横向并购反垄断审查中的竞争损害模拟分析——以一汽并购华晨为例

发布时间：2019-01-04 20:05

【摘要】：在Logit模型的基础上构建模拟分析横向并购竞争损害的结构性方程,提出模拟分析的基本程序,并以一汽并购华晨案为例,对横向并购可能产生的竞争损害进行实证模拟分析。结果显示:汽车行业的横向并购能够明显提高汽车产品价格和并购厂商的利润水平,而非并购企业的利润提高程度有限;在不考虑效率效应的情况下,该项并购给消费者福利带来了巨大损失,进而导致显著的社会福利净损失。为此,中国汽车行业的大规模并购需要审慎操作、合理引导,参与并购的汽车企业应向消费者适当让渡部分并购收益。对横向并购进行反垄断控制,不仅可以保护市场有效竞争,而且能够维护消费者的合法权益,提高社会总福利水平。
[Abstract]:On the basis of Logit model, the structural equation of horizontal merger and acquisition competition damage is constructed, and the basic procedure of simulation analysis is put forward. Taking the case of Hua Chen case of FAW M & A as an example, this paper makes an empirical simulation analysis on the possible competition damage caused by horizontal merger and acquisition. The results show that the horizontal M & A of automobile industry can obviously improve the price of automobile products and the profit level of M & A firms, but the degree of profit increase of non-M & A enterprises is limited; Without considering the efficiency effect, the merger and acquisition brings huge loss to consumer welfare, and then leads to significant net loss of social welfare. Therefore, the large-scale M & A of China's auto industry needs careful operation and reasonable guidance, and the auto enterprises participating in the M & A should appropriately transfer part of the M & A proceeds to the consumers. The antitrust control of horizontal mergers and acquisitions can not only protect the effective competition of the market, but also protect the legitimate rights and interests of consumers and improve the general welfare level of the society.
【作者单位】：山东大学经济学院;
【基金】：国家社会科学基金项目“要素价格上涨与环境规制趋紧下的中国制造业转型升级路径研究”(14BJY081) 山东省自然科学基金面上项目“横向并购竞争效应模拟分析与反垄断政策研究”(ZR2014GM005) 山东大学青年学术团队项目“转型期中国反垄断问题研究”(IFYT12072)
【分类号】：F271;F426.471

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