International Mergers : Incentive and Welfare
International Mergers : Incentive and Welfare
复制标题
国际并购：激励和福利
DOI：
--
复制
发表时间：
2003
期刊：
影响因子：
--
通讯作者：
Wen Zhou
中科院分区：
文献类型：
--
作者：
Larry D. Qiu;Wen Zhou
信息不对称为不同国家的企业合并创造了价值和激励。为了证明这一点，我们开发了一个寡头竞争和信息不对称下的国际贸易模型，其中国内企业被告知当地市场的需求，但外国企业没有。通过强调两个特点的合并之间的一个国内和一个外国的企业，我们表明，这两个企业总是希望共享信息，但输出协调并不总是proponable。我们还研究了这样的合并如何影响非合并企业的利润，消费者剩余，国内和全球福利。结果主要由产品分散的程度决定。JEL分类号：F12、D82、L49
Information asymmetry creates value and incentives for ̄rms from di®erent countries to merge. To demonstrate this point, we develop a model of international trade under oligopolistic competition and asymmetric information, in which domestic ̄rms are informed of the local market demands, but foreign ̄rms are not. By emphasizing two features of a merger between a domestic ̄rm and a foreign ̄rm, we show that the two ̄rms always want to share information, but output coordination is not always pro ̄table. We also examine how such a merger a®ects the non-merging ̄rms' pro ̄ts, consumer surplus, domestic and global welfare. The results are crucially determined by the extent of product di®erentiation. JEL Classi ̄cation No.: F12, D82, L49