Econ Papers Daily / 期刊论文

纵向合并的促进竞争效应？来自欧盟的证据

Procompetitive effects of vertical mergers? Evidence from the European Union

Chiara Bellucci, Armando Rungi

打开原文页面 DOI：10.1016/j.ijindorg.2026.103321

来源

International Journal of Industrial Organization · 期刊论文

本站首次发现

2026-08-12 16:07

日期信息

官方在线 2026-08-12 · 来源：RSS

主题

金融行为与组织企业与产业

摘要

This study examines the relationship between mergers and firm-level financial measures using a sample of 4,482 acquisition targets in the European Union from 2007 to 2021. Findings suggest that horizontal mergers lack statistically significant results, whereas vertical mergers entail changes in markups (-0.7%), market share (+2.5%), Return on Fixed Assets (ROFA) (+2.3%), and capital intensity (-7.2%). The result for vertical mergers increases over time, and is larger when the number of pre-existing subsidiaries is greater. Our results suggest the elimination of double profit margins as a potential explanation.

中文摘要

本研究利用2007年至2021年间欧盟4,482个收购目标样本，探讨了并购与企业层面财务指标之间的关系。研究发现，横向并购在统计上不显著，而纵向并购则涉及加成率（-0.7%）、市场份额（+2.5%）、固定资产回报率（ROFA）（+2.3%）和资本密集度（-7.2%）的变化。纵向并购的效果随时间增强，且在既有子公司数量较多时更为显著。我们的结果提示，消除双重利润边际可能是一个潜在的解释机制。