Author :
Abstract
Küreselleşme ve finansal serbestleşme süreci ile rekabetin sınır ötesi boyut kazanması sonucu, rekabet gücünü artırmak isteyen şirketler için içsel büyüme yöntemi yetersiz kalmaya başlamıştır. Şirketler, büyümek, pazar payını artırmak, ölçek ekonomisinden faydalanarak maliyetleri düşürmek, kapsam ekonomisinden faydalanarak ürün yelpazesini genişletmek ve çeşitlendirme ile riski azalmak amacı ile bir dışsal büyüme yöntemi olan şirket birleşmelerine yönelmişlerdir.
Şirket birleşme ve devralmalarının başlangıcı 19. yüzyılın sonuna rastlamaktadır. Tarihsel gelişim içerisinde, birleşme ve devralma olayları, farklı amaçlarla ve farklı yöntemlerle gerçekleşmekte ve birbiri ile benzer birleşme işlemleri birleşme dalgalarını oluşturmaktadır. Yatay birleşmeler ile oluşan devasa şirketlerin piyasalardaki rekabeti bozması sonucu uygulanan rekabeti koruyucu politikalar, dikey birleşmelerin ortaya çıkmasını sağlamıştır. 20. yüzyılın ortasından sonra ise küresel rekabet gücü kazanmak ve faaliyetlerini farklı alanlara yaymak isteyen şirketler karma birleşmeleri tercih etmişlerdir. Bu bağlamda, Dünya ekonomi tarihinde görülen, farklı birleşme çeşitlerinin ağırlık kazandığı beş birleşme dalgasının ele alındığı bu çalışmada; birleşme dalgalarının özellikleri ve birbirinden farkları ortaya konularak anlatılmış; günümüzde varlığı henüz tartışılan altıncı dalga hakkında bilgiler sunulmuştur.
Keywords
Abstract
As a result of the competition’s acquiring cross-border dimensions with the process of globalization and financial liberalization, the internal growth method has become insufficient for the companies that want to increase their competition power. For the purpose of growing, increasing market share, cost reduction through utilizing economies of scale, expanding product range through economies of scope, companies have canalized into mergers known as an external growth method.
The beginning of merger and acquisition dates back to the end of 19th century. Throughout historical development process, the occurrence of both of these activities not only included different methods but also included different aims and also the similar acquisition operations constituted merger waves. The politics of the protection of competition which was applied due to the fact that the giant companies constituted through horizontal mergers distorted the competition, caused the occurrence of vertical mergers. After the mid of 20th century, the companies desired to gain global competition power as well as to diversify their activities into different areas preferred conglomerate mergers. In this context, in this study, five merger waves seen in the World Economic History, in which different types of mergers gained importance, taken into consideration; the features of each of the merger waves were clarified by putting forward their differences from each other; the information about the sixth wave, the existence of which was still discussed nowadays, was presented.
Keywords
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