M&A Strategies for Industry Entry: Firm Sizes and Market Concentration
研究了在结构不对称的市场中，市场集中度如何影响企业选择连续并购还是直接并购的进入策略，发现高集中度市场偏好收购中型企业，低集中度市场则需收购大型企业。
ABSTRACT This study examines the optimal M&A entry strategy in structurally asymmetric markets, focusing on how market concentration affects the choice between serial and direct M&A strategies. We find that firms prefer to initially merge with a medium‐sized firm that is less risky but has sufficient market share in highly concentrated markets. Conversely, it is necessary to merge with a large firm, even if it exposes the firm to greater risk in low‐concentration markets. For example, SoftBank's serial acquisitions in the concentrated Japanese mobile market and Yahoo!'s direct acquisition of ZOZO in the fragmented fashion e‐commerce market support our theoretical findings.