外资在中国零售市场的并购行为研究

湘潭大学硕士学位论文外资在中国零售市场的并购行为研究姓名：周艳申请学位级别：硕士专业：企业管理指导教师：李军波200504013200412114AbstractFromtheviewofindustry,theworldeconomyisrightinthetimesofserviceeconomy.Undertheglobalizationbackground,serviceeconomymustbeinternationalized.Andtheretailersplayedmajorroleinserviceeconomyandglobalizationprocess.Toallowtheentranceofretailenterprisesisasignificantcontentofopening-uppolicy.Todaythetrendisthat,inM&Adeals,theforeigncapitalalwaysadoptsjointventure,andindividualproprietorshipandnewlybuilding.Withtheimplementationoftherelevantlaws,thetemporaryprovisionsofutilizingtheforeigncapitalstoreorganizestate-ownedenterprisesandmethodofmanagingtheforeigninvestmentsincommercialfieldandtheopeningupoftheretailing,theforeigncapitalwillstartacampaignofM&AinChina.ThesituationofChina’sretailing,thedevelopmentofcapitalmarketandtheadvantagesofM&AwillsupportandbacktheM&Adeals.ItisdynamicprocessoflearningandcreationofvaluethathowtoprotecttheM&Adealstakenbyforeigncapitalagainstlocalretailing.Byandlarge,weshouldconsiderthisquestionfromtheaspectofgovernmentandenterprises,fromtheaspectofthetargetandtheonemerging,fromtheaspectofex-anteM&Aandex-postM&A.Thereforethegovernmentshouldinsisttooffertheforeigncapital“nationaltreatment”,dealwellwiththemanagersmotivesex-anteM&A,bringouttheintegrationofnationalcultureandcorporateculture,paytremendousattentiontoknowledgeandcoordinationfunctionandprotectthestaffs’interestsandbenefits.Becauseitisimportanttheoreticallyandactuallytobuildaregular5retailmarket,toimprovetheeffectivenessofM&Adeals,andtostrengthenthecountermeasureofthedomestic-investmentretailers,weshouldstrengthenresearchonretailing,especiallytheresearchonM&Adealstakenbyforeigncapitalsagainstlocalretailer.KeyWords:RetailerTransnationalM&AInternationalizationIntegration720025002900200420-3050%7IKEA85%20011020011214382004121170Hollander1990Waldam1978Kacker198580Alexander(1990)McGoldrickandFryer(1993)Williams(1991)pushpull9reactiveproactiveretailinternationallisationRITreadgold1990Dawson1994Pellegrini1994GeirGripsrudandGabrielBenito20042003WTO200210OLIRBV201992200120022004200511200220044Forbes500CEOnationalculture(corporateculture)1213:Fletcher1998200014[1]1850-190027:LVMH18137341209232PPA168330202003623106553312003134()620042900-151/885%70200066%31%3%200114%200215%200318%2004212%6%7%198031.16172.18;207019(J.R.Commons)(interface)[2](TechnologyNoneEconomics)TNETNETNE(crediblecommitment):(1)(2)(3)(4)20.OLI(J.H.Dunning)19761981[3]OILOILOIL21111OIL1987OIL22OILRBVKeithD.Brouthers1998RBV2030ChanblainRobinsonPenroseWernerfel[4]:23RBV24902090GDP2000341529.8%20013.710%[5]209019916903.9200137595.24[6]25200121003.2220050%6.5%[7]2000501993491021.34%1995504992.45%2004290030002002183.382619902003193221.127200073WTO5070%19942140619922001199271-21993319956281995101519951051%3019996251-21-2200149316200220042001121432004329Tesco50%5200520041211/30[8]3119789%20901321.62%14.18%6.7%300001992200450032:QSCVQualityServiceCleanValue33POSMBA3419991020001003510%10%6000[9]3660%30.2%31%70%372002108200210200211382002118200311200442004612004121149%2005200539CommercialPresenceWTO5642425305WTO2A402004121190[10]41257060Tesco1.4500.811990121973421992199210199219961210%199711199812199971200212QFII20031028200461200413119901043NYSENASDAQ5050101044[11]marketpresencefranchising45462002570%1998200117001250666655.7%Carleton199717%53%Economist199947WTOSubsector2004121130048MaCarth200249(Self-interest)KlausJ.Hopt200250[12]10512030Samonis200052FralioxBolster;1991CooperForbes500CEOSchmidt1999nationalculture(corporateculture)Hofstede[13](individualism)(powerdistance)(uncertaintyavoidance)(masculinity)(time-orient)(subculture)53[14]BuonoSchein(Schein1985)Wal-mart::12345678910.54[15]5556Drucker1993IC[16]MVBV[17]q7.0Sveiby-Stewart-Edvinson[18]57[19]hardtechnologysofttechnologyWal-martEfficientConsumerResponseECR58Penrose(1959)Gran(1995)[20][21]contact-basedservices59Lajoux199760[01]S.Fletcher.ForeignEntryintoBritishRetailing[J].InternationalMarketingReview,2000,17(4\5):392-400.[02]Williamson,O.E.TheEconomicInstitutionsofCapitalism[M].NewYork:FreePress.[03]Dunning,J.H.InternationalProductionandtheMultinationalEnterprise[M].London:AllenandUnwin.[04]Wernerfel,B.AResource-basedViewoftheFirm.[J].StrategicManagementJournal,1984,(5):171-180.[05],[J].,2004,(5):65-66.[06],.[J].,2003(6):33-34.[07],.[J].,2003,(6):33-34.[08]Root,F.R.Entrystrategiesforinternationalmarkets[M].NewYork:LexingtonBooks1994.[09].[J].,2000,(12):46-49.[10]Buckley,Casson.AnalyzingForeignMarketEntrytrategies:extendingtheinternalizationapproach[J].JournalofInternationalBusinessStudies,1998(29):539-561.[11]J.Dawson.StrategyandopportunisminEuropeanRetailInternationalization[J].BritishJournalofManagement,2001(12):253-266.61[12]EllenR.Auster,Morrkl.Sirower.TheDynamicsofMergersandAcquisitonWaves[J].TheJournalofAppliedBehavioralScience,2002,38(2):216-244.[13]Hofstede.G.CultureConsquences:InternationalDifferenceinWork-relatedvalues[M].London:Sage.[14]Buonoetal.Whenculturescollide:theAnatomyofaMerger[J].HumanRelations,1985,38(5):477-500.[15].[J].,2