摘要
文章通过增加"蛇吞象"式兼并分析,扩展了Steffen-Kai-Wieland模型,研究结果表明:无论"大鱼吃小鱼","蛇吞象","强强联合",还是"弱者联合"的兼并,四种兼并对参与企业都是有利可图的,但这些兼并都会提高市场集中度,导致消费者福利下降。
The purpose of this paper is to extend original Steffen-Kai-Wieland model with three kinds of bilateral mergers in Stackelberg markets, by adding that a ‘ weak＇ firm incorporating a ‘ strong＇ firm under some conditions we find. We show that four kinds of mergers are profitable whether in the case of a ‘strong＇ firm incorporating a‘weak＇ firm , or a‘weak＇ firm incorporating a ‘strong＇ firm, or two ‘ strong＇ firm merging into one , or two ‘ weak＇ firms merging into one, but all mergers result in increasing market concentration and lowering consumer＇s welfare.
出处
《华东经济管理》
CSSCI
2008年第3期148-153,共6页
East China Economic Management
