The Expansion of Global Conglomerates into Asia after the Economic Crisis and Its ImplicationsYoungho Park

With the spreading phenomenon of the so-called globalization, western conglomerates have accelerated in expanding into the Asian region because they considered the changing investment environment had resulted from extensive restructuring and market liberalization after the economic crisis.

While in the past, overseas direct investment of western conglomerates had focused on North America and Europe owing to the relatively high entry barrier of the Asian region, after the crisis, they turned towards the Asian region, observing the region's dynamic economy based on the market liberalization and the huge market size. To respond to this new circumstance, Japanese companies are also seeking new strategies to penetrate into the Asian market along side their own difficulties of domestic economic recession and business restructuring. Thus, the competition between developed countries is intensifying to grasp the Asian market.

One of the most striking patterns which emerged in the investment behavior of western conglomerates in Asia following the economic crisis is enlargement of mergers and acquisitions (M&A) between borders. Before the crisis, the greenfield investment was a major pattern of investment because of Asian countries' restrictions on acquisitions with foreign capital. However, following the crisis, market liberalization expanded and M&A type direct investments are still rapidly growing. This is due to perfect harmony of the interests of countries concerned to overcome the crisis by attracting foreign capital and the interests of foreign companies preferring M&A.

It is predicted that the investment of western conglomerates will continue to grow due to Asian countries successfully handling and overcoming the crisis. Moreover, due to the ongoing process of financial reform and greater market liberalization in the sector of information telecommunication (IT) and distribution, western conglomerates with competitiveness will increase their investment in those particular sectors.

It could be possible to interpret these phenomena, the rapidly growing expansion of western conglomerates, as one of the tactics for strengthening the control in Asian market and further, taking the leadership in the international economy. It will lead to new competition and change in the cooperative structure of the Asian region.

Consequently, this changing situation provided us with both opportunities and challenges at the same time. We cannot ignore the significance of expansion of western conglomerates into the Asian region since Korean companies had focused traditionally on investment in the Asian region. We need to seek new Asian investment strategies through continuous monitoring and benchmarking on global conglomerates into Asia.

제1장 서 론
1. 연구의 배경 및 목적
2. 연구의 방법
3. 보고서의 구성

제2장 국제직접투자의 세계동향과 아시아 투자환경의 변화
1. 국제직접투자에 의한 글로벌경제의 심화
2. 금융위기 이후 아시아 투자환경의 변화

제3장 선진기업의 아시아 진출패턴 변화와 사업전략
1. 선진기업의 對아시아 투자동향과 투자패턴의 변화
2. 금융위기 이후 歐美企業의 아시아 진출전략 변화와 특징
3. 아시아 경영환경변화에 따른 日本企業의 대응전략

제4장 선진 자동차메이커의 아시아 진출동향과 전략
1. 세계 자동차업계의 구조변화
2. 아시아 자동차시장의 위상변화와 전망
3. 선진 자동차 메이커의 아시아 진출경쟁 동향과 전략

제5장 결론 및 시사점

參考文獻

Executive Summary