企业间的横向合并与国际贸易

Horizontal Merger and International Trade

本文研究在开放经济条件下企业横向合并对经济的影响。研究结果是富有启发性的。首先，无论从企业盈利还是从国内社会福利增加的角度，评价横向合并是否值得的主要指标是合并后的企业在国际市场上的销售和收入变化情况。这揭示了大多数文献在封闭经济条件下研究横向合并的局限性。其次，对于规模经济性显著的行业，越是资产规模大的企业进行合并，越能产生巨大的社会经济效益。最后，横向合并还能够扩大国际市场，增加国外消费者剩余。本文还利用研究结果对我国的航空运输业的发展状况作了探讨。

This paper is concerned with the effects of horizontal merger of firms in an open economy environment,in which some inspiring results are obtained. First, from the viewpoint of both firms' profit and domestic social welfare, the main indexes in evaluating horizontal merger are the changes of the post-mergering firm' s output and revenue in foreign market. This might. be a step farword from the result achieved by researches in a closed economy in most references. Second, with the horizontal mergering in the industries with the economies of scale, the larger the firms' capital are, the more the additional social welfare is created. Third, horizontal mergering can expand international markets and increase foreign consumer surplus. These results are utilized to analyze the development and policy issues of China' s airline industry.