新興市場跨國企業對外併購的成長—Tata 及 Lenovo 的國際化發展

Abstract

近來在國際舞台上越顯活躍的Tata Motors 不僅在2007年買下了豪華車品牌Jaguar 及Land Rover， 更進一步在2008年推出一台只要$2500美金的Tata Nano 小車。Tata集團旗下的Tata 鋼鐵也以$122億美金的高價買下全球排名第六的英國Corus 鋼鐵。種種舉動讓人對Tata 集團的實力感到驚艷，也讓人對Tata的併購策略感到好奇。除了Tata，Lenovo買下IBM個人電腦事業部，讓新興市場國家的購買力逐漸浮出檯面，以往被當作成本低廉的生產基地的新興市場，在跨國併購以及國外直接投資(FDI) 上表現強大的企圖心。 本研究透過分析FDI flows以及跨國併購金額變化來深入探討新興市場在國際投資上的角色，研究發現全球新興市場對外投資金額及其佔全球對外投資比重節節上升，以往唯有先進國家有能力對外投資的觀點逐漸瓦解。 這樣的改變再加上先進國家2008年發生的金融風暴，全球併購浪潮將產生本質上的變化，第六波由新興市場發起的併購浪潮逐漸成型。先進國家遭逢不景氣，國內經濟現況仍相對落後的新興市場接二連三買進先進國家資產，連帶造成投資發展路徑 (Investment Development Path) 理論也受到挑戰；身為新興市場代表的金磚四國皆出現不同於傳統IDP理論的對外投資淨額變化。 全球產業競賽洗牌的同時，若臺灣企業能充分把握這種轉變，進而建立競爭優勢，則下一波全球多頭來臨時，可望能夠一躍成為更富足強大的經濟體。

This research analyzes FDI flows and cross border M&A of emerging markets to understand their status in international investment. The results show that outward FDI’s actual amount and its proportion to the world are both growing. The idea that only advanced countries are able to invest globally is breaking down. Companies from emerging markets like Tata and Lenovo had made cross-border M&A in developed countries. Tata Motors acquired Jaguar and Land Rover brands in 2007, besides acquisitions, Tata Motors had launched the world’s cheapest car “Tata Nano” in 2008. Another company in Tata group, Tata Steel, had acquired the sixth largest steel maker in the world, Corus Steel of UK, in 2007. Lenovo is another example from emerging market; Lenovo had acquired IBM PC division in 2005. These acquisitions raised people’s curiosity about emerging markets’ ability in international M&A. Emerging markets used to be low cost production sites for developed countries, now they are ambitious to acquire foreign assets. Sub-prime mortgage crisis happened in 2008 reduced developed economies’ economic power and M&A cases, with the increasing financial strength of developing economies, a higher proportion of world cross-border M&A is carried out by them. Outward foreign investment of emerging markets started at earlier stage of development challenges the theory of investment development path (IDP). During the transformation of emerging markets, countries should build up competitive advantages and expect to get stronger in next economic boom.