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廉卜
7 years ago
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1 RESEARCH REPORT

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5 50 Cross-border M&AUNCTAD

6 % 95% 50% 70% 25% 1/3 1 UNCTAD 1995~ ~ %

7 %4 Dealogic % 302 1% US$M G G 6 Wind A A SST A A 98 S TCL A TCL wind 3

8 90% Torrington 24 4~5 8~ %

9 3 Holchin B.V. G Holchin B.V. 1.6 A Holchin B.V % 40% % % 45% 30% FAG FAG Torrington Torrington 22005~ % Holcim G Heidelberg Lafarge MS IFC G % 45% % CRH CRH % Cimpor % 510 5

10 ING 19.9% % 20.86% % % 5 4 % 2002 Anheuser-Busch Limited AB AB InBev HK Intesa Sanpaolo % 20% 6

11 6 TMT TMT Monstermob 10 SK HK 13% % 13 PE PE

12 14 PE SEB SEB SEB % 4.24% 0.43% SEB 4000 (A)SEB SEB 52.74% 61 SEB % 4.38 /

13 60.72% 25% 100% 35.72% % 80% 20% 16 (000598) (000698) (600299) % % % 18 9

14 VC/PE NASDAQ IT VC/PE UNCTAD ~ Foreign Direct Investment FDI

15 24.3% :,, Millicom PK IBM PC TCL % 22 11

16 % % TMT 16.7 TMT TCL 23 IBM TCL T&A TCL T&A 100% IBM Think PC IBM 18.5% 45% Appreciate Capital Limited) 70% 12

17 / WTO ~560% 3~530% 10% % 100% %

18 % R&D R&D % 71% 8.74% 172% 6.96% 112% 24.53% 59% 14

19 IBM IBM 2080IBM IBM A

20 30 10%

21 Thantawan Industry Poblic Co.,Ltd

22 , 18

23 QFII QFII QFII 19

24 % 20

25 GCPAH GS Capital Partner Aurum Holdings % 9.48 / 7560 GCPAH ~ / /

26 35 Unical 36 Noranda 37 IBM TCL IBM Unocal Unocal 37 Noranda container terminal 22

28 % 25% GDP 24

29 GDP GDPGNP

30 26

31 FDI FDI FDI 50% 1994 FDI 51.4% % % 2005 FDI 83% FDI FDI 2006 DP WorldP&O % 27

32 2000~ ~ ~ %~95% 90.62% 70% 43.3% 53.5% 17.4% 37.9% 27.2% 93.6% 83% 86.2% 56.5%~37% 47.2% 38.2%~24.2% 29.9% Bancroft 1987~2005 4% 13% 5% 17% % % % % ~ %~59.7% 51% 31.3%~53.9% 41.9% 2000~ %~54.7% 46.1% 29.9%~50.2% 40.1% 2000~

33 36.9%~49.17% 41.7% 64.1%~30.1% 46.5% % 26% Tata 1 Brunner-Mond

34 ~ CIS LDCS UNCTAD

35 ABN Amro Holding NV RBSSBP FORB UNCTAD % 90 31

36 % 30% UNCTAD2006 BCG The Boston Consulting Group Julian 2002 Thomson1990~ GDP Anusha Paige Linda ~

37 4 1988~ ~ ~ ~ Anusha, Paige Linda 2004 CEO Confidential June UNCTAD %

38 FDI FDI FDI FDI FDI FDI FDI FDI FDI FDI 34

39 FDI 80 FDI % FDI 10 FDI FDI UNCTAD FDI 40 FDI FDI FDI match-making Comfort Zone 42 Insurance Coverage FDI IPAs UNCTAD 2006 FDI TPOs 42 35

40 IPAs FDI EDB FDI EXIM FDI FDI FDI FDI FDI FDI 10 1 FDI FDI 2 36

41 43 3 IPAs FDI IPAs FDI 40% IPAs IPAs 44 Maytag 45 BenQ SiemensMittal Steel Arcelor UNCTAD 2006 WAIPA % 94% 60% 72% 44 1 Unocal NorandaGazprom Centrica 2 IBM 3Dubai Port World Peninsular & Oriental Steam Navigation Maytag Maytag Whirlpool Maytag IG MetallKamp-Lintfort CEO Lakshmi Mittal

42 1 FDI FDI 2 FDI FDI3 FDI CSR CSR ECMR 38

43 A. B. C. D. E. A. B. 39

44 C. D. A. B Hart-Scott-Rodino Antitrust Improvements Act of 1976 HSR substantially lessen competition SLCSLC 1997 FTC HSR in the incipiency HSR FTC HSR two-step process 40

45 30 second requests

46 % PE VC IPO

47 IPO 43

50 Anusha, Chari, P. Ouimet Paige and L. Tesar Linda 2004 Acquiring Control in Emerging Markets: Evidence from the Stock Market, NBER Working paper No , Julian di Giovanni 2002 What Drives Capital Flows? The Case of Cross-Border M&A Activity and Financial Deeping, University of California, Berkeley Working paper, The Boston Consulting Group report (2000), Crossing Borders: European Mergers and Acquisitions, UNCTAD

外資企業近年在中國的併購及影響

外資企業近年在中國的併購及影響 2007 6 24 2005 (Carlyle Group) 2006 8 11 (WTO) IT (UNCTAD) 1990-2000 3.39 2003 38.2 2005 82.53 1.15% --2005 94.72 ( 1) 44 2006 5 3 69 1 G7 2003-2005 2003 2004 2005 % 38.2 1.29 67.68 1.78 82.53 1.15 9.49