贸易自由化中并购问题的经济学剖析

在贸易自由化对并购影响进行考察的基础上 ,可以发现 ,贸易自由对于潜在的并购者来说有两种意义 :受到保护的市场中的低效企业此时更容易被并购 ,对相对低效企业进行的并购变得越来越缺乏吸引力 ,不能实际地融合在一起 ,或者如果已经融合在一起的话 ,就出现了 (资源的 )耗散。无论在哪种意义上贸易的自由化都会激发并购活动的发生 ,但其中并不是所有的都符合整个社会的利益

An Economic Analysis on the Issue of M&A in Trade Liberalization

It can be found through the probe into the impact of trade liberalization on M&A. The trade liberalization bears two meanings. First, the inefficient enterprises in the former market under protection are more readily to be merged and acquired. Second, the M &A of relatively inefficient enterprises becomes increasingly less attractive, that is, they may either fail to be really integrated, or, even if they have already merged, end up with resources depletion. The two kinds of liberalization will give rise to M&A but not both of which are socially desirable.