跳到主要內容

臺灣博碩士論文加值系統

(44.221.70.232) 您好!臺灣時間:2024/05/29 11:39
字體大小: 字級放大   字級縮小   預設字形  
回查詢結果 :::

詳目顯示

我願授權國圖
: 
twitterline
研究生:林千郁
研究生(外文):Chien-Yu Lin
論文名稱:新興市場跨國企業對外併購的成長—Tata及Lenovo的國際化發展
論文名稱(外文):The Increasing M&A Activities ignited by MNEs from Emerging Market:Globalization of Tata and Lenovo
指導教授:陳俊忠陳俊忠引用關係
學位類別:碩士
校院名稱:國立臺灣大學
系所名稱:企業管理碩士專班
學門:商業及管理學門
學類:企業管理學類
論文種類:學術論文
論文出版年:2009
畢業學年度:97
語文別:英文
論文頁數:95
中文關鍵詞:併購TataLenovoFDI新興市場
外文關鍵詞:merger and acquisitionTataLenovoemerging markets
相關次數:
  • 被引用被引用:0
  • 點閱點閱:460
  • 評分評分:
  • 下載下載:0
  • 收藏至我的研究室書目清單書目收藏:2
近來在國際舞台上越顯活躍的Tata Motors 不僅在2007年買下了豪華車品牌Jaguar 及Land Rover, 更進一步在2008年推出一台只要$2500美金的Tata Nano 小車。Tata集團旗下的Tata 鋼鐵也以$122億美金的高價買下全球排名第六的英國Corus 鋼鐵。種種舉動讓人對Tata 集團的實力感到驚艷,也讓人對Tata的併購策略感到好奇。除了Tata,Lenovo買下IBM個人電腦事業部,讓新興市場國家的購買力逐漸浮出檯面,以往被當作成本低廉的生產基地的新興市場,在跨國併購以及國外直接投資(FDI) 上表現強大的企圖心。

本研究透過分析FDI flows以及跨國併購金額變化來深入探討新興市場在國際投資上的角色,研究發現全球新興市場對外投資金額及其佔全球對外投資比重節節上升,以往唯有先進國家有能力對外投資的觀點逐漸瓦解。

這樣的改變再加上先進國家2008年發生的金融風暴,全球併購浪潮將產生本質上的變化,第六波由新興市場發起的併購浪潮逐漸成型。先進國家遭逢不景氣,國內經濟現況仍相對落後的新興市場接二連三買進先進國家資產,連帶造成投資發展路徑 (Investment Development Path) 理論也受到挑戰;身為新興市場代表的金磚四國皆出現不同於傳統IDP理論的對外投資淨額變化。
全球產業競賽洗牌的同時,若臺灣企業能充分把握這種轉變,進而建立競爭優勢,則下一波全球多頭來臨時,可望能夠一躍成為更富足強大的經濟體。
This research analyzes FDI flows and cross border M&A of emerging markets to understand their status in international investment. The results show that outward FDI’s actual amount and its proportion to the world are both growing. The idea that only advanced countries are able to invest globally is breaking down. Companies from emerging markets like Tata and Lenovo had made cross-border M&A in developed countries. Tata Motors acquired Jaguar and Land Rover brands in 2007, besides acquisitions, Tata Motors had launched the world’s cheapest car “Tata Nano” in 2008. Another company in Tata group, Tata Steel, had acquired the sixth largest steel maker in the world, Corus Steel of UK, in 2007. Lenovo is another example from emerging market; Lenovo had acquired IBM PC division in 2005. These acquisitions raised people’s curiosity about emerging markets’ ability in international M&A. Emerging markets used to be low cost production sites for developed countries, now they are ambitious to acquire foreign assets.

Sub-prime mortgage crisis happened in 2008 reduced developed economies’ economic power and M&A cases, with the increasing financial strength of developing economies, a higher proportion of world cross-border M&A is carried out by them. Outward foreign investment of emerging markets started at earlier stage of development challenges the theory of investment development path (IDP). During the transformation of emerging markets, countries should build up competitive advantages and expect to get stronger in next economic boom.
ACKNOWLEDGEMENTS ii
摘要 iii
ABSTRACT iv
TABLE OF CONTENTS v
LIST OF FIGURES viii
LIST OF TABLES x
1. CHAPTER 1 INTRODUCTION 1
1.1 Research Background and Motives 1
1.2 Research Objectives and Research Questions 2
1.3 Research Design and Procedures 3
2. CHAPTER 2 LITERATURE REVIEW, FDI AND CROSS-BORDER M&A 6
2.1 Literature Review 6
2.1.1 Foreign Direct Investment (FDI) 6
2.1.2 Merger and Acquisition (M&A) 7
2.1.3 World Merger Waves 9
2.1.4 Investment Development Path (IDP) 12
2.2 FDI Flow, Cross-border M&A and Emerging Markets 15
2.2.1 FDI Flow of Emerging Markets 15
2.2.2 Cross-Border M&A Trend 19
2.2.3 Exam the Trend by Checking a Wider Range of Emerging Markets 23
3. CHAPTER 3 LENOVO 26
3.1 China PC Industry Introduction 26
3.2 Lenovo Analysis 28
3.2.1 Lenovo Introduction 28
3.2.2 M&A Motives of Lenovo 30
3.3 Acquisition Analysis 32
3.3.1 IBM Introduction 32
3.3.2 Acquisition Detail 33
3.3.3 Risk of Lenovo Acquisition 35
3.4 Post-Acquisition Follow Up 36
4. CHAPTER 4 TATA GROUP 40
4.1 Tata Group Introduction 40
4.2 Tata Motors 45
4.2.1 Automobile Industry Introduction 45
4.2.2 M&A of Tata Motors 47
4.2.3 Acquisition Analysis 48
4.2.4 Post Acquisition Follow Up 50
4.3 Tata Steel 52
4.3.1 Steel Industry Introduction 52
4.3.2 M&A of Tata Steel 53
4.3.3 Acquisition Analysis 55
4.3.4 Post Acquisition Follow Up 57
4.4 Tata Tea 59
4.4.1 Tea Industry Introduction 59
4.4.2 M&A of Tata Tea 61
4.4.3 Acquisition Analysis 62
4.4.4 Post Acquisition Follow Up 65
4.5 Comparison of Acquisitions of the Three Tata Companies 67
5. CHAPTER 5 RESEARCH FINDINGS 70
5.1 The Sixth Merger Wave is Happening 70
5.2 Particular IDP Pattern in India and China 74
5.3 Lessons from India and China 77
6. CHAPTER 6 CONCLUSIONS & SUGGESTIONS 81
6.1 Conclusions 81
6.1.1 FDI Flows and Cross-border M&As of World and Asia Peaked in 2007 ………………………………………………………………………….81
6.1.2 World MNEs Grow Larger, MNEs of Emerging Markets Globalize 82
6.1.3 The Ongoing Sixth Merger Wave 83
6.1.4 Tata and Lenovo’s M&A 83
6.1.5 Importance of Emerging Economies is Growing 84
6.1.6 Different IDP Pattern of Emerging Markets 86
6.2 Suggestions 86
6.2.1 At Firm Level 86
6.2.2 At Industry Level 88
6.2.3 At Country Level 88
6.3 Limitation and Future Research 93
REFERENCE 94
Charles W. L. Hill, 2007, “International Business,” McGraw-Hill.

Food and Agriculture Organization of the United Nations, http://www.fao.org/

IBM website, http://www.ibm.com/us/en/

IDC, 2008, “IDC Reports Asia’s PC Purchases Generally Unaffected by US Slowdown in 1Q08,” IDC Asia Pacific.

IDC website, http://www.idc.com/

J. Fred Weston, Juan A. Siu, Brian A. Johnson, 2004, 吳靑松譯,「企業併購與重組」,台灣培生教育出版。

John H. Dunning, Rajneesh Narula, 1996, “Foreign direct investment and governments,” London; New York: Routledge.

Lenovo, 2000~2008, Annual Reports.

Lenovo website, http://www.lenovo.com/lenovo/tw/zh/

Organisation Internationale des Constructeurs d''Automobiles, http://oica.net/

Society of Indian Automobile Manufacturers, http://www.siamindia.com

Tata Group website, http://www.tata.com/

Thompson, Strickland, Gamble, 2008, “Crafting & Executing Strategy,” McGraw-Hill.

Tata, 2008, Group brochure.

Tata Motors, 2003~2007, Annual Reports.

Tata Steel, 2003~2008, Annual Reports.

Tata Tea, 1999~2008, Annual Reports.

UNCTAD, 2007, World Investment Report.

UNCTAD, 2008, World Investment Report.

UNCTAD, Statistical databases online.

Wikipedia, 2009, “Automobile Industry in India”

Wikipedia, 2009, “Tata Tea Limited”

World Steel Association, http://www.worldsteel.org/

史惠慈,陳建勳,林谷合,2007, 「中國大陸之國際併購策略及國際影響」,中華經濟研究院。

鉅亨網,2008, 「2007年全球PC市佔率HP升至18.2%,宏�硍W過聯想,躍居第三」。
QRCODE
 
 
 
 
 
                                                                                                                                                                                                                                                                                                                                                                                                               
第一頁 上一頁 下一頁 最後一頁 top