【摘要】 文章通过增加"蛇吞象"式兼并分析,扩展了Steffen-Kai-Wieland模型,研究结果表明:无论"大鱼吃小鱼","蛇吞象","强强联合",还是"弱者联合"的兼并,四种兼并对参与企业都是有利可图的,但这些兼并都会提高市场集中度,导致消费者福利下降。更多还原

【Abstract】 The purpose of this paper is to extend original Steffen-Kai-Wieland model with three kinds of bilateral mergers in Stackelberg markets,by adding that a ’weak’ firm incorporating a ’strong’ firm under some conditions we find.We show that four kinds of mergers are profitable whether in the case of a ’strong’ firm incorporating a ’weak’ firm,or a ’weak’ firm incorporating a ’strong’ firm,or two ’strong’ firm merging into one,or two ’weak’ firms merging into one,but all mergers result in increasing market concentration and lowering consumer’s welfare.更多还原