Econ Papers Daily / 期刊论文
新产品并购与投资
Mergers and investments in new products
摘要
This paper examines how horizontal mergers affect firms’ incentives to invest in R&D leading to the development of new products. We characterize the impact of a merger to monopoly and a 3-to-2 merger on equilibrium innovation efforts and consumer surplus, absent efficiency gains and spillovers. We show that a 3-to-2 merger directly alters the outsider’s innovation incentives by shifting its best-response function upward, and we analyze how this mechanism affects merger outcomes for innovation and consumer surplus. Finally, we examine how efficiency gains and remedies modify post-merger innovation efforts.
中文摘要
本文考察了横向并购如何影响企业投资于研发以开发新产品的激励。我们刻画了并购至垄断及3对2并购对均衡创新努力和消费者剩余的影响，且不考虑效率增益和溢出效应。我们证明，3对2并购通过将外部企业的反应函数上移，直接改变了其创新激励，并分析了这一机制如何影响并购在创新和消费者剩余方面的结果。最后，我们探讨了效率增益和补救措施如何调整并购后的创新努力。