国际并购的现状分析和发展趋势预测

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对外经济贸易大学硕士学位论文国际并购的现状分析和发展趋势预测姓名:林键申请学位级别:硕士专业:金融学指导教师:刘园20040301118971904Sherman19101930Clayton2060Williams198119891992902Thefirstpartofthearticleintroducesfivemergerwavessincethebeginningoflastcenturyontheirincentives,contentsandbackgrounds.Thefirstmergerwavehad(1897to1904)ahorizontalcharacter.TheShermanAntitrustActprohibitedplottingofcompaniestogainmonopolystatusinthemarket.Companiesthustriedtorealizetheinteriortransactionsbyacquiringanothercompany.Superpowerenterprisescameupwithextraordinarymonopolypower,whichwasaresultoftheindustriescleanup.Duringthesecondmergerwave(1910to1930)numerouspublicfacilitiescompaniesconsolidated.The“numbertwo”companiesroseinmanyindustries.ClaytonAntitrustActpreventedthecompanyfromlesseningthecompetitiontoacquireanothercompany’sstock,butleftaloopholeforacquiringitsassets.TheFederalTradeCommissionwasfoundedtomonitorthemergerandacquisitionactivities.Underitsstrictsupervision,acquisitionsturnedtoverticalmeansinordertoproduceascaleefficiencyofproductionandmarketing.Thethirdmergerwaveofthe1960ssawmanyconglomeratesjoinedbydifferentcompanieswithdiversifiedproducts.HostiletakeoversappearedandwereputunderinformationdisclosureconditionsbytheWilliamsActinthelatter1960s.Companyreformationtookplaceinalargescaleduringthefourthmergerwave(1981to19890).Managementefficiencywasenhancedthroughsizereduction,leavingtheoldindustryandenteringthenew,exchangesofassetsandequities,combinationwithothercompanies.Junkbondsandleveraged-buy-outsappearedandweregreatlycheeredbythemarket.Thefourthmergerwaveisstillinplacesince1992.Crossborderacquisitionswereeverywhere.StrategicLBOswerepopularandthemergersandacquisitionsreachedthecentury’speak.Thesecondpartofthearticleanalyzesmergersofthe1990s,supplementedwith3examples.Megamergerswerehighlyconcentrated;acquisitionpremiumswereoverpaidwhiletheexpectedreturncouldnotberealized.Cashshowedahigherpercentageinthemeansofmergerpaymentthanthestockinlatter1990s.Thethirdpartofthearticleintroducessomemoderntheoriesofmergersandacquisitions,enterpriseownershipshiftandstrategicacquisitionprocedures.Howtodealwithculturalconflictsisalsodiscussed.Thefourthpartofthearticletalksaboutthefutureofthemergers.Theauthorbelievesthatthefinancialandtelecommunicationindustrieshaveabrightfutureandplentyofcontent.Newlyarisenindustriesjoinhandswithtraditionalindustriestoformbrandnewconsumermarkets,whichcontributetoaneweconomicgrowth.Thegovernment-monitoringagencyconfrontsanissuethatishowtoprotectthemarketcompetitivenessandnottosuppresstheincentivesoftheenterprisereformtocopewithindustrydevelopmentaswell.200391110490FleetBostonFinancial2004158020040412345678910111213141516171MergerStatReview2000Edition,NewYork181920EBIT(1-T)(1-Growth/ROI)WACC-Growth2122220022324252627283294AcquisitionStrategyandImplementation30315TheMorningAfter32336:CatchtheWave,Economist,1999347EconomicReportofthePresident,February10,2000358FederalReserveBoardStaffStudies174,August2000369FederalReserveBoard,AllenN.Berger,DavidC.Smith373839101120021220014013TestimonyofChairmanAlanGreenspan,June16,1998,BeforetheCommitteeontheJudiciary,USSenate414214FederalTradeCommission/Compguide/mergers439020004445461101980--199905010015020025019801981198219831984198419861987198819891990199119921993199419951996199719981999225(2000)*1AmericaOnlineTimeWarner165937.5020002PfizerWarner-LambertCo.82399.6019993ExxonCorp.MobilCorp.81429.8019984SBCCommunicationsAmeritech75233.5019985VodafoneGroupAirTouchCommunications62768.0019996BritishPetroleumAmocoCorp.56482.0019987AT&TCorp.MediaOneGroup55795.4019998BellAtlanticCorp.GTECorp.52845.8019989AT&TCorp.Tele-CommunicationsInc.52525.60199810NationsBankCorpBankAmericaCorp.43158.30199811WorldComInc.MCICommunicationsCorp.42459.20199712DeutscheTelelomAGVoiceStreamWirelessCorp.41577.27200013GeneralElectricHoneywell40000.00200014JDSUniphaseCorp.SDLInc.38127.56200015ChaseManhattanCorp.J.P.Morgan&Co.36540.97200016TravelersGroupInc.Citicorp36031.60199817ChevronTexaco35100.00200018QwestCommunicationsIncUSWestInc.34748.00199919ViacomInc.CBSCorp.34454.00199920NorwestCorp.WellsFargoCo.31660.20199821DaimlerBenzAGChryslerCorp.31156.00199822CitiGroupInc.AssociatesFirstCapitalCorp.30750.68200023BPAmocoPLCAtlanticRichfieldCo.26611.30199924MonsantoCo.Pharmacia&UpjohnInc.25760.30199925KohlbergKravisRoberts&Co.RJRNabiscoInc.24561.601988*61980--1999$0$50$100$150$200$250$300$350$400$450$5001980198119821983198419851986198719881989199019911992199319941995199619971998199971990-19990%5%10%15%20%25%30%35%40%45%50%199019911992199319941995199619971998199991980-19990%10%20%30%40%50%60%19801981198219831984198519861987198819891990199119921993199419951996199719981999国际并购的现状分析和发展趋势预测作者:林键学位授予单位:对外经济贸易大学相似文献(10条)1.期刊论文上海电气集团频频出手国际并购市场-印刷杂志2004,(12)2.期刊论文吴静芳国际并购给中国带来的机遇和风险-上海行政学院学报2001,(3)国际并购在90年代成为国际直接投资的主导方式.它给致力于改革开放并努力融入世界经济体系的中国带来了机遇和风险.积极培育资本市场,尽早构筑有关应对跨国公司并购的法律法规框架和政策体系,并建立一个适当的收购监管制度,是克服并购可能带来的风险,保证我国并购市场朝着有利于我国经济发展方向壮大的重要对策.同时,利用市场手段促使企业在规模和管理运营方面深化、细化、专业化分工,从国内企业间的整合开始,加强企业核心竞争优势,特别是提高企业持续的技术创新能力,实现每个行业内的自身发展.3.期刊论文梁洁.LiangJie顾雏军失意五月花龙旋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