| Selection of Mergers and Acquisitions by Foreign Capital in Open Economies |
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| 作者姓名： | 郑迎飞 陈宏民 胥莉 |
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| 作者单位： | Shanghai Institute of Foreign Trade，Antai School of Management Shanghai Jiaotong University，Antai School of Management Shanghai Jiaotong University，Shanghai 201620 China Antai School of Management Shanghai Jiaotong University Shanghai 200052 China，Shanghai 200052 China，Shanghai 200052 China |
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| 基金项目： | The National Natural Science Foundation of China （No. 70372057） |
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| 摘 要： | IntroductionIn recent years, large quantities of multinationalcorporations ( MNCs) compete for publicly tradedcompanies in mainland china, which gives domesticfirms more alternatives, and increases their economicbenefit. With their different impacts on me…
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| 关 键 词： | 外国资本 企业并购 开放型经济 选择 社会福利 |
| 文章编号： | 1005-2429（2007）02-0160-06 |
| 收稿时间： | 2006-04-21 |
Selection of Mergers and Acquisitions by Foreign Capital in Open Economies |
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| ZHENG Ying-fei,CHEN Hong-min,XU Li.Selection of Mergers and Acquisitions by Foreign Capital in Open Economies[J].Journal of Southwest Jiaotong University,2007,15(2):160-165. |
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| Authors: | ZHENG Ying-fei CHEN Hong-min XU Li |
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| Abstract: | By a linear Cournot model, the factors associated with the integration of two firms are discussed in terms of their effects on the private surplus and the social welfare in economies with varying extent of openness. Meanwhile, the trade policy of the host government is taken into account. It is concluded that the more open the economy and the more intense the competition, the less profitable the integration; the most important determinant to the changes of the domestic social welfare is the industry strength of the host country. The host authority can enhance the domestic social welfare in two ways: to adjust the trade policy and to only approve the socially desirable cross-border mergers and acquisitions. |
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| Keywords: | Mergers and acquisitions Foreign capital Open economy Selection Domestic social welfare |
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