

Raw material cost 4.0 3.5 3.0-3.0 3.0

buy

-3.0 3.0 3.0 operation cost 2.5 2.0

Raw material cost 4.5 4.5 4.5-4.5 4.5

S competitors

2000 competitors A B C D competitors competitors other competitors

Product share (%) 25.0 18.0 12.0 15.0 30.0

Pricing (USD/PC) 9.0 8.0 10.1 10.0 12.0

The gross profit (%) 30.0 25.0 20.0 20.0 8.7

* total profit = income-the cost of production (excluding marketing and other / operating expenditures)




S advertising

Market marketing colleagues are considering two budget plan: 1) keep type, 1 year, $400000 advertising; 2) enhanced, the first year to maintain advertising agency type 2 times. This will make every year in the previous year, the market share of the realization on the basis of the goal growth of 1%. (assuming the years of TV advertising expenses accounts for the percentage of annual income equal.)


S other assume that

1) other operating costs (human cost, etc) : 10% of revenue

2) cash flow: for simplicity's sake, considering only capital investment depreciation plus back (asset life 5 years), does not consider the effect of any working capital.

3) the income tax rate: 15%

4) the discount rate: 8%