全球金融危機對全球合併與收購市場造成急遽且重大的影響，受影響程度因地區及產業而不同。當西方市場努力地從雷曼兄弟破產的金融危機中回復時，東方市場則被刺激而開始快速成長。另外，由於科技產業下滑而天然資源產業不受金融危機影響，經濟實力也出現產業上的轉移。
為了定義及解歐洲及中國的合併與收購趨勢，本研究收集不同來源的資料以進行分析，例如財經報告、地方報章雜誌、學術研究及報告。我們發現在中國、歐洲、亞大地區、加拿大之中，金融危機對歐洲的影響最甚。因為歐洲尚未從上一次的金融危機恢復，再加上全球金融危機，交易量出現最顯著的下降。對中國經濟而言，整體的合併與收購趨勢不但沒有因全球經濟危機顯著的下滑，反而因為本身的市場狀況得到好處。本研究以全球的觀點討論金融危機對公司處理合併與收購能力的影響，另外也針對歐洲和中國地區做更深入的比較與分析。我們發現對於主管階層及投資者的行為改變可以從心理學、行為金融學、戰略與作戰理論的觀點解釋。風險認知、風險規避、個人主義、集體主義皆會影響合併與收購的決策結果。
在歐洲受到金融危機影響最大，而降低合併與收購的產業有工業市場、消費者市場及科技、媒體電信業，這些產業至今仍在恢復期。中國的科技、媒體及電信業則有快速的成長，在工業市場、金融服務市場的合併與收購活動僅稍微下降，但這兩個產業也已在短時間內恢復。未來在歐洲及中國的合併與收購市場會趨近相似，雖然歐洲的成長速度稍慢於中國，但已有預測指出兩地區皆將有所成長。而一些特定的產業像是健康照護市場、消費者市場、金融市場及科技、媒體及電信業將持續為合併與收購中主要的成長產業。

The global financial crisis had a swift and significant impact on the global mergers and acquisitions (M&A) market, affecting some regions and industries more drastically than others. From any crisis comes change; the crisis allowed some Eastern markets to boom while many Western markets struggled for years to regain traction following the collapse of the Lehman Brothers. This shift in power was not only visible on a geographic level, but also on an industry level as consumer markets struggled while technology and natural resource markets remained strong.
To identify and explain the trends of the European and Chinese M&A market, data was analyzed from multiple sources, such as various financial journals and regional newspapers, as well as academic studies and papers. A comparison of the four regions showed that Europe was most affected by the financial crisis, with the greatest decrease in volume and value of deals, and has yet to recover to pre-crisis levels. China did not see a decrease in overall M&A activity, but managed to profit from favourable market conditions. This thesis discusses the financial crisis’ impact on the ability of companies to engage in mergers and acquisitions in a global perspective but also in a more regional standpoint between Europe and China. Explanations for the changing behaviour of managers and investors can be found in psychological, behavioural finance, as well as in strategic and operational theories and studies. Factors such as risk perception, risk aversion and individualism versus collectivism play a role in making decisions in M&A matters.
In Europe the industrial markets, consumer markets, and technology, media and telecommunications (TMT) were the industries that saw the greatest reduction in M&A activity in the years following the crisis. In Europe, these industries are still struggling to recover. China has been undergoing rapid growth in the TMT sector, and faced a brief decline in M&A deal activity in the industrial markets and financial services, although both industries were quick to recover. For the future, the M&A market seems quite similar among China and Europe, both regions predicting growth in the upcoming years, although growth is still a bit slower in Europe than in China. In regards to the specific industries, the healthcare sector, consumer markets, TMT and financial services will be the main drivers in the next years’ M&A market.

Thesis Verification Letter i
摘要 ii
Abstract iii
Table of Contents v
Table of Figures vii
Table of Tables viii

1 Introduction 1
1.1 Problem and motive 1
1.2 Purpose of the thesis 1
1.3 Research questions 2
1.4 Aims and structure 2
2 Literature Review 4
2.1 Mergers and acquisitions 4
2.2 Financial crisis 5
2.3 Consequences of the financial crisis 6
2.4 The crisis’ impact on M&As 7
2.5 Research questions 10
3 Methodology 12
3.1 Qualitative research 12
3.2 Financial reports and secondary data 13
3.3 Challenges and limitations 14
4 Market data results 16
4.1 Global Trends 16
4.2 Europe 19
4.2.1 General Overview 19
4.2.2 Industrial Markets 23
4.2.3 Consumer Markets 25
4.2.4 Financial Services 27
4.2.5 Infrastructure, Government and Healthcare 28
4.2.6 Technology, Media and Telecommunication 30
4.2.7 Energy and Natural Resources 31
4.2.8 Deal Financing 33
4.2.9 Risk Awareness 34
4.2.10 Looking Ahead 37
4.3 China 39
4.3.1 General Overview 39
4.3.2 Industrial Markets 44
4.3.3 Consumer Markets 45
4.3.4 Financial Services 46
4.3.5 Infrastructure, Government and Healthcare 48
4.3.6 Technology, Media and Telecommunications 49
4.3.7 Energy and Natural Resources 51
4.3.8 Deal Financing 52
4.3.9 Risk Awareness 53
4.3.10 Looking Ahead 54
4.4 Global Outlook 55
5 Discussion 57
5.1 The financial crisis’ impact on the ability of companies to engage in M&As 57
5.2 Differences of the crisis-effect between Europe and China 63
6 Conclusion 68
7 Recommendations 71
8 References 74
9 Appendix 88
9.1 Data for Europe 88
9.2 Data for China 89

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