Since the late 1980s, mergers and acquisitions (M&As) have started to take place in China. In recent years, M&As have become an increasingly common strategy used not only by Chinese enterprises seeking expansion, but also by foreign finns interested in direct entry. The transaction fees have also jumped from $32.1 million in 1985 to $70 billion in 2004. However, due to the special economic environmel1t, M&As in China have been influenced by the shadow of economic planning and limited by intervention from the govemment, especially the M&As that concem with stated owned assets. This study intends to uncover the critical influences that have significant value-added impacts on M&A of privately owned enterprises in China. An integrated and holistic viewpoint that includes the most critical rational choice perspective within a multidimensional framework will be employed. Key factors in the areas of govemment, strategic fit, and organizational fit are explored and analyzed in nom1al qualitative ways, which based on two case studies as the research methodology throughout the study. The findings of this study suggest that Govemment is considered to be the important factor influencing the decision making of the enterprises and the integration management of the M&A, which is helpful for the resources reallocation and organizational compatibility. Differences in resource allocation also can be considered as the most important strategic complementarity in the pre-acquisition phase to achieve the synergy. Key factors in the integration management phase are effective integration of personnel characteristics, and culture fit. Employees' conciliation and effective leadership as personnel characteristics can be considered as the crucial factors to the successful M&A. The 'soft' and 'supportive' acculturation of culture concept, and the incentive and supervisory mechanism; and integration of the management system have also been found as the major approaches to integrate the culture. The findings in this study also indicate that unsound agency service, ambiguous attitude from the govemment, incomplete related law and regulations are still obstacles to positive M&A perfom1ance. The study findings will expand the domain of Chinese M&A studies, enlarge the domain of the rational choice perspective, establish a multidisciplinary Chinese M&A model, which help to improve Chinese industry academics' and practitioners' understanding of important M&A phenomena not only leading to significant successful upgrading of industry (transfom1 from completion of the original accumulation to mass production stage); but also providing with a meaning of demonstration and popularisation to the refom1 of the state owned enterprises.

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This thesis is a contribution to the research literature of the Vietnamese rural credit market during 1990s. The data' used is from the Vietnam Living Standard Surveys carried out in 1992/93 and 1997/98, providing both cross-sectional and panel data. The thesis consists of four main chapters. Chapter 2 provides an overview ofthe rural credit markets. We find a big expansion of the formal credit sector over years but financial system remains largely underdeveloped with a dual structure in which formal and informal sectors exist side by side. Chapter 3 is a study assessing determinant factors of household's credit participation formal and informal credit markets. We contribute to the literature as the first research attempts to estimate the credit demand and the credit supply functions separately. We are also the pioneer in applying the bivariate probit model with partial observability in empirical study using data from Vietnam. The empirical analysis in the Chapter 4 highlights the determinant factors of credit amount obtained. We find that poor rural households who seem to borrow most often are not those who borrow the largest loan size. The last chapter aims to assess the impact of formal credit on household consumption. To address problem of selection bias, we employ instrumental variable method. We show that on average each percent increased in household's formal credit per capita would lead to 0.26 percent increased in consumption per capita. Our results draw some important policy implications. First, even though formal credit network continues to expand greatly to ,cover most rural areas, there is a question on the outreach and flexibility of credit services because rationing remains as a serious problem for rural households. Credit institutions should develop a better screening system, e.g. credit scoring system, to reduce collateral requirement which actually considered as one of the most obstacles of the formal credit access. Land regulations and fixed asset legal entitlement should also be reviewed together with improvement of administration procedure to enable households to use their property as collateral if required. In addition, increased demand for credit implies more investment opportunities. Hence, government should continue to improve the economic infrastructure to facilitate agricultural product trade market, provide better health and education system to maintain this demand.

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