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Direktinvestitionen, Fusionen und Strukturwandel

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  • Henning Klodt
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    Abstract

    Internationale Direktinvestitionen, die als entscheidender Motor der Globalisie­rung gelten, werden mehr und mehr durch Fusionsaktivitäten dominiert. Seit Mitte der neunziger Jahre ist eine ausgeprägte Welle von Direktinvestitionen und eine entsprechende Welle grenzüberschreitender Fusionen zu verzeichnen. Im Zuge dieser Welle werden weitreichende Strukturveränderungen innerhalb einzelner Firmen als auch in ganzen Industrien vollzogen. Die horizontale Integration wird ausgebaut, während zugleich das Ausmaß der vertikalen Inegration reduziert wird. Derartige Umstrukturierungen, bei deren Umsetzung internationale Investitionen eine zentrale Rolle spielen, sind stark motiviert durch das Ausnutzen von Skalenerträgen bei Headquarter Services, die durch das Vordringen der Neuen Ökonomie fortwährend an Bedeutung gewinnen. Foreign direct investment - the major driving force of globalization - is increasingly dominated by merger and acquisition activities. Since the mid-1990s, an unprecedented wave of foreign direct investment and a corresponding wave of cross-border mergers and acquisitions can be observed. As a result, the structure of firms and of entire industries is fundamentally reshaped. The degree of horizontal integration has been increased, whereas vertical integration has been reduced. Transborder investments are basically motivated by the exploitation of economies of scale from headquarter services, which are of rising importance in the transition towards the New Economy.

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    File URL: http://www.ifw-members.ifw-kiel.de/publications/direktinvestitionen-fusionen-und-strukturwandel/kap1083.pdf
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    Bibliographic Info

    Paper provided by Kiel Institute for the World Economy in its series Kiel Working Papers with number 1083.

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    Length: 27 pages
    Date of creation: Nov 2001
    Date of revision:
    Handle: RePEc:kie:kieliw:1083

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    Keywords: Direktinvestitionen; Fusionen; Strukturwandel; horizontale Integration; Neue Ökonomie;

    References

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    1. Yannis Bakos & Erik Brynjolfsson, 1997. "Bundling Information Goods: Pricing, Profits and Efficiency," Working Paper Series 199, MIT Center for Coordination Science.
    2. James R. Markusen & Anthony J. Venables, 1995. "Multinational Firms and The New Trade Theory," NBER Working Papers 5036, National Bureau of Economic Research, Inc.
    3. Williamson, Oliver E, 1973. "Markets and Hierarchies: Some Elementary Considerations," American Economic Review, American Economic Association, vol. 63(2), pages 316-25, May.
    4. Helpman, Elhanan, 1984. "A Simple Theory of International Trade with Multinational Corporations," Scholarly Articles 3445092, Harvard University Department of Economics.
    5. Robert C. Feenstra, . "Integration Of Trade And Disintegration Of Production In The Global Economy," Department of Economics 98-06, California Davis - Department of Economics.
    6. Nelson, Phillip, 1970. "Information and Consumer Behavior," Journal of Political Economy, University of Chicago Press, vol. 78(2), pages 311-29, March-Apr.
    7. Klodt, Henning & Maurer, Rainer, 1996. "Internationale Direktinvestitionen : Determinanten und Konsequenzen für den Standort Deutschland," Kiel Discussion Papers 284, Kiel Institute for the World Economy (IfW).
    8. Markusen, James R., 1984. "Multinationals, multi-plant economies, and the gains from trade," Journal of International Economics, Elsevier, vol. 16(3-4), pages 205-226, May.
    9. Gregor Andrade & Mark Mitchell & Erik Stafford, 2001. "New Evidence and Perspectives on Mergers," Journal of Economic Perspectives, American Economic Association, vol. 15(2), pages 103-120, Spring.
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