Competition Enforcement and Accounting for Intangible Capital
研究发现，基于现行会计准则的资产规模门槛导致大量无形资产密集型并购无需申报，这些交易使收购方获得更高股权价值和价格加成，且制药业中未申报交易更可能涉及重叠药物项目并导致项目终止，表明无形资产增长可能通过未申报整合加剧市场势力。
ABSTRACT Antitrust laws mandate review of mergers and acquisitions (M&As) that exceed an asset size threshold based on accounting standards that exclude most intangible capital. We show that this exclusion leads to thousands of intangible‐intensive M&As being nonreportable. Acquirers in nonreportable deals achieve higher equity values and price markups, especially when consolidating product markets. Furthermore, nonreportable pharmaceutical deals are three times more likely to involve overlapping drug projects, which are subsequently 40% more likely to be terminated. Our results suggest that the growth of intangible assets may exacerbate market power through nonreportable consolidation of the sectors most concerning for consumers.