家电零售市场寡头企业并购策略及其效应研究——以国美电器并购中国永乐案例研究

本文以我国家电零售市场“国美电器”并购“中国永乐”案例为背景,通过一个圆周城市的产品差异化模型,分析了家电零售市场寡头企业并购对市场均衡价格和企业利润的影响,同时探讨了并购发生后其它企业可能采取的策略。结果表明:并购对价格和利润的影响取决于并购引起的市场势力的增加和成本降低两种效应的大小。在不考虑成本变化的前提下,市场势力的增加会导致市场价格的上涨,所有零售企业的利润也会增加;但是当成本降低对价格的影响超过市场势力增加对价格的影响,市场价格会下降,并购参与者的利润会增加,而未参与者的利润会降低。未参与者能通过并购其他未参与者或与已经并购的零售企业合并获得更多的利润,这将导致并购浪潮的发生。

A Research on Oligoplies' Merger Strategy and Its Effects in Electrical Appliance Retail Market

This paper backgrounds the merger case between Guo Mei electrical appliance and Yong Le electrical appliance in Chinese electrical appliance retail market.Through a circle city model,we analyze the effect of merger on market price and firms' profit,and discuss the reaction of the outsiders.It comes out that the effect of merger on market price and firms' profit depend on the effect of increasing in market power and decreasing in cost.If the merger can't decrease the insiders' cost,the market price will rise,and all the firms' will gain more profit.If the merger can immensely decrease the insiders' cost,i.e.c-c′>t/4,market price will fall down,insiders' gain more profit,but outsiders gain less.Outsiders can change this passive situation by merger with other outsiders or the insiders,which may cause merger wave.