Merger Profitability and Trade Policy
研究了战略贸易政策环境下并购的盈利动机和内生行业结构，发现并购在贸易政策下可能盈利且提升福利，关键在于政府补贴激励的变化。
Abstract We study the profitability incentives for merger and the endogenous industry structure in a strategic trade policy environment. Merger changes the strategic trade policy equlilibrium. We show that merger can be profitable and welfare enhancing, even though it would not be profitable in a laissez‐faire economy. A key element is a change in the governments’ incentives to give subsidies to their local firms. National merger induces more strategic trade policy, whereas international merger does not.