企业横向并购纵向传染机制理论分析

研究表明,客户产业和顾客产业之间通过投入产出关联关系网络紧密的联系在一起,这使得企业横向并购易于在传染源产业与被传染对象之间传染。当某个产业发生大量横向并购,定会导致该产业集中度大幅增加、市场势力大幅提高,由此产生的竞争压力便会很快传染扩散到关联产业,导致关联产业企业也随之进行横向并购。因此,企业横向并购纵向传染过程其实就是产业内并购浪潮延伸到产业间并购浪潮的过程。企业横向并购纵向传染效应主要受传染源因素、传染的网络媒介因素以及被传染对象自身的个体因素三方面因素的影响。研究企业横向并购纵向传染机制问题,有利于我国政府制定产业兼并重组政策。

A Theoretical Analysis of the Vertical Contagion Mechanism in Horizontal Mergers

The article reveals that customers and suppliers are closely connected in the input-output networks, which makes horizontal mergers spread easily between infectious source industries and infected industries. A large quantity of horizontal mergers in a particular industry necessarily lead to a significant increase in the industry concentration and market power, and the competition would consequently extend to the enterprises of related industries at speed, resulting in subsequent horizontal mergers in the related industries. This process of vertical contagion in horizontal mergers can be described as an extension of merger waves from intra-industries to inter-industries. Factors influencing the extension include the network media, the source industry and the infected industry itself. This research may help the government to make related policies and to improve the industry merger and acquisitions.