M&A ( ) 2006. 2. 25.
1. M&A 2. 3. ( ) 4. 5. M&A
M&A
2006 2006 M&A M&A. 2006 1 2 M&A. 2005 85 (1,920 ) M&A 2004 109 (2,510 ). 2 3 - KT&G. M&A.,. BOC M&A Linde 50%. BOC M&A Linde.
2006 M&A 2006 2005 M&A 2005 M&A. M&A. 2000 - M&A M&A M&A., M&A., Pernod Ricard Allied Domecq 50%.
2005 2005 M&A 2000 3 3,300 2 9 M&A 2004 40%., 40.7% 4,160 1, 2 3. 91.6% 1,520., M&A.
2005 M&A ( ) / ( ) ( ) ( ) ( ) : Thomson Financial
2005 10 M&A ( ) 2005. 8. 22 Petrokazakhstan Inc CNPC International Ltd 3,956.9 2005. 6. 3 Jinro Ltd Hite Brewery Co Ltd 3,382.7 2005. 1. 10 Korea First Bank Standard Chartered PLC 3,277.6 2005. 9. 2 Inchon Oil Refinery Co Ltd SK Corp 3,116.8 2005. 8. 18 Bank of China Ltd Investor Group 3,100.0 2005. 8. 31 Bank of China Ltd Asia Finl Hldgs Pte Ltd 3,100.0 2005. 3. 9 Hanjaya Mandala Sampoerna Tbk Philip Morris Indonesia PT 3,091.2 2005. 6. 19 Pakistan Telecom Co Ltd ETISALAT 2,599.0 2005. 6. 16 China Construction Bank Corp Bank of America Corp 2,500.0 2005. 6. 22 Kuokwang Petrochemical Co Ltd IPIC 2,359.3 Thomson Financial
M&A (Private Equity Fund). M&A - (Buyout). 2005 113 SunGard - M&A 17% 4,000, 5-4. 2005 710 2006 M&A. LBO. TDC 5 LBO 153 -.
M&A M&A.. M&A (Cross-border) M&A., M&A M&A.,,, M&A. 2 (Financial Protectionism).
http://www.unocal.com 2005 1 6 (CNOOC). 4 4 2 (Chevron) 9 3 (Unocal) 164. 6 22 CNOOC 67, 185. 6 30, 7 1 CNOOC. 7 20 170. 8 2 CNOOC. 8 10.
2005 7 19 1 (Danone) 14%. (Poison Pill).,,.. 7 25 8%. M&A. 1 10 M&A,,,.
(1) M&A... M&A. M&A M&A.
(2). 2005 VNU IMS Health 70 VNU VNU. VNU.. Bear Sterns 4 5,. (Fund of Funds) Tremont Capital. 2005 55 35.
(3). -. (DCX) 20%. DCX DCX.. M&A DCX.
(4). : Mylan-King.
(I) M&A (Strategic Alliance). 2000 M&A M&A. 50%., M&A. 2005 10, BP Hindustan Petroleum,, 2006 1 Oil and Natural Gas Corporation.
(II). 1980 1% 2005 33%. IBM 2009 50%.. 10 Fortune 500 25 ROE 17% 5%. Booz Allen Hamilton 5,000. M&A M&A.
Oracle v. PeopleSoft Oracle + J.D. Edwards? 7:30 am, on June 2 nd, 2003 PeopleSoft Raises the Drawbridge CAP (Customer Assurance Program) Litigations The Deal January 7 th, 2005
ISS ISS,,,. ISS,, ISS 3, 5, 10 ROE. Lawrence D. Brown & Marcus L. Caylor, The Correlation between Corporate Governance and Company Performance (Research study commissioned by Institutional Shareholder Services, 2004)
(1) J. P. Morgan 1993 1997 6 5 M&A 1997 7. 10%. 1988 1997 M&A 14%.. Maria Carmen S. Pinnell, Poison Pills (IRRC Governance Research Service 2004 Background Report E, February 2004).
(2).., -. 1..,,.
II Brickley et al., Journal of Financial Economics (1994) M&A. Cotter et al., Journal of Financial Economics (1996)
Ericsson 1,000 ; - Cisco Systems ( 10,000 ) 255 Google, Dreamworks 10 ; Roper Industries 4 5,, 2 64% (?) /
102 50% 1995 1999 M&A Tobin s Q ( Tobin : ), ROA ( ), ROE ( ). Caspar Rose, Corporate Financial Performance and the Use of Takeover Defenses, European Journal of Law and Economics, Vol. 13, p. 91 (2002)
1 1 I 1 1. 1 1 M&A (tunneling).,., 1 1.. Henry Hu, Risk, Time, and Fiduciary Principles in Corporate Investment, 38 UCLA Law Review 277 (1990)
1 1 II 1 1. 1 1. Randall Morck, Daniel Wolfenzon & Bernard Yeung, Corporate Governance, Economic Entrenchment, and Growth, 43 Journal of Economic Literature 655 (2005) Marco Pagano & Paolo Volpin, The Political Economy of Corporate Governance, 95 American Economic Review 1005 (2005).
IPO (1) IPO.., IPO. Google, Dreamworks 10. 1988 1992 IPO 1,019 47% 5%. 1994 1997 IPO 310 6.4%.
IPO (2) IPO IPO. M&A.
IPO (1) 1988 1992 (IPO) 1,019,. 2 ROA ROA. Laura Field & Jonathan Karpoff, Takeover Defenses of IPO Firms, 57 Journal of Finance 1857 (2002).
IPO (2) 1979 1998 178 48 41.67%. Valentin Dimitrov & Prem Jain, Recapitalization of One Class of Common Stock into Dual-class: Growth and Long-run Stock Returns (Working Paper, August 2003).
( )
M&A (I) 2005 M&A Gas Natural Endesa (512 ). Telefonica, Unicredito Italiano Bayerische Hypo-und Vereinsbank (183 ). 2005 M&A. 2005 12 M&A 1,700 500.. 2005 320 Telefonica O2. 3 930. 2006 1 BASF M&A. Engelhard 23% 49..
M&A (II) : Thomson Financial
EU (reciprocity in takeovers) EU 2000. level playing field. 2000 6 EU M&A., M&A 273 273, 22. EU Break Through Rule.
EU Break Through I Break Through Rule 75%. 75%. M&A. (Reciprocity), 51% 1 1.
EU Break Through II EU 2003 12 16. Break Through Rule.,., Break Through Rule M&A Break Through Rule.
M&A 2005 M&A. 2005 M&A 2,552 2004 23%. 1,676 109% M&A., M&A 117% 399 26%. Nippon Sheet Glass Pilkington M&A (39 ). Tokyo Financial UFJ Holdings (414 ).
M&A? 18, 1,. 2, GM,, -. 5.41% (Toyota Industries Corporation). 2005 2 3 20%. 1987. 7.13% 300. 45% 50%.
M&A M&A M&A 2005 TV M&A. M&A..
M&A
(1) M&A., M&A. M&A. M&A. - M&A.
(2) M&A M&A M&A. M&A.. M&A. IPO, M&A,
M&A, (2006. 2. 20), (2005. 12. 10), (2005. 11. 25), (2005. 11. 16), (2005. 9. 16), (2005. 9. 5), (2005. 8. 12) M&A, (2005. 2. 22), (2004. 6. 1)
( ) ( ) ( ) (M&A ) (, M&A, ) (, ) (2005); (2003: ),,,,,,