中国航空业并购重组的潜在收益度量及其政策涵义

发布时间：2018-05-13 22:16

本文选题：航空业 + 并购　；参考：《上海经济研究》2017年08期

【摘要】：该文通过对我国上市航空公司进行模拟并购,基于规模报酬不变和规模报酬可变两种假设分析模拟并购组合存在的潜在收益,将潜在收益分解成学习或个体技术效应、和谐或范围效应以及规模或尺寸效应,进一步探究并购提升效率的来源。研究表明:三大航之间的并购会带来一定的潜在收益,其中国航和南航并购潜在收益最大,而三大航的整体并购可以提升效率2.72%。三大航中的南航与一些低成本航空公司进行并购时所获得的潜在收益较大,而低成本航空公司之间并购的潜在收益比较有限。该文的研究对航空业并购重组政策的涵义是,政府进一步推进三大航的并购所带来的效率提升是十分有限的,而在局部航线三大航并购所带来的市场势力的增加则会占主导因素。
[Abstract]:Based on the two hypotheses of constant return of scale and variable return of scale, this paper analyzes the potential income of simulated merger and acquisition of listed airlines in China, and decomposes the potential income into learning or individual technical effects. Harmony or scope effect as well as scale or size effect, further explore the source of M & A efficiency. The research shows that the merger and acquisition between the three major airlines will bring certain potential income, among which, China Airlines and China Southern Airlines will bring the most potential profits, while the overall merger and acquisition of the three major airlines can enhance the efficiency of 2.72. Among the three major airlines, China Southern Airlines and some low-cost airlines have a large potential income, while low-cost airlines have a limited potential income from mergers and acquisitions. The implication of the research in this paper for the aviation industry M & A policy is that the government's further promotion of the efficiency brought about by the M & A of the three major airlines is very limited. But in the local route three major airlines merger and acquisition brings the market power increase will occupy the dominant factor.
【作者单位】：华东政法大学商学院;
【基金】：教育部人文社会科学研究规划基金项目“产能利用、过剩产能与并购动机:微观机理及实证研究”的(项目编号:17YJA790057)资助
【分类号】：F271;F562

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