美林在日本 讲稿_日本教育概况讲稿
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Group 2 Hello everyone.We are Group 2.Our group choose these three questions.The second one, the third one and the fifth one.Certainly these three question is closely connected.Before we begin to really to the point.Let’s take a moment to see the brief introduction about Merrill Lynch.Q1;Merrill Lynch is headquartered in New York City, and occupies the entire 34 stories of the Four World Financial Center building in Manhattan.Merrill Lynch is the wealth management division of Bank of America.Purchased by Bank of America on September 14, 2008 , traded on the New York Stock Exchange now.When we know something about Merrill Lynch ,Let’s move to the first question.What factors make Japan a suitable market for Merrill Lynch to enter ? we use five words to answer it.That is “WTO, Deregulation ,Ability, Crash and Capital ”.Let’s see one by one.The first is “WTO” which means in 1997 WTO liberalize global financial services.So it is certainly a good chance for Merrill Lynch.The WTO deal made it much easier for foreign firms to sell financial service products to Japanese investors.The second is “deregulation”.Over the next few years, however, things changed.In the mid-1990s, Japan embarked on a wide ranging deregulation of its financial services industry.This led to the removal of many of the restrictions which once limited Merrill Lynch do busine in Japan For example, the relaxation of foreign exchange controls allow the Japanese citizens purchase foreign stocks, bonds, and mutual funds Thus enlarge the market.The next word is “ability”.Before enter the Japan Merrily had done some acquisitions such as the Smith New Court, the largest stockbrokerage in Great Britain in 1995.So this have made it poible at least theoretically to enter Japanese market.The fourth one is “crash” ,crash for Japanese stock market.We know from the case that Japan’s big four stockbrokerages continued to struggle with serious financial problems that resulted from the 1991 crash.In November 1997 one of these firms, Yamaichi Securities, declared it was bankrupt due to $2.2 billion then shut its doors.So this is the very great chance for Merrill Lynch to enter now.It is very clear that he climate in Japan had changed significantly.Besides there are still big attractions of market in Japan because few companies are there.What’s more only 3 percent were invested in mutual funds.The last one is “capital”.From the crash we know that government is still in trouble.They also want to get out of trouble so their government understood the neceity of new “blood” in country's economy.So that’s the five main factors
Q2:This is a big questions there are several small questions.They are closely connected.First the strategy.Merrily was very smart It chose to enter in the form of “joint venture” developed the alliance , thus had a chance to use already existing distribution system.Besides pay attention to the time in 1997.The bankruptcy of Yamaichi Securities in 1997 was a perfect circumstance for American company to start entering Japanese market.Moreover ,later it is easy to build its position and establish the solid financial service and even the brand name.The second is “benefits”.Of course Merrill Lynch benefited a lot from the strategy.First it gained the prior experience and support from the government because it helped hire more employees ,significantly lowered Merrill Lynch’s costs of establishing a retail network in Japan.So then Merrill Lynch got a quick start.The last is the cost and risks.As we see in the case the primary is the regulation problems restrictive regulations made it almost impoible for Merrill Lynch to offer its Japanese private clients the range of services it offered clients in the United States.For example, foreign exchange regulations meant it was very difficult to sell non-Japanese stocks, bonds, and mutual funds to Japanese investors besides big four stockbrokerages.The last one The company found it extremely difficult to attract employee talent and customers away from Japan’s big four stockbrokerages.It is hard for them to accept the product and service provided by the newer.That is all for the second question Q3:Sometimes it is difficult to say exactly whether to continue or not.It is almost impoible for anyone to predict any event.From the view of our group we think Merrill Lynch should continue in Japan.It would be not wise to withdraw now.Merrill Lynch gain much experience after years of experience and succe on the Japanese market.Practice shows that this company was able to face such troubles as lo of half of their profit lay off of workforce and in le than six months they were up and running.The company has the ability to continue with its global operations.It had loyal customers and knowledge of specifics of Japanese market structure.They are core competencies of Merrill Lynch as compared to other players in this field.They definitely should continue conducting busine in Japan although they are not guaranteed to get profit all the time.But things would change as the time going by.As 2001-2002 crisis has proved the company continued to attract new accounts, and by mid-2002 was reportedly making a profit in Japan.Group numbers:但春江 邓小烽
胡玉蝶 许欢欢 杨阳
