Economic globalization can be regarded as! Through trade, "capital flow" technology has surged.
Now "information network and cultural exchange # World-wide high-speed economic integration $ That is to say,
The economic growth of all countries in the world is achieved through a large number of
Widespread provision of diversified goods and services # International capital flow # Technology has been improved.
#% & interdependence caused by rapid and wide spread; ! "# $%%&A: It
This is a phenomenon, the world economy has developed to an advanced stage # This is science and technology and
Social productive forces have reached a higher level # Countries' economies are interdependent and interpenetrating.
Greatly strengthen # Barriers that hinder the free circulation of production factors around the world continue.
International rules to reduce and regulate the free circulation of production factors around the world have gradually taken shape.
And constantly improve a historical process (
There are many factors driving globalization # such as # centering on information technology.
The achievements of scientific and technological revolution are rapidly transformed into productive forces.
As one of the main carriers of economic globalization, # affects the development of the world economy.
The rapid transfer of industry in the international scope has optimized the industrial structure #
A large number of service industries and emerging industries have emerged # worldwide economic structure and industries.
A new round of structural adjustment is on the rise.
Regional economic cooperation has greatly promoted the region.
To coordinate and manage economic policies on an international scale.
The trend of strengthening management # and so on (economic globalization has become an indispensable part of the world.
The reversal of development trend # M&A has also set off a wave in the world.
Tide (global economic integration has created a good macro environment for global enterprises #
Trade barriers between countries are gradually decreasing # Cross-border capital flow is more convenient #
Provide favorable conditions for mergers and acquisitions (
) Century% (s # There has been a round of large enterprises in the world.
The wave of industry mergers and acquisitions (analysis of the reasons for this round of mergers and acquisitions # 1, related to the global economy.
The environment of economic integration is closely related # In fact, it is the degree of global integration.
Deepen the transnational events brought by "intensified international competition" and accelerated technological progress.
Group and structural adjustment # and in turn promote global integration "of international competition and
Technological progress (
With the integration of the world economy and the acceleration of the process of the World Trade Organization.
There are # countries to join) *+# countries' economies are mutually infiltrated and interdependent.
Dependence is increasing # Tariff barriers in global trade are getting smaller and smaller # Commodities
Tariff barriers are becoming less and less obstacles to global circulation (but
It is other non-tariff barriers that are playing an increasingly important role in protecting the domestic market.
The bigger (such as the emergence of various technical standards # different environmental protection requirements # quota.
Cultural differences such as restrictions (non-tariff barriers) restrict the products of multinational companies.
Global circulation also increases the cost of direct investment (
The intensification of global competition is to promote enterprise merger (global
Intensified competition # Competition among enterprises constantly transcends national boundaries # Rules of multinational corporations
The mode and influence are getting bigger and bigger # In order to ensure the competitive advantage # Get a wider range.
Living space # Enterprises in various countries, especially some large capital groups, have adopted it in succession.
Expand capital strength through large-scale mergers and acquisitions # Cultivate core competitiveness
Force method # at the same time trying to reorganize in the world through globalization strategy #
Production system # with advanced technology and excellent talents # get the cheapest.
Factors of production and the most favorable place of production and marketing # are ultimately the backbone of obtaining high prices.
Break the profit service (through cross-border mergers and acquisitions, multinational companies can also avoid invisibility.
Therefore, in a sense, barriers are all kinds of intangible barriers and trade.
The rise of Epro has promoted the rise and emergence of global mergers and acquisitions (
Economic globalization has directly led to the rise and development of transnational mergers and acquisitions in China.
Home involved in the wave of mergers and acquisitions (the driving force of the wave of mergers and acquisitions in developing countries)
It should come from two aspects: one is to meet the needs of domestic industrial restructuring in various countries.
Intensify efforts to develop those high-tech industries and improve the competitiveness of our country.
The second is to meet the competitive challenges from foreign enterprises # Accelerate domestic enterprises.
M&A and Asset Restructuring (Thomas Finance, a world-renowned market data provider)
The data shows that # Asia is becoming more and more important in the global M&A market.
This is becoming more and more obvious (and Chinese mainland is the most active country in M&A business in Asia).
The number of M&A cases published in 2004 reached 1000. /(0 # M&A amount * * *
Reach'/kloc-0.023 billion USD # and' ('annual increase &; 4%5 (if completed according to the actual situation)
Case-by-case calculation # The increase is as high as /32 15 (the number of mergers and acquisitions in South Korea ranks second #.
The amount involved is 6-3 cases. -1 100 million USD (Hong Kong ranks first.
The third M&A quantity and the amount involved are /3 respectively. Zonghe ($64 billion (
China Telecom Group Corporation's acquisition of fixed-line assets of China Telecom is the largest in Asia.
Large-scale acquisition # involves% 3,465,438+0 billion US dollars (
Two! The development trend of global M&A waves
One of the trends * Long-term strategic mergers and acquisitions of enterprises will become future enterprises.
The main motivation of M&A (after several waves of M&A in western countries #
Enterprises have simply pursued scale expansion and short-term financial profits from the past.
Exhibition is a strategic merger and acquisition for the long-term development of enterprises (the purpose is to pursue competition)
Global Long-term Strategic Advantage # Can the merged enterprises really play a role? $7.86
Effect # The most efficient allocation of resources # M&A process focuses on external resources.
Department # Strengthen the overall planning and resource allocation within the enterprise # Make the merger and acquisition parties
Get the same development prospect and technology under the market interest! Resources and talents * * *
Enjoy "forming stronger! Unique core competitiveness #
In practice, "the main performance is $%! & Horizontal M&A is more of a "hybrid M&A"
Modern western entrepreneurs gradually realize that diversification is not the case.
It is completely conducive to the development of enterprises, "on the contrary, it disperses enterprise resources to a certain extent"
So that enterprises can not better maintain and improve their core competitiveness. Modern enterprise
Most industries pursue scale operation and all-round specialization.
Mergers and acquisitions of enterprises are more manifested in horizontal or vertical mergers and acquisitions of enterprises.
Mergers and acquisitions are basically carried out in the same industry, "thus increasing industrial concentration"
The purpose of this merger is to occupy the market! It lies in products and services.
Comprehensively "improve the competitiveness of enterprises"! "Since # years" worldwide
Horizontal mergers and acquisitions in the same industry involve almost all industries $ oil! Chemical steel! steam
Cars! Finance! Important pillar industries such as telecommunications and service industries are merged into the same industry.
There are at most 3 M&A cases in information industry and service industry.
% $ & The merger and acquisition of other enterprises is not conducive to its own strategic development.
For example, Westinghouse Electric Company is annexing Columbia.
Broadcasting company%%&; & "Shortly after Northrop Grumman came ().
Billion dollars to merge its electronic defense business, "really realize reasonable stock adjustment."
%(& amp； Few people blindly pursue short-term financial profits of mergers and acquisitions.
Banks (junk bonds) take the acquired enterprises as their enemies after leveraged buyouts of large companies.
Hostile takeovers, which are usually dismembered, have become "unwelcome" and are increasingly subject to
The effective resistance of the acquired enterprises in this wave of large-scale acquisitions
In the war of "goodwill acquisition has occupied the majority", the two sides tend to form a strategic alliance.
Both sides are beneficial "so the success rate is higher"
% * & ampM&A enterprises pay more and more attention to post-merger integration.
Only in the process of merger and acquisition can the integration that can't really create value be realized.
The value creation of M&A integration is a rather complicated system.
"Project" Many western enterprises conduct transactions immediately after the merger.
M&A companies that invest in the integration process usually appoint an integration manager.
Manage and coordinate the integration of two heterogeneous enterprises. "At present, the West
In the merger and acquisition of Chinese enterprises, the enterprises that have planned detailed integration plans are carried out one by one.
M&A integration is based on enterprise M&A strategy+
Under the strategic guidance, "integrating heterogeneous corporate cultures into one" has been dealt with.
Good two enterprise organizations! Links between resources and business processes
The purpose is to "improve the core competitiveness of enterprises" and occupy the market.
morals
The second trend, "M&A scale is huge", enterprises tend to be giant! all-pervasive
"change"
Dollars, the century ",before the 1990 s, corporate mergers and acquisitions rarely exceeded-100 million dollars.
After the Yuan case, especially after entering the Yuan century, the price of enterprise merger and acquisition.
The value even exceeds 1000 billion dollars. The growth of super-large M&A transactions is $2 billion.
"A major feature of global M&A in 1990s" shows that in the fierce international competition,
"Multinational companies attach great importance to economies of scale" and try to seize it by joining hands with powerful forces.
Leading the largest possible market share, "complementary advantages" greatly enhanced research and development.
Development ability "collaborative research and development of a new generation of high-tech products" * * * enjoy the market "dimension.
Statistics of Thomson Financial Securities Data Company in the United States, which occupies a relatively monopoly position.
According to the data, the total amount of M&A transactions announced globally in "-"reached (* ten thousand.
A billion dollars "far exceeds-". Year /0 trillion dollars "and/,,,years of the world.
The amount of corporate mergers and acquisitions reached (*. Trillion dollars "higher than-"(* trillion dollars)
Yuan+hit a record high'
The third trend is that multinational enterprises gradually integrate resources on a global scale.
As a means of global resource allocation, M&A is the future trend of enterprise merger and acquisition.
"An obvious trend is gradually emerging."
The fifth M&A wave is characterized by cross-border M&A "in the fifth.
Cross-border mergers and acquisitions have developed rapidly in the second wave of mergers and acquisitions. At present, M&A investment
It has replaced new investment and become the most mainstream way of international direct investment. '
/,century ",the newly established investment in the early 1990s is still the mainstream form of international direct investment.
But the global transnational investment of western developed countries since-* years.
M&A in China has surpassed "international direct investment" in new projects.
Most of them are cross-border mergers and acquisitions, especially in developed countries.
Advanced "United Nations Trade and Development Commission/,-year) monthly/1 publication system
Statistics show that the total amount of transnational mergers and acquisitions of global enterprises has reached-* (.
One billion dollars is "compared with-"and "in 1)", and one billion dollars has increased by nearly 0,2' in these areas.
The transnational investment of "/,,,"is completed by multinational companies in developed countries.
The amount of M&A in China was-1 *- billion dollars, accounting for the global cross-border M&A in that year.
(3) 2) And the trend of cross-border M&A is becoming more and more obvious.
The percentage of the world's total investment is () 30-2 "/,-year.
It has reached .31"2% 45% 678"/,/&; '
A prominent feature of cross-border mergers and acquisitions is to focus on global industries.
Integration'/,-year (merger of Prudential Insurance Group and United General Insurance Company of the United States)
Risk)! (Allianz Insurance Company buys Dresden Bank)! (Citibank acquisition
National Bank of Mexico)! (First United Bank acquired Wachovia Trust Bank.
Bank) and other four mergers and acquisitions show that the banking industry in western countries has been positioned in developed economies.
Economy's global M&A market is expanding to developing economies' in addition' (Europe
The merger of the three major European steel companies also expressed the further scale of traditional industries.
Reduce manufacturing costs and "improve scientific and technological content".