本論文以LVMH集團為案例，分析法國精品市場集團化的成因與發展，以探討法國公司治理改革對LVMH集團內部公司治理的影響與法國精品企業集團化對歐洲內部市場的影響。 Since the beginning of the 21st century, financial scandals and failures of corporate governance such as Enron in the USA, Vivendi in France have caused serious impacts on the global capital markets. Corporate governance has been controversially discussed and promoted as an instrument to restore investors’ confidence and encourage foreign investment. The European Union (EU) considers effective company laws and corporate governance practices as an essential instrument for enhancing the efficiency and competitiveness of the European Internal Market. To achieve the objectives, the harmonization of corporate governance in the EU is necessary.
Different corporate laws in Member States may appear trade barriers. In 2003, the Action Plan on “Modernising Company Law and Enhancing Corporate Governance in the European Union” has been declared by the European Commission to emphasize on the importance of corporate governance reforms. The EU also enacted several directives to harmonize the corporate laws of Member States. France plays an important role in strengthening the internal market. France’s government has transformed EU directives into the national law for achieving the EU corporate governance reform initiatives.
Ownership concentration is very common in French listed companies. Most of them are family businesses. LVMH Group (LVMH Moet Hennessy - Louis Vuitton) is a famous example. LVMH Group is not only the global largest luxury group, but also a key player in French luxury goods market. LVMH Group’s success of acquiring other luxury brands has inspired other luxury companies. Effective business management is one of the key factors for company operation. The effective corporate governance also has positive effects to improve the competitiveness. LVMH Group’s business strategy would affect the French luxury goods markets and the European Internal Market.
This thesis focuses on the development and reform of corporate governance in France, LVMH Group management and its internal control, the influences of French corporate law on LVMH Group corporate governance. This thesis also discusses the effects of the group of luxury brands in France and the European Internal Market.