研討日期	2014年10月25日 10:20 ~ 13:00
研討地點	台灣大學社會科學院 710討論室
討論題目	題目	作者	文獻出處
	Endogenous market structure and foreign market entry	James Markusen & Frank Stahler	Rev World Econ (2011) 147:195–215
報告人	陳金盛
參加人員	李文義、黃鴻、梁文榮、林燕淑、王光正、彭正浩、蔡明芳、高國峯、陳金盛、吳尚弈、林晏如、曹古駒、呂得成、周冰瑤、施姵全
討論提要	Models dealing with cross-border acquisitions versus greenfield investment usually assume that the entry of a foreign firm into a market has effects on the outputs of all domestic firms in that market, but exit or entry of local firms is not considered. The purpose of this paper is to re-examine the acquisition versus greenfield versus exporting question under fixed versus free entry assumptions for local firms. Our finding is that greenfield entry and exporting options are more attractive relative to acquisition when the local market structure adjusts to foreign entry through local entry or exit than when it is fixed. With respect to welfare in the host economy, existing theory models and policy discussions maintain that the effects of greenfield versus acquisition entry differ substantially. We show that under free entry and exit, there is no difference between the two for consumer surplus, but acquisition improves welfare a little through rent extraction by the local acquired firm. Thus the existing conventional wisdom may be leading to inappropriate policy choices by host governments.