Econ Papers Daily / 期刊论文
合并、创新与合并政策
Mergers, Innovation, and Merger Policy
摘要
In this paper, we summarise the economic literature on the effects of mergers and acquisitions (M&As) on innovation. We primarily focus on empirical studies, but also discuss mechanisms predicted by the theoretical literature. Although the effects of mergers on innovation can be theoretically ambiguous, the vast majority of ex-post evaluations of horizontal M&As find large negative effects on innovation inputs and outputs. In contrast, vertical and other non-horizonal mergers are less likely to generate detrimental effects. We discuss a number of selected merger cases in which the European Commission raised concerns about innovation and derive some ideas and options for merger policy.
中文摘要
本文总结了关于并购（M&As）对创新影响的经济学文献。我们主要关注实证研究，同时也探讨了理论文献所预测的机制。尽管并购对创新的影响在理论上可能具有不确定性，但绝大多数对横向并购的事后评估发现，其对创新投入和产出存在显著的负面影响。相比之下，纵向并购及其他非横向并购产生不利影响的可能性较小。我们讨论了欧盟委员会对创新表示担忧的若干精选并购案例，并从中提炼出一些关于并购政策的思路和选项。