Econ Papers Daily / 期刊论文
金融结构与并购
Financial structure and mergers
摘要
We study how corporate debt influences the competitive outcomes of horizontal and conglomerate mergers. In contrast to standard models where debt does not affect pricing, our framework shows that mergers can spread fixed debt obligations across a broader product portfolio, creating an “insurance effect” against adverse demand shocks. This effect interacts with the traditional recapture effect from reduced competition. Using numerical simulations and a case study of a major casino merger, we find that debt can either dampen or amplify post-merger price increases, depending on the merger’s structure and the market environment.
中文摘要
我们探讨了企业债务如何影响横向并购与混合并购的竞争结果。与债务不影响定价的标准模型不同，我们的框架表明，并购能将固定债务负担分散至更广泛的产品组合中，从而产生一种针对不利需求冲击的“保险效应”。这一效应与竞争减弱带来的传统“回收效应”相互作用。通过数值模拟及对一家大型赌场并购案例的研究，我们发现，债务可能抑制或放大并购后的价格上涨，具体取决于并购的结构及市场环境。