摘要
本文构建了一个产品从低端到高端分布的Hotelling模型,以探讨我国低端下游企业进行跨国垂直并购的时机选择和决定因素。研究表明,垂直并购国外高端上游企业能实现扩大市场份额、提升产品定位的双重效能。海外市场需求环境对低端下游企业拓展战略起关键性作用。在正常需求条件下,与直接出口及先并购国内上游企业再出口两种模式相比,跨国垂直并购并非最优选择。在遭受负向需求冲击时,国外上游企业生产成本的大幅上升以及国外下游竞争对手品牌价值的下降给跨国垂直并购带来了契机,此时在技术密集度较高的上游产业进行跨国垂直并购成为国内低端下游企业的最优选择。如果并购能实现足够大的品牌价值效应,还会改善被并购企业所在国的社会福利水平。
This paper develops an extended low-end-to-high-end-distributed Hotelling Model to explore the constraints, timing and determinants under which Chinese low-end downstream firms engage in international vertical merger. We show that international vertical merger generates the dual effects of market share expansion and product position improvement. The overseas market demand plays a key role in the low-end downstream firms＇ optimal choice over market expansion strategies. As compared to exports or first merging domestic upstream firms then exports, international vertical merger is not an optimal choice under normal market demand conditions. However, when there comes a negative demand shock, a substantially large increase in the production cost of the overseas upstream firms, together with a decline in the brand value of the foreign downstream rival firms, brings about a chance for international vertical merger, and it is optimal for the domestic low-end downstream firms to merge with the overseas high-end upstream firm then. Moreover, if the international vertical merger can sufficiently improve the brand value of the merged entity, the social welfare of the host country where the merger target belongs to will also be improved.
出处
《经济研究》
CSSCI
北大核心
2011年第5期99-110,共12页
Economic Research Journal
基金
教育部人文社会科学重点研究基地2009年度重大研究项目(编号:2009JJD790044),教育部“新世纪优秀人才支持计划”项目(编号:NCET-07-0746),教育部人文社会科学研究项目基金(编号:09YJC790267),教育部人文社会科学研究项目基金(编号:10YJC790130)的资助
关键词
跨国垂直并购
技术密集度
负向需求冲击
International Vertical Merger
Technology Intensity
Negative Demand Shock
