目前經濟的主軸環繞著三大趨勢：通聯資訊科技，貿易的全球化與知識經濟運轉。資訊決定議價能力，全球化使競爭更加激烈，「微利」為成熟產業的普遍現象。「模式創新」成為企業永續經營的惟一途徑。 利豐貿易，成立於1906年，一家歷經三代家族經營的代辦採買貿易公司，在80年代，歷經組織重組與營業模式的創新，發展成為目前旗下擁有香港最大的出口貿易公司，市值達數百億港元的大貿易商利豐貿易（0494）與經營供應鏈整合的利豐經銷與零售業（ｏｋ便利店與玩具反斗城）之利豐零售。 “利豐貿易”的發展與管理備受各界關注，《哈佛商業評論》主編瓊安．瑪格瑞塔（Joan Magretta）於編選《新經濟時代管理大師觀點》（Managing in the New Economy）時，將其與“戴爾電腦”（Dell Computer）並列為最佳觀念實踐的公司。 “利豐貿易”透過解構價值鏈與現代網路資訊科技的運用，將危機化為轉機，首創「分散式生產」模式，從其全球供應網絡中，找出最符合客戶需求的解決方案。此模式後來廣為其同業所採用，且有愈來愈多的大型製造業亦開始 採用此種作業模式。 本研究為探討性研究，透過學術界（主要為哈佛大學）對個案公司的訪談與案例 資料的研讀與整理、個案公司資料的收集與整理，歸納研究在目前這個被稱為新（資訊）經濟環境下，一個經營傳統產業的企業如何透過供應鏈的創新與現代化的管理，實現其價值訴求使企業營收成長並持續獲利倍增。 / The mainstream of the world economy currently are: Net Communication Technology, Trade Globalization and Knowledge Econolmy. Information decided the power of bargaining, globalization makes competition tougher than before, "No profit" or "tiny" profit becomes the general situation for any mutual industry, "remodelize your business type"is the only way for your enterprise's survival. Li & Fung Ltd. formed in 1906, after serveral restucture and remodeling,in the age of 80, becomes the largest trading company of HK, listed in HK exchange market (code 0494) with value more than billions of HK$, the family also own Li & Fung Retailing and Li & Fung distribution. The management and development of "Li & Fung Ltd" were eyecatching by different people, Joan Magretta, the editor of "Harvard Business Review" has classified it together with "Dell corporation" as the best practice company in her " Managing in the New Economy" "Li & Fung Ltd" by using modern information technology to destructure their value chain, turn their weakness to strength, initial "loose coupled control" manufacuring model, to provide theit customer best solution from their world wide supplier network. The supply model suddenly becomes the general model for the industry, and more and more large manufacture adopt such model. This report is a reasearch study, through reading papers, company's inforamtion and interviewed some peer companies to conclude that how a traditional company to make themself so successful in the "New Economy" environment and what can we learn from it.

在全球企業自由化及國際化的過程，金融機構的併購行為也變成大眾關注的議題，本論文第一部份，以亞洲的金融業為樣本，並且考量金融風暴對金融業併購的影響，實證結果發現，本文的5個併購假說在大部份的情況下，都被支持，而且金融風暴發生，的確可能改變跨國購併決策和影響因素之間的關係。其中，訊息成本假說中的語言及宗教二個代理變數，在金融風暴之後，他們對跨國併購決策都有較大且較顯著的影響力。第二部份，我們先探討OECD國家併購行為是否存在共同波動特性，實證結果支持 OECD 國家的購併活動具有共同波動的特性；此外，由狀態存續機率估計值發現樣本國停留在特定購併狀態的持續期間相當長，表示只要這些國家一起處於購併高峰期，則此共同購併高峰期會持續一段期間。相反的，若沒有發生共同購併高峰期，則在下一個時點出現共同購併高峰期的可能性也不高。從另一個角度解釋，亦即 OECD 國家購併潮的共同波動行為具有「長幅擺盪」(long swing) 的特質。最後，我們進一步考量歐盟金融業的併購活動和國家經濟成長率及股價報酬率二個要素的關係。實證結果發現在併購高峰期之下，不論歐盟金融業是處於併購交易的主併方或是被併方，股價報酬率都對併購活動皆具有正向影響；然而，國家的經濟成長率則會隨著歐盟金融業所處的併購主體而改變。此外，歐盟金融業的併購的共同波浪潮行為也具有「長幅擺盪」的特質。

近幾年企業跨國併購活動頻繁，尤其亞洲企業併購歐美知名品牌形成一種趨勢。亞洲各國政府有感品牌對於消費市場的重要性，因此建置併購外國企業的鼓勵政策，藉此汲取跨國營運與品牌經營經驗。例如：自1997年起中國政府鼓勵企業「走出去」，透過海外直接投資活動形成跨國企業，2004年之後對知名品牌企業進行併購引起全球關注。而我國政府於2003年積極輔導「品牌台灣發展計畫」，希冀企業能著眼於「品牌」的培養，另外為加速台灣跨國企業品牌能在全球舞台嶄露頭角，外貿發展協會在2005年正式推動「併購國外品牌與通路計畫」，透過政府單位與併購專業機構等管道，著眼於品牌與通路資產尋找適合的對象，協助我國廠商拓展國際市場以進行跨國營運、提升企業品牌權益，進而打響台灣的國家品牌形象。 本研究即以亞洲企業併購歐美品牌為研究主體，探討企業併購動機與企業內部品牌資產（專利、商標、通路）的關連性，以及併購後對外品牌策略的使用，結合內部資產與外部品牌策略的使用，說明主併企業的品牌權益能否借他人力量提升並立足於跨國市場上。 本研究以個案分析的方式，以「聯想併購IBM PC部門」與「成霖全球品牌併購」進行探討，得出亞洲企業併購歐美知名品牌後，保留被併標的的品牌並採取聯合品牌、彈性使用品牌策略，來提升主併企業的品牌權益或維持各區域品牌的營運。另得出以下建議，希冀能對我國企業採取併購活動時有所助益： 1.提升併購品牌的策略層次： 併購動機的層次會影響併購後企業營運方式及品牌策略，如聯想藉由併購及聯合品牌策略提升其內部技術與亞洲品牌的層次，成霖的併購與品牌策略展現其現階段以佈局國際市場的營運、增加營收為主，對自身品牌權益的提升較少。 2.併購標的應具備多項品牌資產： 品牌資產可使企業掌握市場的競爭優勢，除掌握通路進入市場外，亦應觀察其專利、商標等權利運用與移轉，牽制競爭對手與影響市場結構，利於主併企業品牌權益的提升。 3.注重併購品牌的整合： 要使被併品牌發揮市場效益，併購後資產的整合與運用更須注意，對外需熟知當地政府對企業之獎懲法規、勞工保護規範以及當地顧客市場的需求，對內則瞭解被併企業營運方式與員工需求以此進行融合管理，讓內部員工與當地市場能接受主併企業，由內而外槓桿併購品牌的實質效益。 / The mergers between Asian enterprises and famous American and European brands become a trend in the frequent international mergers and acquisitions in recent years. Asian governments become more aware of the importance of brand in the markets and thus formulate policies to encourage cross-border M&A, through which enterprises can learn international corporation and brand management. For example, China government had urged enterprises become international corporation through foreign direct investments since 1997. The mergers of famous companies and brands after 2004 become a global concern. Taiwan government enthusiastically developed “Branding Taiwan” to encourage enterprises to focus on brand development. Taiwan External Trade Development Council started “M&A Foreign Brand and Channel” in 2005 to promote Taiwan brand to global business. Government units and M&A professional organizations try to help Taiwan firms find suitable merging targets of good brand and channel to get more brand equity and experience concerning international business management, thus to promote Taiwan brands. This thesis aims to focus on Asian enterprises merging famous American and European brands to explore the correlation between M&A motives and internal brand assets of enterprises and to analyze the external brand strategies in post merger. The discussion will involve the possibility whether the acquiring firm can enhance their brand equity through M&A. This thesis will take “Lenovo Acquired IBM PCD” and “Globe Union M&A Global Brands” for case studies. Asian firms retain acquired brand and take co-brand strategy to raise their corporate brand equity, or take flexible brand strategy to operate regional brand enterprise individually. Further, it provides three suggestions to Taiwan enterprises when they decide to proceed with a merger. 1.Enhancing Motives to Strategic Level: acquiring firms would be led to different business operation level by what goal they set. 2.Acquired targets should possess more brand assets: the more brand assets acquiring firm can manipulate, the much competency they will have. 3.Emphasizing on Brand Integration after Merger: In order to obtain more revenues from acquired brands, acquiring firms have to pay more attention to all factors through the integration, including local industrial policies and labor protection regulations. They should also know the corporate culture and employees’ expectations of the acquired companies to better management and lessen the resistance from the employees and local market.

The principal objective of the work is to determine particularities of global FDI flows during the current economic crisis vis-a-vis preceding years. It is divided into four main parts and at first starts with a general description of FDIs. Then a description of behaviour of FDIs during 2000-2006 is provided and several indicators used by UNCTAD in its WIRs are also presented. After that, as soon as the development of FDIs at the beginning of the present century is known, a detailed text revealing the evolution of global FDI flows since the beginning of the crisis till the end of 2009 comes. The last important chapter is dedicated to the detection of particularitites of global FDI flows, whereas findings gained in previous parts have been also used.

Le sujet de cette thèse de doctorat s’articule autour de l’analyse des politiques de la Chine, des investissements directs étrangers, et de la collaboration internationale en matière d’innovation. Le premier chapitre, co-écrit avec Ilja Rudyk, explore la montée des inventions chinoises en Europe, ainsi que le développement des politiques d’innovation de la Chine. Notre étude évalue les effets de ces politiques sur la propriété nationale dans les technologies stratégiques en utilisant des données sur les brevets européens. De plus, notre méthodologie permet d’évaluer les effets de ces politiques sur les caractéristiques des brevets, réémettant la qualité de ces derniers. Le second chapitre est un travail conjoint avec Anthony Howell et Jia Lin qui examine les effets des fusions et acquisitions transfrontalières sur les innovations chinoises et sur la performance financière des entreprises qui réalisent ces investissements directs étrangers. Le troisième chapitre traite de la relation entre la collaboration internationale et la qualité des brevets en analysant les demandes de brevet chinois en Europe. Il examine la structure des co-inventions internationales chinoises en Europe et analyse le rôle que joue les co-inventions transfrontalières sur la qualité des demandes de brevet chinoises à l’étranger. Ce chapitre contribue ainsi à la compréhension de l’internationalisation et du rattrapage technologique de la Chine. / The subject of this doctoral thesis revolves around the analysis of China’s policies, foreign direct investment, and international collaboration with regard to innovation. Chapter one, co-written with Ilja Rudyk, explores the rise of Chinese inventions in Europe, China’s innovation policies, and assesses their effect with regard to domestic ownership in strategic technologies through the lens of European patent data. Further, our methodology allows for an assessment of effects of the policies on characteristics of the patents, reflecting their quality. Chapter two, joint work with Anthony Howell and Jia Lin, investigates the effects of Chinese cross-border mergers and acquisitions on the domestic innovation activities and financial performance of the firms engaging in such foreign direct investment. The third chapter addresses the relationship between international collaboration and patent quality through an analysis of Chinese patent applications in Europe. It investigates the pattern of Chinese international co-inventions in Europe and scrutinizes the role cross-border co-invention play for the quality of Chinese overseas patent applications. It thereby contributes to the understanding of China’s internationalization and technological catch-up.

In the present diploma thesis named "Acquisition of Shares and Subsequent Merger in Logistics Company" is given a broad overview of difficult processes of mergers and acquisitions as a useful tool for establishing a leveraged buyout (LBO) in terms of Czech business practice. The goal of the thesis is to analyze the specific acquisition process of obtaining a 100% stake in the company and subsequent merger. The thesis also aims to give readers a comprehensive guide of each step of a complex business transformation process through merger and simultaneously propose the optimal structuring of an acquisition of shares from other shareholders, resulting in a 100% stake in the company. In the form of present thesis readers get a manual with specific instructions how to proceed in the case of strategic decisions about leveraged buyouts (LBO) and subsequent merger.

This dissertation identifies key determinants of outbound cross-border mergers and acquisitions (M&As) by emerging Asian acquirers during 2001-2012. Using a zero-inflated model that takes into account different mechanisms governing country pairs that never engage in cross-border M&As and country pairs that actively participate in cross-border M&As, I uncover unique patterns for emerging Asian acquirers. Emerging Asian acquirers originate from countries with lower corporate tax rates than those countries where their targets are located. Furthermore, the negative impact of an international double tax burden is significantly larger than that found in previous studies. While country governance differences and geographical and cultural differences are important determinants of international M&As, relative valuation effects are muted. Coefficients of these determinants vary substantially, depending on whether targets are located in developing or advanced nations. Also, determinants differ considerably between active and non-active players in cross-border M&As. Moreover, comparisons of empirical models illustrate that estimating a non-linear model and taking into account both the bounded nature and non-normal distributions of fractional response variables lead to different inferences from those drawn from a linear model estimated by the ordinary least squares method. Overall, emerging Asian acquirers approach the deals differently from patterns documented in developed markets. So, when evaluating foreign business combinations or devising policies, managers or policymakers should consider these differences.

<p>Mergers and acquisitions (M&A) in the corporate world are achieving increasing importance and attention especially in the advent of intense globalization. This is evident from the magnitude and growth of deal values and resultant ‘mega-mergers’ transacted in recent times. As expert advisory are sought in M&A activities to facilitate the undertaking and maximise the value of the transaction, advisory firms begin to play a more significant and at the same time lucrative role in M&A activities, to the extent of determining the outcome of such projects. Being an area of limited research, it is thus valuable to investigate what M&A advisory firms view as critical success factors to the projects they undertake. Consequently, the research question of “What are the critical success factors for merger & acquisition projects in the view of merger & acquisition advisory firms” has been raised. A list of ten critical success factors for M&A projects is firstly identified from an extensive literature review. These factors are (1) Complete and Clear objectives, goals and scope of the project, (2) Client consultation and acceptance, (3) Project manager’s competence and commitment, (4) Project team member’s competence and commitment, (5) Communication and information sharing and exchange, (6) Project plan development, (7) M&A advisory firm’s resource planning, (8) Time management and tight secrecy, (9) Price evaluation and financing scheme, and (10) Risk management.</p><p>In an attempt to explore the importance of each factor in the practical context, data have been collected through three research methods. Primarily, the authors conduct a semi-structured interview with six interviewees currently working in three organizations which provide professional services related to M&A projects. Meanwhile, a self-completion questionnaire method is employed, following which a sample of 325 M&A advisory firms based in the U.S. is selected to participate in an online survey. In addition, the authors follow a case study approach based on the three organizations of the six interviewees in order to establish comprehensive knowledge about issues relating to M&A projects.</p><p>In response to the research question, the findings strongly indicate that seven out of ten factors in the original list have a positive impact, being the factors listed above as (1), (2), (3), (4), (5), (8), and (9). On the other hand, it revealed the lesser importance of the other three. In addition, three new factors have been discovered from analyzing the data collected, being (i) Having a number of key potential buyers with suitable profile (ii) Right, correct and complete information and data in the data room, and (iii) The quality of the selling company. While as another outcome of this research, further practical insights have been provided regarding the role of M&A advisory firms, the M&A process, common issues faced by M&A projects and the success criteria for M&A projects.</p><p>The findings from this research contribute valuable new knowledge to both researchers and practitioners in both project management and M&A fields, while facilitating the achievement of successful M&A projects.</p>

Mergers and acquisitions (M&amp;A) in the corporate world are achieving increasing importance and attention especially in the advent of intense globalization. This is evident from the magnitude and growth of deal values and resultant ‘mega-mergers’ transacted in recent times. As expert advisory are sought in M&amp;A activities to facilitate the undertaking and maximise the value of the transaction, advisory firms begin to play a more significant and at the same time lucrative role in M&amp;A activities, to the extent of determining the outcome of such projects. Being an area of limited research, it is thus valuable to investigate what M&amp;A advisory firms view as critical success factors to the projects they undertake. Consequently, the research question of “What are the critical success factors for merger &amp; acquisition projects in the view of merger &amp; acquisition advisory firms” has been raised. A list of ten critical success factors for M&amp;A projects is firstly identified from an extensive literature review. These factors are (1) Complete and Clear objectives, goals and scope of the project, (2) Client consultation and acceptance, (3) Project manager’s competence and commitment, (4) Project team member’s competence and commitment, (5) Communication and information sharing and exchange, (6) Project plan development, (7) M&amp;A advisory firm’s resource planning, (8) Time management and tight secrecy, (9) Price evaluation and financing scheme, and (10) Risk management. In an attempt to explore the importance of each factor in the practical context, data have been collected through three research methods. Primarily, the authors conduct a semi-structured interview with six interviewees currently working in three organizations which provide professional services related to M&amp;A projects. Meanwhile, a self-completion questionnaire method is employed, following which a sample of 325 M&amp;A advisory firms based in the U.S. is selected to participate in an online survey. In addition, the authors follow a case study approach based on the three organizations of the six interviewees in order to establish comprehensive knowledge about issues relating to M&amp;A projects. In response to the research question, the findings strongly indicate that seven out of ten factors in the original list have a positive impact, being the factors listed above as (1), (2), (3), (4), (5), (8), and (9). On the other hand, it revealed the lesser importance of the other three. In addition, three new factors have been discovered from analyzing the data collected, being (i) Having a number of key potential buyers with suitable profile (ii) Right, correct and complete information and data in the data room, and (iii) The quality of the selling company. While as another outcome of this research, further practical insights have been provided regarding the role of M&amp;A advisory firms, the M&amp;A process, common issues faced by M&amp;A projects and the success criteria for M&amp;A projects. The findings from this research contribute valuable new knowledge to both researchers and practitioners in both project management and M&amp;A fields, while facilitating the achievement of successful M&amp;A projects.

This thesis aims to examine the class experiences of workers who work in food retail stores in Ankara. In this respect, it focuses on the structure of food retailing as interactive service work, working conditions of workers, stratification, fragmentation and unionization of workers in stores. In addition, it examines how workers experience class as a matter of self-esteem in their workplaces, how they cope with discourtesy of costumers, how they classify costumers and whether they develop a sense of deprivation if it is taken into consideration that they work in a consumption area. It is also analyzed gender and family relations of store workers, and their future hopes and unfulfilled dreams. The study argues that stores with their workers, their managers and their diverse costumers profiles are significant places so as to observe how class differences are continuously reconstructed in everyday life through work and consumption practices. In regard to these issues, the field research of the thesis was employed through semi-structured in-depth interviews with 37 store workers who deal directly with customers and works in various food retail stores in Ankara.