Downstream Cross‐Holdings and Upstream R&D*
Downstream Cross‐Holdings and Upstream R&D*
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下游交叉持股和上游研发*
DOI：
10.1111/joie.12257
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发表时间：
2022
期刊：
影响因子：
--
通讯作者：
Tomomichi Mizuno
中科院分区：
文献类型：
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作者：
Qing Hu;A. Monden;Tomomichi Mizuno
交叉持股会影响公司在其他垂直相关市场的行为。我们考虑了一个有两个下游企业和一个上游企业从事降低成本R&D的垂直市场，由于下游交叉持股削弱了下游竞争，上游企业也减少了投资。因此，我们发现，随着下游交叉持股程度的增加，投入价格上升，投资水平下降。虽然交叉持股对下游企业的利润有负面影响，但如果投资技术效率低下，交叉持股会增加下游企业的利润。最后，我们发现在上游投资效率不高的情况下，总盈余随着交叉持股的增加而增加，而消费者盈余总是随着交叉持股的减少而减少。
Cross‐holdings affect firms’ behavior in other vertically related markets. We consider a vertical market with two downstream firms and an upstream firm engaging in cost‐reducing R&D. Since downstream cross‐holdings weaken downstream competition, the upstream firm also decreases its investment. Hence, we find that as the degree of downstream cross‐holdings increases, input price increases and investment level decreases. Although cross‐holdings have this negative effect on downstream firms’ profits, they increase the downstream firms’ profits if the investment technology is inefficient. Finally, we show that with inefficient upstream investment, total surplus increases with cross‐holdings, while consumer surplus always decreases with cross‐holdings.