【摘要】 本文基于国内垄断与国际竞争的综合视角,构建理论模型并采用2005—2021年间具有国际业务的国有上市企业并购数据进行了实证检验。研究结果发现:国有企业并购虽然会在国内市场上增强企业的市场势力,降低社会福利,但因显著提升国际竞争力,总体上会显著改善社会总福利,并且中央企业并购、海外并购和纵向并购的福利效应更优。此外,国有企业并购所增加的国际福利还会通过企业内收入分配、税收补贴和公益慈善等方式补偿国内消费者,从而推进共同富裕。更多还原

【Abstract】 This study constructs a theoretical model integrating domestic monopoly and international competition perspectives to analyze the welfare effects of state-owned enterprise(SOE) mergers, utilizing merger data from 2005 to 2021. Empirical results show that although SOE mergers enhance firms’ domestic market power, leading to potential welfare losses, they substantially improve international competitiveness, thereby generating overall welfare gains. Moreover, mergers involving central SOEs, cross-border acquisitions, and vertical integration yield stronger welfare benefits. Additionally, SOEs redistribute increased international welfare domestically through income distribution improvements, tax subsidies, and philanthropic activities, aligning closely with policy objectives aimed at promoting common prosperity.更多还原