naging similar products due to managerial expertise and familiarity, mergers offering greater product similarity can also add value. There is thus a tension between merging with a firm whose product is very similar, and a firm whose skills or technologies are different enough from rivals to help differentiate the acquirer.
长期以来，人们一直认为产品市场协同效应是合并的关键驱动因素。如果资产互补产生协同效应，兼并是潜在增加产品供应的快速方式。协同效应的一个重要方面是，当合并公司拥有互补资产时，合并公司创造新产品并与竞争对手区别开来的能力。Rhodes-Kropf和Robinson将相似性和资产互补性作为合并的动机，但没有提供其重要性的直接证据。在竞争激烈的市场中，如果协同作用很重要，合并是一种快速的方式，可以潜在地增加产品供应，以增加产品差异化。因此，公司可能有动机与拥有不同技能或技术的公司合并，从而提高通过协同效应引入新产品的能力。然而，由于管理专业知识和熟悉程度，收购方可能更擅长管理类似产品，因此提供更大产品相似性的合并也可以增加价值。因此，与产品非常相似的公司合并，与技能或技术与竞争对手差异足以帮助区分收购方的公司合并之间存在着紧张关系。
C) Access to New Technologies and Emerging Markets 获取新技术和新兴市场
Benefits such as access to new technologies and emerging market generate cost efficiency by having economies of scale and gain in market share can be obtained from having M&A. For example, China’s Chery and Japan’s Mitsubishi. If M&A were to happen between this 2 company in 2 different country, it will be a win win situation for both parties. Firstly, Chery as a new player in the automobile industry would not have the technology to manufacture high performance engine, but by having M&A Mitsubishi’s technology is accessible by Chery, in order to make sure that even Chery is a Chinese company but owns Mitsubishi technologies in its engine. It is very crucial to portray the image of Chery as a China product with Japan’s technology to ensure that a larger market share can be captured in China itself. Secondly, if Mitsubishi wanted to venture into China which is an emerging market it would not be easy due to the cost issue. To set up a manufacturing plan in China is the only way to deliver the vehicle to the customer in the fastest way, but by doing that if the demand for their vehicle is not what Mitsubishi has forecasted, the will be in the financial upset stage. Therefore, by having M&A, Mitsubishi can train the local staff to be more skillful to handle their assembly job. All they have to do is send in the parts for the local employees to assemble. In that way, the cost of operating a manufacturing plant can be eliminated and will be able to meet customer requirement of a shorter time to receive the vehicle that they have ordered.
获得新技术和新兴市场等好处可以通过规模经济产生成本效益，通过并购可以获得市场份额。例如，中国的奇瑞和日本的三菱。如果这两家公司在两个不同的国家进行并购，对双方来说都是双赢的局面。首先，奇瑞作为汽车行业的新参与者，将不具备制造高性能发动机的技术，但通过并购，奇瑞可以获得三菱的技术，以确保即使奇瑞是一家中国公司，但其发动机也拥有三菱技术。将奇瑞的形象塑造为具有日本技术的中国产品，以确保在中国本土获得更大的市场份额至关重要。其次，如果三菱想要进入中国这个新兴市场，由于成本问题，这并不容易。在中国制定制造计划是以最快的方式将车辆交付给客户的唯一途径，但如果对他们的车辆的需求不是三菱预测的那样，那么他们将处于财务困境阶段。因此，通过并购，三菱可以培训当地员工更熟练地处理组装工作。他们所要做的就是把零件送到当地员工那里组装。这样，生产工厂的运营成本就可以消除，并且能够满足客户在更短的时间内收到他们订购的车辆的要求。
Question 3 问题 3
A) Using information from relevant literature on ‘Corporate Social Responsibility (CSR)’, and appropriate examples from global automotive makers and suppliers; explain the impact of CSR on organizational performance in both financial and non-financial areas.
使用来自“企业社会责任（CSR）”相关文献的信息，以及来自全球汽车制造商和供应商的适当示例；解释企业社会责任对财务和非财务领域组织绩效的影响。
CSR is defined as open and transparent business practices that are based on ethical values and respect for the community, employees, the environment, shareholders and other stakeholders, in short is a form of corporate regulation integrated into a business model. CSR basically do not take into consideration that how a firm spends it money but what is the way used by the firm to make money. In financial areas for those who are in the automotive industry, the most impact that CSR will create lies within the environmental issue. All of us that are living in today’s world are talking about environmental friendly. As all of us know that while fuels are burned to create energy to move a vehicle, it will create pollutant to our environment. Therefore, those who are in the automotive industry must seriously take this factor into account to improve on the technology of the engines to reduce the amount of pollutant being r
