研討日期

201612日上午10:20 ~ 13:10

研討地點

台大社會科學院710討論

主講題目

Cross-border mergers in vertically related industries

作者

Hamid Beladi, Avik Chakrabarti, Sugata Marjit

文獻出處

European Economic Review, 2013

主講人

王佳琪

參加人員

曹古駒、王佳琪、林燕淑、呂得成、林晏如、梁文榮、周冰瑤、高國峯、王光正、陳金盛、彭正浩

摘要

}  This paper captures the role of the vertical structure in the incentives for and implications of cross-border horizontal mergers.

}  Vertical integration acts as a foreclosing device reducing upstream competition and hence raising the input price for the disintegrated downstream rivals.

}  Gains from cross-border mergers, attributed to the vertical structure of an industry, can vary with the relative market concentration between countries.

}  Such gains rise if competition in the completely disintegrated market declines.

}  A target of cross-border merger, in a vertically related industry, is identified through an interaction between relative market concentration and relative cost efficiency. 

}  A merger between a high-cost and a low-cost firm increases efficiency by eliminating the high-cost firm and raises price by increasing concentration.

}  Cross-border mergers will be triggered by a relatively cost-efficient disintegrated foreign firm taking over a disintegrated domestic firm when pre-merger competition among the disintegrated firms is relatively intense but, otherwise, the initial target will be a vertically integrated firm.