The process of economy globalization is also the process of global industrial
restructuring and readjustment. With the development of science and technology and
increase of income level, industrial structures of all the countries have been also
undergoing readjustment and upgrading. In recent years, developed countries in the west
are gradually entering the era of knowledge economy and have started to shift to
developing countries many labor-intensive industries of weak international
competitiveness. This process of cross-country shift is pushing forward an in-depth
development of economic globalization. On the other hand, there has existed a surplus of
productivity since the end of the cold war. Due to this fact, economic globalization has
intensified the competition at the international market among enterprises from different
countries. In order to raise their positions and improve their competitiveness at the
international market, both domestic enterprises and those from other countries have been
resorting to mergers and acquisitions one after another, which has resulted in tides of
industrial restructuring. Take a few cases just as a demonstration: the most recent
acquisition of Mannesmann by Vodaphone, acquisition of MCI by British Telecom,
acquisition of 信孚 by Deutsche Bank, and the amalgamation of Citibank with Travelers
and that of Daimler-benz. All of these restructuring activities will exert far-reaching
influence on the world’s industrial competition pattern.