Cross-border M & A Macro And Micro Economic Research

1990s saw a wave ofcross－border M＆M＆As．UNCEADAD expressed that cross－borderhad become the imp幻us ofFDI and h劝 Increasingly become the Strategythattransnational corporations(TNCs)improved their pefformance．It need severaldecades that we canhow clearly the讪ge impact ofpresent wave ofcross－border ofM＆As．孔ere Is a snying thatmsic…s the shadow onhe hture．8m51ar！y3 thoughthe restru咖比 ofworid economy tthe end of＊they cem卜m we can also see someshadow ofstru吐we of＊the economy and the politics ofnew ce成um The wave of＊the＊＝M＆As happening tthe end of＊theing nlneteeMh cem卜y InAmerlcq训bsc Influence,up to no风 Still exists,to some e吐咖,brokethe old economic system．One讪ndredyears latec the same scene appeared昭am．Howeve〔there Is some differencebetween them,which！s that present wave of M＆As spans the borders and the lastwave was within thepSA．Cross－boderM＆M＆As Is sweeping theNorth AmAmerlc民 theEuropean Union, Southeast Asia, etc,and！t Is forming a wave！n the earth for the irsttime．D spells some ofthetradltlonal orders；tthe sametlme It also rebuilds anddeeply a月bCts the new orders ofworld economy In the case ofthe UnUnited States,theM及地 wave t the end ofnlnetee血h cemury helped to give birth to a national marketand production system．It m叮well bethat,What Is occumngtod的 as a p川 ofaseculartrendtowards more cross－boderM＆As,lsthe eme侣ence ofaglobal毗幻for enterpnses,as a complement to growing regional or global markets for produCtsand sennces and eme吧ingl血ernatlonal produCtion盯stem． My dissertation alms to sum up the cross－border M＆As,stUdying its impact anddnve force,examlningthe microcosmic mechanism．In orderto illustrate clearly thecomplexity and multldlmenslonal charaCter of＊theter cross－boderM及As,thedissertation is divided linow阳 pd口s．One Is macroscoplc pat,at, twing p刮门Icular叨emion to the盯侣e ofcou血m consisting of＊theting comem rom the chapter one tooh叩ter slX the Other Is microscopic pm,l叫lug pMlcularMe血lonto the angle of＊thearMee扯erpnse,conslstl呛 of＊thetl comem romthe chapter sevento c…terten． M砒roscoplc p川 discusses the following questions．C…ter one focuses on thedefinnlon and t叩" ofcross－border M＆M＆As,discussing the cross－border whose hostcon成yand parent conmy are Inthe same conmm putting emphases onthecoyroverslal questions．Chapter刊儿 analyzes the world cross－borderM＆M＆As'hlstomsituation and trend withthehelp ofthe U'NU'NCTADTAD's dat劝ase．Fromthe dat劝ase,wecan concludethattwo cross－border峨Aswaveshasbeenformed sincethe 1980s． The comem romthe Chaptertheeto oh叩terfive Stresses thetheones ofcross七order M＆As．As cross七order M＆As！s the stretch of domestic M＆As,generaltheones of毗M must expMn some aspects毗cross七oder瞅细,so ch叩ter theesums up and reviews famoustheones oftheM＆M＆As．MoStofthe cross－boderM及幼deals are carried outby TNTNCs,so thetheones ofhhCs,to some eoem,must adaPttocross－borderM＆M＆As．As a result,chapter four sums up and reviews some theones of IVthe hhCs．Inthe basis ofthese刊阴 chapters,Iputfonvad to a compromise theory oncross七order M＆As,which is also called OLIS ramework．It Is one of the maincontnbutlon ofmy dissertation．Just as its name implies,It洲emptsto explaincross－borderM＆As In one的mewo企．T址ough m冰lug use oftheDunning's OLIramework,It consists offour main伍以ors asfollows:application and acquirement ofownership Mvanteqe； bcatlon advantape； Intema！lzatlon advanteqe； speed advantape．The combination offour厉以ors can explain cross－borderM＆M＆As satlsfactonly Thisram删。企,Is co呷tible wlththet血ones ofefficlency gains tkough时n呷。es,searching for n侧 m毗戌s and m毗幻 poweC scale economX etc．In oderto checkuphe OLIS theory sum up some characters of this cross七order M＆As．As a result,互ind thatthe OLIS...