企业并购的社会福利效应分析

Social Welfare of M&A:Effects Analysis

本文在综合考虑企业并购可造成的潜在垄断及其产生的效率优势基础上 ,对发生并购的几种可能情况进行了局部均衡分析 ,以阐明并购的社会福利效应 ,并得出结论 :对于企业并购后由于市场垄断力增强而使产品价格上升的情况 ,若效率优势达到一定程度 ,仍可增进社会福利 ;而对于并购后价格下降的情况 ,并购是无条件地增进了社会福利。这一结论对于我国改革企业产权制度和完善资本市场 ,推进企业并购市场化、社会化和规范化发展提供了有益的启示。

Net surplus standard of social welfare is used in this paper to measure the influence on the social welfare from M&A. Traditional Neo-Classic Economics only considers the negative influence to the social welfare from M&A because of monopoly, and neglects the positive influence from higher efficiency. All kinds of cases about M&A are analyzed with equilibrium method on the basis of combining monopoly and higher efficiency.If efficiency reaches a certain degree, on the condition that price is higher after M&A because of greater monopoly, social welfare can still be improved. On the condition that price is lower after M&A, social welfare can be improved without any restrictions. This conclusion gives us an important enlightenment that we have to reform property right system and make the capital market more perfect to promote M&A to be realized in the real market and society and more normally.