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Cross-border M & A Macro And Micro Economic Research

Posted on:2002-05-27Degree:DoctorType:Dissertation
Country:ChinaCandidate:Z W HuangFull Text:PDF
GTID:1116360032454042Subject:International trade
Abstract/Summary:PDF Full Text Request
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'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',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'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,'ind thatthe OLIS...
Keywords/Search Tags:Cross-border
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