M & a of China Automobile Industry Essay Example for Free

M a of China Automobile Industry Essay The Researches on Overseas Mergers and Acquisitions of China Automobile Industry in Post-Crisis Period? ZHU Qin School of Economics, Zhejiang Gongshang University, P. R. China, 310018 [emailprotected] com Abstract: Since the 2008 financial crisis, the overseas mergers and acquisitions (MA) of China automobile industry have become a topic the worlds automobile market most concerns about. This paper views that the rapid growth of the domestic automobile market, the adjustments in overseas auto industry and much support from government’s policies provide a good background and favorable conditions to overseas MA of China automobile industry. It also points out that although Chinas state-owned enterprises are still the main body of overseas mergers and acquisitions of China auto industry, private enterprises are playing an increasingly important role. Through studying specific cases, the paper proposes countermeasures concerning overseas mergers and acquisitions of China automobile industry in post-crisis period. Keywords: Post-crisis period, the automobile industry, overseas mergers and acquisitions 1 Introduction The rapid growth of China’s economy since the reform and opening, the explosive increase of automobile industry in recent years and government’s supporting policies on the automobile industry altogether offer new opportunities and conditions to overseas MA of China automobile industry. At present, China has become the largest automobile producer in the global. In 2009, the top ten automobile manufacturing countries were: China (13791000), Japan (7. 935 million), United States (5. 697 million), Germany (5. 206 million ), Korea (3. 513 million), Brazil (3. 183 million), India (2. 628 million), Spain (2. 17 million), France (1.935 million), Mexico (1. 561 million). Large-scale production capacity endows China auto companies with a base to expand overseas. Following the 2008 financial crisis, the global economic downturn has had the international Automotive Group faced with overcapacity problem; meanwhile, the global credit shortage has brought great pressure to the survival and development of the automobile business. Funding gaps emerged in many international auto giants. After the financial crisis, the asset value of many foreign enterprises is seriously underestimated, which gives a good chance for Chinese enterprises to take a shot. Through overseas MA access to the dreaming international auto brands, the core technology and international marketing channels can be acquired at low costs. At the same time, Chinese auto companies have sufficient capital reserves at the present stage, and with the strong support from the government and national financial institutions, there is a potential for them to become competitive buyers for part of the international Automotive Groups quality assets. It is worth mentioning that related departments in the Chinese government treat the auto industry as a pillar industry of national economy, giving it much positive policy support. The automotive industry restructuring and rejuvenation program, promulgated in 2009 increased efforts to support the automobile industry. First, the program states that â€Å"it is required to promote the restructuring of the automotive industry, to support MA of large-scale automobile enterprise groups, to expand the scale of major auto parts enterprises through MA. Previously, the major auto companies were not willing to conduct cross-regional restructuring because of too many barriers. The automotive industry restructuring and rejuvenation program can effectively solve this kind of concerns. In related detailed ? [Sustentation Fund]: National Science Fund of China (70703030) , Zhejiang Province Science Fund (Y6080222), Humanity and Social Science Fund of Chinese Ministry of Education (07JA790083, 09YJC790240) 43 M D FORUM regulations, associated guidelines are made which involve the acquirer and acquiree, such as the source of acquisition financing, tax issues that may arise in acquisition, the asset disposal of acquired companies and employee relocation and other problems prone to cause disputes or already existing barriers. At the same time, it will lift the standard of admitting foreign asset and acquiring related domestic enterprises to (protectively) enhance the competitiveness of domestic auto companies. In addition, in March 16, 2009, the Ministry of Commerce issued procedures for the administration of foreign investment to further reform foreign investment management system, promote the facilitation of foreign investment, support Chinese enterprises to go out and participate more in international economic cooperation and competition. These help to raise strong and positive support for overseas M A of China automobile industry. 2 The Main Body of Overseas MA of China Automobile Industry Before 2008, although there were many cases of overseas MA in China automobile industry, such as SAIC’s acquisition of Ssang Yong in 2004, Nanjing Auto ’s acquisition of Rover in 2005 and so on, the overall impact and scale were still limited and attention from the domestic and international was not intense enough. From 2006 to 2008, the scale of MA Chinas major automobile companies has been further reduced, with the total number of only 7. It only covered 19% of the total number of Chinese car companies’ various overseas investment. Other overseas investment approaches were: 21 cases of joint ventures or strategic alliances, accounting for 57%, 8 cases of factory founding directly, accounting for 22%, and 1 case of technology transfer. But after 2008, when the world auto market is still full of financial cold haze, the Chinese auto companies went against the trend. A number of enterprises joined with foreign auto brands in carrying out cross-border marriage. In this short year, both the vehicle industry or parts manufacturers lunched many acquisitions either far-reaching or with extremely high degree of concern. Beijing Automobile Works acquired Saab, Geely acquired Volvo, Beijing West Industry’s acquisition of the U. S. Delphi, Geely DSI bought Australian automatic transmission companies, to name just a few. Overall, in the current automobile industry, China’s M A main body is evolving towards a diversed boom. China’s automobile companies participating in overseas M A are no longer confined to state-owned ones. Due to their growing strength and government’s supportive policies, private enterprises have become the new force, injecting new vigor and vitality into the overseas MA of China automobile industry. However, state-owned enterprises are still the most important main body in cross-border M A activities [7]. In this M A wave, the Beijing Automotive, as one of the state-owned enterprises, successfully finished the acquisition of the Swedish brand Saab in December 2009. State-owned enterprises have an advantage of large scale, but often there is a serious deficiency in the governance, a general lack of motivation of in the management. A majority of state-owned operators have an incomplete momentum for cross-border M A. The private enterprise, with their natural clear property rights, fewer policy constraints, and a flexible structure and mechanism are playing an increasingly important role in the wave of automotive MA. Thanks to less intervention from the government and following less protection compared with the state-owned enterprises, private enterprises possess stronger self-awareness, risk awareness and a sense of competition. Increasingly powerful private enterprise group is supposed to become an important force in the cross-border M A in the future [15]. In this MA wave, the most distinctive representative of private enterprises is China Geely Group. As a leader of Chinas private auto enterprise, in March 2010, it successfully reached an agreement with General Motors, purchasing 100% of the shares of GMs Volvo. 3 A Study of Overseas M A Cases in China Automobile Industry 44 M D FORUM 3. 1 Overseas M A cases of automobile enterprises In the choice of overseas M A targets, China’s auto enterprises prefer developed regions like Europe and the United States, especially concentrating on world’s top 10 auto-producing countries besides China such as the United States, France and other places. The vehicle industry in these areas has long history, with many powerful brands, more developed economy, higher living standard and stronger consumer ability. In the choice of specific targets, Chinese enterprises are in favor of those enterprises that are of highly well-known brands, a long history, as well as advanced technology and experienced management. However, during this financial crisis, a serious setback in operating performance led some of these companies or brands to great losses or even near-collapse. Geely’s acquisition of Volvo and Beijing Auto’s of Saab is representative ones. They are very typical in this MA wave starting after the financial crisis. 3. 1. 1 Beijing auto’s acquisition of Saab On December 28, 2009, Beijing Automotive Holdings formally announced the acquisition of relevant intellectual property rights of Saab cars at a cost of 200 million U. S. dollars. By then, Beijing Automotive has gotten the core data of the complete research, production, marketing, quality control system. This international transaction is the first successful case for a domestic automobile enterprise to carry out the acquisition of foreign advanced and complete vehicle power technology since 2009. As one of a few Chinas Automotive Groups who not yet have their own brands, Beijing Automotive is very urgent on owning its own brand-related technology. So the successful marriage with the Saab is of great significance for Beijing Automotive to speed up the process of independent R D and internationalization. 3. 1. 2 Geely’s acquisition of Volvo On December 23, 2009, Ford Motor Company released a statement of reaching a framework agreement to sell its Volvo to Geely. In March 28, 2010, Geely signed a definitive stock purchase agreement with Ford to buy 100% of the shares of Volvo Car at a cost of 1. 8 billion U. S. dollars and then signed a definitive agreement concerning related assets [32]. This saliva battles full of troubles ended with Geely tenaciously achieving its dream of snake swallows elephant. It is a spur for other domestic auto enterprises, also a major step for Geely towards the international market Simultaneously it helps the Volvo brand to further open the Chinese market,. However, it is not easy for Geely to digest Volvo. Whether it is because of the picky European Union, or high operating costs for brand, or cultural integration, especially the integration and management of Volvo’s distributors, factories and suppliers scattering over more than 100 countries and 2,400 regions. There are a series of huge problems. 3. 2 Overseas M A cases of automobile parts enterprises After the financial crisis, overseas auto parts enterprises were faced with greater difficulties than full-vehicle enterprises. Bankruptcy and MA happened frequently. Influenced by this round of auto industry structure adjustment, the integration of parts suppliers intensified, and M A wave aimed at supplier groups resurged. Foreign well-known auto parts enterprises like Australian transmission company DSI, Delphi in the United States and so on occupy pivotal positions in the auto parts industry, and even have a significant impact on the development of the full-vehicle market. Direct purchase of foreign auto parts enterprises is local suppliers’ one way of gaining access to core technology. After the current financial crisis, the MA cases of auto parts enterprises are quite frequent and also larger and more far-reaching than that of before the crisis. Such as Geely’s acquisition of the Australian transmission company DSI, Beijing West Industry’s acquisition of U. S. Delphi, WanXiang Groups acquisition of the U. S. DS automobile steering shaft and so on. 3. 2. 1 Beijing West Industry’s acquisition of Delphi On March 31, 2009, Delphi formally agreed to sell its global businesses of braking and suspension to Beijing West Industry. Beijing West was prepared to pay 90 million U. S. dollars in cash to acquire Delphi’s related machinery and equipment, intellectual property and real estate, including its businesses of braking and suspension in eight plants, five technology centers and 14 technical support and customer 45 M D FORUM service centers which locate worldwide. 3. 2. 2 Geely’s acquisition of DSI. On March 27, 2009 in New South Wales State’s Government Building, the signing ceremony of Geely acquiring Australian Automatic Transmission Company was held. According to a statement from Li Shufu, the Chairman of Geely Group, Geely conducts a wholly-owned acquisition of DSI for it values DSI’s complete designing and manufacturing capabilities accumulated over 80 years. DSI Automatic Transmission Company is an automatic transmission specialist centralizing research and development, manufacturing, and sales altogether. What is more, it is one of the only two global automatic transmission companies that are independent from all automotive vehicle companies. 4 Countermeasures and Suggestions for Overseas M A of China Automobile Industry 4. 1 The selection of objects for overseas M A First of all, when making overseas M A, Chinese auto enterprises need to be careful of those M A targets who already have no competitive advantage within the industry, and just to sell companies to reject the burden. Therefore, they should be especially cautious in the choice of Objects for overseas M A and take various factors into consideration. Second, while doing overseas MA, Chinese auto enterprises can not just focus on targets of low purchase price, but on the potential value of the enterprises after the acquisition. Therefore, the Chinese auto enterprises ought to choose targets that are consistent and coordinated with their own strategic objectives, and can complement their own businesses to achieve synergies; to choose overseas assets with low cost but are able to produce better results through the integration. Finally, in assessing M A targets, priority should be given to smaller yet high quality objects in accordance with their requirements. M A are to be done for many times, at small amount and with steady integration. 4. 2 A careful and scientific implementation of overseas M A After enterprises have determined the strategic premise of overseas M A consistent with their own development requirements, they need to compare the key links in tactic and carry on related initiatives. First, in M A planning session, to establish a more comprehensive overseas assessment system; to do a comprehensive and quantitative research with regard to the status of the host country market, national policies and regulations, competition pattern, the main risks; to do further accurate assessment of the target companys technology, independent intellectual property rights, operation status and potential value, weighing the risks and opportunities. Second, after selecting the target of M A, a comprehensive understanding of the business-related technology, the details of intellectual property rights should be gained, and the specific items and amounts of M A be finalized. To maximize benefits at the lowest cost by conducting effective negotiations. Third, after the transaction is completed, to assess comprehensively the differences of both managements in management philosophy, and the differences of staff in culture, values, benefits, remuneration and so on. To orderly propel the process of integration in achieving M A objects. 4. 3 The implementation of the strategic resource reserves in overseas M A To obtain opportunities of overseas MA, auto industry are required to carry out resource reserves in four aspects. First, human resources reserves. The Chinese auto enterprises should consciously reserve all kinds of overseas M A professionals as soon as possible. Second, M A experience reserves. By continually accumulating experience through practices, enterprises can learn more about related laws and regulations, operating procedures, and precautions to reduce risks, and then improve the success rate. Third, M A financial reserves. To fight for access to financial support from the government or large financial institutions. To ensure enough amount of money while minimizing financial costs. 46 M D FORUM 5 Conclusion During post-crisis period, the China automobile industry is facing an unprecedented good opportunity in overseas MA. With the support of concerning policies, the China auto industry is adopting an active global strategy. Through the integration of global auto industry resources, the international competitiveness force of China auto industry is enhanced in a great degree. In the process of overseas MA, the China auto industry needs to actively carry out relevant strategic resource reserves, scientifically select acquisition targets, and carefully as well as scientifically implement specific overseas M A strategy. Author in brief: Zhu Qin, PHD, Associate Professor, School of Economics, Zhejiang Gongshang University Email: [emailprotected] com. References [1]. Stefano Rossiand Paolo Volpin. Cross-Country Determinants of Mergers and Acquisitions [M]. London Business School, 2002 [2]. Guo Jianhua. The global automotive industry changing situation report [R]. Beijing: Equality in Automobile Research Institute, 2009(in Chinese) [3]. RolandBerger Strategy Consultants. Chinas auto industry development, in the current financial crisis the opportunities and challenges [R], 2009 (in Chinese) [4]. State Council Development Research Center of Industrial Economics Research Department, Society of Automotive Engineers of China, Volkswagen Group. China Automotive Industry Development Report [M]. Beijing: Social Sciences Academic Press, 2009. 7 (in Chinese) 47

Gender and Equality in the Workforce in the USSR Essay -- Equality Emp

Gender and Equality in the Workforce in the USSR For every person, different reasons exist to go out and seek employment. These reasons, however, stem from the type of government that people are ruled by. In Russia, during the period that will be discussed, a Socialist government ruled the USSR. It was under this government, that everyone was to have a job and unemployment was to be kept at a minimum. During this socialist regime, the attitudes to working will be taken from the perspectives of three related women. The first woman, Mela Krul, was born in 1932 and is the mother of Alla Veitsman and Helen Krul Zlatkin. Alla Veitsman is the oldest sister and was born in 1954. Although her work experience under the socialist government is brief, it shows signs of the progress that women made during the middle to late 1900s. Helen Zlatkin, born in 1962, had no work experience in the former USSR, but her personal account demonstrates the types of choices that women made in order to have both family and work. Mela Krul was the only one who had extensive work experience in the USSR, but she was able to see the changes and progress that women underwent through the daily activities and choices that both of her daughters made. As these three women came to the United States of America, along with their families, they faced a democratic government where employment was not guaranteed and women did have to face the hardships of unemployment, and more importantly, inequality. It would be the values and traditions that both Alla and Helen believed in that allowed them to be successful and relatively unaffected by inequality. In the time period that the three women lived in the USSR, society was ruled by socialism (communists did exist, but were not the majority). Under this theory of government, everyone worked; it was believed to be a disgrace if a person simply sat at home and did not participate in the labor force. The goal was to have every citizen in the USSR working; there was little focus on quality or productivity, "Early Soviet policies rested on the assumption that genuine equality and independence for women depended on full economics participation." (Lapidus 168) People were encouraged to work, not to meet their potential in the workplace. In order to receive their monthly pay in rubles, the workers had a quota to meet. The workers rarely met this quota --... ...to a certain age group desire these things -- but she did not take into account immigrants. No matter when a certain immigrant woman is born, once she has arrived into the United States she wants a job and a family -- a career comes later. For an immigrant woman, it is never a question between a family or a job, you have both -- you must have a job to keep the family healthy and in need of nothing. For an immigrant woman coming from a socialist government where benefits were nonexistent, jobs in America that do offer benefits do not advocate inequality, but advocate progress and an opportunity to support one's family by fully participating in the labor market. Immigrant families never lose sight of the importance of family and the support that they can offer you. Society is constantly changing and new and better things are always improving, but the help of one's family members can never be overlooked -- some traditions promote modernization and progress. The authors of the econom ic models discussed try to fit people into categories without taking into account very important exceptions -- personal values will never fit into categories and will always promote equality and progress.

The Wounded Platoon

Being currently in the military I have mixed reactions when viewing this video. I perform the same role as â€Å"Doc† Krebs did, but for the Air Force Reserve. There Is a lot to consider when discussing this documentary. It was well constructed In the sense that those interviewed held various positions representing nearly every step of the larger process that is the war. First I would like to discuss the issue of battle itself. Few of our nation's military actually sees combat, it is largely support for those who do. Of those who are placed In a combat situation the number of those is sustained combat day after day Is even fewer.Infantry during an offensive tactical plan are typically those who have suffered the worst. To make matters worse this particular war is extremely taxing of a person's psyche. Unlike most wars of the past the enemy is not readily identifiable. They wear no uniforms they blend in with the population. Threatening the locals into keeping quiet about which buildings they are in is not uncommon. It is no wonder that returning soldiers are scanning rooftops or firing at the first male they see viewing the site of an explosion. Who Is to say they didn't set It off?Often the explosion from an DIED Is the first wave of an oncoming attack and the gunfire is not far behind. It is easy to say that they should know better sitting on your couch watching this video. But nine months into a deployment especially one where you are on the offensive, not all people are strong enough to know the difference in that split second. The truth is we will never know. Many of the soldiers Interviewed trace the root of their problems back to the death of SST Huh. This was the first of many multiple traumas they encountered. They ere not yet numb to the effects of war.Numbness In itself Is a survival mechanism; as mentioned by a troop in the video, that is necessary to perform at the level needed. In that instant it's kill or be killed, nothing else matters. I t also was especially tragic since the SST that was killed was so well respected and liked. Some of the members did seek help and this is where we get our first glimpse of the larger problem. The speech given by George Bush sending an additional ASK troops Into battle sets off a chain reaction. There are only 25% of young people In this nation that are insider â€Å"fit† to join the military.This is due to a number of reasons such as weight, fitness level, health status, previous surgeries and intelligence level to name a few. It also takes a considerable amount of time from the start of a recruit signing the papers to get them to basic training, which can take months in itself. Then they must be able to complete that successfully and move on and successfully complete their lob specific training. There Is additional training specific to the region and special tactics that also must be completed before a member is even eligible to deploy.That is even if they are infantry as pr eviously mentioned, most of the military does not perform that role. So this brings us to the decisions made by the top level command. Does the military typically allow criminals? No. Do they allow those with pending charges to deploy? No. Do they allow those who are mentally unstable to deploy without first getting treatment? No. Until this war they didn't allow All of these factors security threat overseas, and it worked. A multitude of factors that will forever remain unknown to everyone except the few who made the rules and we will fully know what he rational was.With that being said when the president says you must send this many men, you do. In an ideal world there would be enough to go around. Sure they could have pulled from another base. But what the video doesn't address is anyone else's deployment cycle. This platoon was Just one of many in the same situation. Do you send someone over to Iraq for another year 2 months after they have been reunited with their family? The g eneral population and the vast majority of the military itself do not know the manning of the force or who is actually eligible to deploy out of those who are in. It is certainly a tough call to make.I'm certain that those who made it knew that there would be a downfall in some regard. In this case it is the medical system. The onset of this year we Just completed, has saw a tremendous surge in life- changing injuries and service connected disabilities. As mentioned in the video it is an abnormal situation to be placed in. Many of those who were shown in the video were deemed unfit for continued military service following their deployment, specifically for PETS. A diagnosis of PETS cannot be made initially after a traumatic vent, the symptoms must be present for several months and disrupt daily functioning.Irritability, a sense of being on guard, short temper, easily startled and nightmares are some of a plethora of symptoms experienced. Access to care is another shortfall mentioned in this video. Some of the soldiers did not seek treatment due to stigma. Others such as Nash sought treatment too late after he had resorted to drugs and alcohol first. I will say that the military did fail them in the sense of the initial treatment. I wish I knew why this was the case. I can only speculate that it is due to not being fully aware of the tuition, money and a lack of available resources to treat these members.This brings us to another failure not mentioned in the video. It is unclear what role the soldiers next in their chain of command (direct supervisor) played in this process. They could have advocated for the member, but more importantly they could have simply been there and stuck with them through every aspect of their treatment giving them support at every turn. It is impossible to tell from the video if an attempt was made and the supervisor was shut out, or if one of these men portrayed was the supervisor of the others. That is how the leadership system brok e down.There is absolutely no way that the commander is responsible directly. Commanders are only informed of a patient seeking mental health treatment and they follow the recommendations given by those who actually evaluated the patient. They are given zero information on the diagnosis. Secondly they would be completely unaware of their subordinates behavior off duty. The failure of the mental health system in the military is not surprising. The VA system is shambles and has been before the influx of patients since the onset of this ar.Staffing and overcrowding is commonplace, at least it would appear the federal government cannot turn a blind eye anymore and is addressing this issue. The mental health system has strict rules about duty limitations and determines who is eligible for continued service based on condition but it is obvious in this case they if this process was started on these members as it can take months for a member to be considered at maximal medical improvement. It is only at this point after the government has done everything in their power to aid the member that they can aka the decision to retain or discharge the individual.They simply may not have had the time, or the member may have forced leadership's hand by committing other faults such as felonies as evidenced in the video. It is certainly disheartening to see our military portrayed in this fashion although for some it is a reality. Despite what is shown in this video I feel that our mental health in the US military is performing better than ever before and operates at a high level. Certainly they could use more resources and staff but that cost money that may not be slotted for this particular concern.Budget drives every action in Washington and sometimes it takes a crisis before those who serve us will listen. It will take years to rectify the VA system, and there will also be problems and people lost in the system as they try to seek help as they are exiting the military by choic e or otherwise. I am proud to serve in the military and help those who are wounded, physically or psychologically and will continue to do so. You must have faith that those above you are making the best and most informed decisions they can, even though you will never understand the factors that went into such a decision.

Stress and Conflict - 3611 Words

INTRODUCTION Section 1 - The importance of working as a team and a discussion on how conflict can be resolved within teams by Ian Burks Section 2 - An exploration of different methods of dealing with conflict within an organisation Section 3 - An evaluation of different methods of dealing with personal and work based stress Section 4 - An evaluation of how well the group worked together and the technology used to enable this The group considered various approaches to this assignment and discussed a number of options before deciding to focus on the movement as their case study organisation. Associations, although autonomous and independent are all affiliated to the National Councils of YMCAs and do share a common mission and†¦show more content†¦Any conflict evident at team meetings may manifest itself as an issue concerning ‘human doing and knowing’ but in reality is likely to stem from something below the surface such as prejudice, relationships or values. The Storming phase of team performance could be considered to be the time where the group delves into the areas under the surface and this is vital for successful performance as it enables a greater level of honesty, awareness and trust to be developed amongst team members. A number of practical steps can be taken to prevent unnecessary conflict such as group goal setting, good communication and use of structured feedback The first step towards resolving disputes is face to face discussion and if this does not work it may be necessary to bring in a third party to mediate. Beyond this resolution may require conciliation or arbitration. These more formal methods of dealing with conflict are more applicable to organisations and will be covered in more depth in the second section of this report. As this assignment is focussing on the YMCA it is worth examining how YMCA teams may differ from other organisations due to the culture and structure of the YMCA movement. 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