并购如何提升企业市场势力——来自中国企业的证据

How Did Merger and Acquisitions Boost the Market Power——Evidence from Chinese Firms

企业并购对一国的资源配置效率有重要影响。随着《中华人民共和国反垄断法》实施,企业并购引致的市场势力增强对资源配置效率的影响更值得学术界关注。本文将2003—2007年汤姆森路透并购数据(SDC Platinum)与中国工业企业数据库合并,利用倾向得分加权估计方法,考察了企业并购对市场势力的影响。研究发现:①中国的企业并购显著地提升了并购企业的市场势力,与产业链上游的并购相比,企业在产业链下游的并购对市场势力的提升作用更强;②企业并购通过规模经济和范围经济效应、市场营销资源的协同、研发和创新协同以及管理协同等传导机制提升了企业市场势力;③并购不仅增强了企业的市场势力也显著提升了生产率,这表明中国企业的并购一定程度上显著提升资源配置效率。本文的发现加深了学术界对中国企业并购如何影响市场势力和资源配置效率的理解,也为中国利用相关法律规制企业通过并购而增强市场垄断力提供了理论和经验依据。

Merger and acquisitions(M&A)of firms have substantial effect on efficiency of resource distribution in a country.Considering that M&A of firms reinforce the market power and then effect on efficiency distribution of resource,this issue should be more important for academics when the law of anti-monopoly is applied in China.The paper employs the method of propensity score reweighting estimator and investigates how M&A effect on market power using data from merging Chinese industry firms with M&A data of SDC Platinum.The paper finds that M&A of Chinese firms increase the market power of acquirers,and comparing with M&A on upstream of industry chain,M&A on downstream have more power on enhancing market power.The mechanisms confirm that economy of scale,economy of diversity,acquiring the net of distribution,synthesis of R&D and management from M&A of firms contribute to enlarge the market power.M&A not only enhance market power but also the productivity,and manifest that M&A of Chinese firms properly upgrade efficiency of resource distribution in a certain extent.Therefor the paper contributes to academicians understand how the M&A of Chinese firms have effect on market power and resource distribution efficiency,and also provide a theory and empirical evidence for China employs relevant laws of anti-monopoly to deal with M&A of Chinese firms when the M&A strength the monopoly.