基于兼并成本和协同效应的横向并购研究

Study on Horizontal M&A with Consideration of Merger Cost and Synergy

进入新世纪后,中国企业的并购活动越来越频繁。本文基于SSR模型,引入兼并成本和协同效应,研究并购厂商的并购动机以及并购行为对社会福利的影响,分析协同效应与兼并成本之间的关系。得出结论:当协同效应使厂商增加的利润大于兼并成本时,并购厂商总是愿意并购;并购后,福利在消费者和非并购厂商之间转移。当协同效应和兼并成本满足一定条件时,横向并购才可以增加社会福利。

Entering into the new century,MA springs up in China.Based on SSR model,this paper introduces two factors of merger cost and synergy,studys the motivation of mergers and effect of social welfare,and analyses the relationship between merger cost and synergy.It concludes that merger firms are willing to engage in MA under the condition of profit caused by synergy more than merger cost.Meanwhile,benefits transfer between consumers and non-merger firms.When synergy and merger cost satisfy under a certain condition,horizontal MA can increase social welfare.