[재무관리] GM 재무제표분석(영문)

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[재무관리] GM 재무제표분석(영문)에 대한 자료입니다.
목차
History of General Motors
Present Future State of the U.S. Auto Industry
Position of GM in the Auto Industry – Through Competitor Analysis
Ford
Toyota
Honda
GM’s Mistakes that Led to Bankruptcy
Annual Balance Sheet (2004~2008)
Financial Ratio Analysis
Liquidity Ratios
Long-term Solvency Ratios
Asset Management Measures
Profitability Measures
Recommendation (Restructuring Plan)
References

본문내용
Present and Future State of the U.S. Auto Industry

Causes of Suffering

The U.S. economy is coping with the worst economic downturn, and worst credit market conditions, since the Great Depression. Consumers have had to contend with illiquid credit markets, rising unemployment, declining incomes and home values, and volatile fuel prices. As a direct result, the entire auto industry has suffered from weak freight volumes since the third quarter of 2006, hit by sagging retail and auto sales. As gasoline prices have soared, consumers are ditching their cavernous sport-utility vehicles in favor of smaller, more fuel-efficient sedans. Asian and European automakers are seeing this as an opportunity to increase their influence in the U.S. auto market.
Moreover, all U.S. automobile manufacturers have increasingly struggled over the last several years due to increased competition from foreign manufacturers with lower wage, healthcare and benefit costs.

The Harsh Reality

The current state of U.S. auto industry is just disastrous. Analysis experts in manufacturing industry predict less than 50% production rate for the remaining year. Automakers announce their notable loss of sales and continue to slash their dealers and part suppliers. U.S. auto industry is staying afloat through federal bailouts and restructuring at the government's direction, reducing production while laying off thousands of workers.
Moreover, while the market for new automobile has decreased 46%, the U.S. Treasury Department does not foresee car sales to rebound this year or the next, particularly with baby boomers entering retirement, when people typically buy fewer cars. Some, especially in Detroit, argue that once the recession is over, buyers will rush back to dealer showrooms. And "if sales do pick up, carmakers eventually could be more profitable than they have ever been because of all the costs they have shed," according to David Cole, chairman of the Center for Automotive Research in Ann Arbor, Mich. The story concludes that only time will tell.
참고문헌
GM Restructuring Website
http://www.gm.com/restructuring
“GM ANNOUNCES AGREEMENT WITH U.S. TREASURY AND CANADIAN GOVERNMENTS PROVIDING FAST TRACK TO COMPETITIVE FUTURE FOR 'NEW GM'”
http://media.gm.com/servlet/GatewayServlet?target=http://image.emerald.gm.com/gmnews/viewpressreldetail.do?domain=2&docid=54585
“Green "gold rush" seen in new U.S. auto standards”
http://www.reuters.com/article/newsOne/idUSTRE54I71D20090520
“Obama to unveil most aggressive auto fuel standards”
http://www.reuters.com/article/GCA-GreenBusiness/idUSN1836450020090519
“Obama takes aim at climate-warming car emissions”
http://www.reuters.com/article/companyNewsAndPR/idUSN1944347420090519
“U.S. to unveil new policy on auto fuel standards”
http://www.reuters.com/article/companyNewsAndPR/idUSN1836450020090518
“세계 車공장 가동률 반토막”
http://news.mk.co.kr/newsRead.php?year=2009&no=160075
“Detroit's challenge: Making small cars profitable”
http://www.reuters.com/article/reutersEdge/idUSN1752383020080917
“U.S.