跨国并购的盈利可能性:对称与非对称两种情况的分析

The Profitability of the Cross-border M&A:an Analysis on Symmetric Case and Asymmetric Case

在跨国并购为主要特征的第五次并购浪潮中,大型的跨国并购主要都是水平并购,而日益增多的跨国公司在华并购投资也大多是水平并购。可以证明,在开放条件下,并购者通过并购进入市场,如果可供选择的市场进入模式的成本足够高,那么这种并购就是有利可图的。然而,市场进入成本和并购的盈利可能之间并不是一种单调的关系。这个结论与经济活动的实践是相吻合的,跨国并购之所以能够不断地发生,是基于跨国公司判断并购后有盈利可能的基础之上的。

Horizontal M&A is a frequent phenomenon, despite the fact that the incentives for such M&A are fairly obscure. In a linear Cournot market, for example, two firms never have an incentive to merge. The present paper studies the profitability of M&A in an open economy. A cross-border merger provides the acquiring firm with market access. If alternative modes of market entry are sufficiently costly, a merger may indeed be profitable. The relationship between entry costs and the profitability of merger is, however, not a monotonic one. An increase in entry costs may cause a change in the optimal entry mode of rival firms such that a merger may be unprofitable even for higher entry costs. The paper also derives results regarding the nationality of the acquiring firm.