开放条件下并购政策的福利分析

贸易政策会对并购政策产生直接的影响。在自给自足的条件下,任何一个力图整个社会福利最大化的政府都不会允许本国企业之间相互并购。在自由贸易的条件下本国政府将会允许并购发生,但如果它考虑到进口国会因此而增加关税的话,它就会对并购采取一种禁止的态度。

Analyzing the Merger Policy under Trade Liberalization

Trade policy exerts direct influence on merger policy. The most fundamental insight of the basic two country model is that if the importing country is restricted from using tariffs, say due to GATT/WTO rules, there arises a rationale for imposing some disciplines on the merger policy of the exporting country. Absent from the threat of a tariff increase, the exporting country is free to pursue a merger policy that increases its own welfare but lowers that of the importing country and that of the world as a whole. This result argues in favor of an international agreement regarding competition policies.