The Effects of Domestic Mergers on Exports: A Case Study of the 1998 Korean Automobile Industry
The Effects of Domestic Mergers on Exports: A Case Study of the 1998 Korean Automobile Industry
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国内兼并对出口的影响：以 1998 年韩国汽车业为例
DOI：
10.1016/j.jinteco.2017.04.001
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发表时间：
2017
影响因子：
3.3
通讯作者：
Hiroshi Ohashi
中科院分区：
文献类型：
--
作者：
攝津斉彦;Jean-Pascal Bassino;深尾京司;Hiroshi Ohashi
本文考察了1998年韩国汽车制造商之间横向合并的经济后果，特别强调了出口市场行为。对结构性需求和供给的估计表明，合并使被合并方的生产效率提高了3.8%。基于这些估计的模拟表明，虽然合并提高了国内价格，但合并方的出口量增加了一倍以上。此外，根据汽车并购前的出口状况，不同车型的并购效果也不同。结果表明，合并带来的效率提升很可能会增加合并前已经出口的车型的出口量，并抵消合并后仍未出口的车型的国内市场支配力。最后，本文比较了实际并购与替代反事实并购的效应，发现实际并购给生产者带来的利益更大，给国内消费者带来的利益更少。
This paper examines the economic consequences of a horizontal merger between Korean automakers that took place in 1998, with a particular emphasis on export market behavior. Estimates of structural demand and supply reveal that the merger enhanced production efficiency of the merged party by 3.8%. Simulations, based on these estimates, indicate that while the merger increased domestic prices, the export volume of the merged party was more than doubled. Moreover, the effects of the merger are found to differ by auto model according to the model's pre-merger export status. It is shown that efficiency gains from the merger are likely to increase export volumes for models that were already exported prior to the merger, and to offset domestic market power for those that were not exported even after the merger. Finally, the paper compares the actual merger's effects to those of alternative counterfactual mergers, finding that the actual merger brought greater benefits to producers and fewer to domestic consumers.