Cross-border mergers and acquisitions and European integration
利用1985-2004年双边跨境并购数据，分析欧洲一体化对制造业和服务业并购的影响，发现欧元区促进了同行业资本重组，欧盟加入有利于横向和纵向并购，而服务业因保护壁垒尚未充分受益。
Cross-border mergers and acquisitions activities (M&As) sharply increased over the last two decades, partly as a result of financial liberalization policies, government policies and regional agreements. In this paper, we identify some of the main forces driving M&As, using a unique database on bilateral cross-border M&As at the sectoral level (in manufacturing and services) over the period 1985–2004. The key empirical findings are: (1) EMU helped the restructuring of capital within the same sector of manufacturing activity among euro area firms; (2) joining the EU favoured both horizontal and vertical mergers; (3) policy-makers can help attract capital by reducing the corporate tax rates and the degree of product market regulations and by improving the country's financial systems; (4) the service industry has not yet fully benefited from European integration because the level of protection and barriers to entry in the services sector act as a strong deterrent to cross-border M&As in services.— Nicolas Coeurdacier, Roberto A. De Santis and Antonin Aviat