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Causes of the Collapse of Daewoo

In: Business and Management

Submitted By davidxujun
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大宇神话破灭的原因分析

与启示

目录

1、原因分析

1.1 举债经营下的财务杠杆负面效应

1.2 大宇盈利能力分析

1.3 章鱼足式扩张、世界经营战略

1.4 危机战略选择失误

1.5 韩国财阀模式 许军

1.6 金宇中的“举债经营”和“独断经营”

2、启示

2.1 财务杠杆的双刃剑影响

2.2 追求效益规模而不是规模效益

2.3 最优投资规模的确定

2.4 从资本原理看多元化经营

2.5 企业正确的发展战略

2.6 政府在企业经营中的作用

1.5 韩国财阀模式 (许军)

大宇“举债经营”、“章鱼足式”企业扩张在韩国并非个案,韩国30家大企业集团的平均资产负债率1997年为449%,1998年为522%。其中现代为578.7%,三星为370.9%,大宇为473.3%。而韩国的新核、韩宝、汉拿和真露等集团,负债率更分别高达1226%、1900%、2056%和3075%。对比1991年七个发达国家企业的平均资产负债率都在70%左右。

附表-1991年七个发达国家企业的资产负债率
|国家 |美国 |日本 |德国 |
|现代 |57 |19 |汽车、钢铁、建筑、造船、水泥、医药、电梯、电子、电机、精工、木材、商社、综合金融、证|
| | | |券、保险、油漆等。 |
|三星 |80 |13 |物产、石化、电子、化工、制药、重工、航空、汽车、证券、保险、出版、钟表、毛织、饭店等|
| | | |。 |
|乐喜金星 |49 |13 |电子、电气、建设、金融、煤气、通讯、化学、电线、综合金融、证券、保险等。 |
|大宇 |30 |9 |金属、汽车、电子、机械、重工、航空、造船、电机、轻工、船运、通讯、贸易、证券等。 |
|双龙 |25 |10 |水泥、汽车、机械、精油、造纸、重工、海运、电子、商社、证券、保险等。 |
附表(续) - 韩国部分大型企业集团经营介入的产业

|集团名称 |子公司 |上市公司 |介入的主要产业 |
|韩进 |24 |5 |建设、重工、海运、航空、空港、证券、产业、金融、保险等。 |
|起亚 |28 |4 |汽车、重机、精机、钢铁、产业、金融等。 |
|斗山 |25 |6…...

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