CAJ | 학술논문

本文构建了一个产品从低端到高端分布的Hotelling模型，以探讨我国低端下游企业进行跨国垂直并购的时机选择和决定因素。研究表明，垂直并购国外高端上游企业能实现扩大市场份额、提升产品定位的双重效能。海外市场需求环境对低端下游企业拓展战略起关键性作用。在正常需求条件下，与直接出口及先并购国内上游企业再出口两种模式相比，跨国垂直并购并非最优选择。在遭受负向需求冲击时，国外上游企业生产成本的大幅上升以及国外下游竞争对手品牌价值的下降给跨国垂直并购带来了契机，此时在技术密集度较高的上游产业进行跨国垂直并购成为国内低端下游企业的最优选择。如果并购能实现足够大的品牌价值效应，还会改善被并购企业所在国的社会福利水平。
본문구건료일개산품종저단도고단분포적Hotelling모형，이탐토아국저단하유기업진행과국수직병구적시궤선택화결정인소。연구표명，수직병구국외고단상유기업능실현확대시장빈액、제승산품정위적쌍중효능。해외시장수구배경대저단하유기업탁전전략기관건성작용。재정상수구조건하，여직접출구급선병구국내상유기업재출구량충모식상비，과국수직병구병비최우선택。재조수부향수구충격시，국외상유기업생산성본적대폭상승이급국외하유경쟁대수품패개치적하강급과국수직병구대래료계궤，차시재기술밀집도교고적상유산업진행과국수직병구성위국내저단하유기업적최우선택。여과병구능실현족구대적품패개치효응，환회개선피병구기업소재국적사회복이수평。
This paper develops an extended low-end-to-high-end-distributed Hotelling Model to explore the constraints, timing and determinants under which Chinese low-end downstream firms engage in international vertical merger. We show that international vertical merger generates the dual effects of market share expansion and product position improvement. The overseas market demand plays a key role in the low-end downstream firms＇ optimal choice over market expansion strategies. As compared to exports or first merging domestic upstream firms then exports, international vertical merger is not an optimal choice under normal market demand conditions. However, when there comes a negative demand shock, a substantially large increase in the production cost of the overseas upstream firms, together with a decline in the brand value of the foreign downstream rival firms, brings about a chance for international vertical merger, and it is optimal for the domestic low-end downstream firms to merge with the overseas high-end upstream firm then. Moreover, if the international vertical merger can sufficiently improve the brand value of the merged entity, the social welfare of the host country where the merger target belongs to will also be improved.