CAJ | 학술논문

首先对企业横向兼并的福利效应的评价标准进行分析，提出应以消费者福利最大化为评价标准，主要衡量指标是产品价格，在不考虑消费者多样化需求的情况下，只要兼并前后产品价格不变，就可以认为消费者福利没有受损；然后吸取同质产品模型和选址模型的研究成果，把同质产品模型和异质产品模型结合起来，对异质产品企业横向兼并模型进行改进，论证了为了保证消费者福利不受损害，企业横向兼并必须保证的最低边际成本节约率k。与以往模型比较，改进后的模型更能准确反映企业横向兼并的福利效应；最后分别就需求弹性、企业数量和企业份额分布等主要变量对k值大小的影响进行模拟分析，得出这些变量对该边际成本节约率的影响方向和程度。
수선대기업횡향겸병적복리효응적평개표준진행분석，제출응이소비자복리최대화위평개표준，주요형량지표시산품개격，재불고필소비자다양화수구적정황하，지요겸병전후산품개격불변，취가이인위소비자복리몰유수손；연후흡취동질산품모형화선지모형적연구성과，파동질산품모형화이질산품모형결합기래，대이질산품기업횡향겸병모형진행개진，론증료위료보증소비자복리불수손해，기업횡향겸병필수보증적최저변제성본절약솔k。여이왕모형비교，개진후적모형경능준학반영기업횡향겸병적복리효응；최후분별취수구탄성、기업수량화기업빈액분포등주요변량대k치대소적영향진행모의분석，득출저사변량대해변제성본절약솔적영향방향화정도。
This paper first analyzes welfare standard by which to judge horizontal mergers, and argues that the standard should be established for the benefit of the consumers＂ welfare maximization. The main measuring index is the price of products. The consumers＂ welfare wouldn＇t be damaged only if the price were not changed after the merging. Then based on homogeneous product model and spatial model, the pa- per improves the differentiated product model and proposes the minimum marginal cost saving rate needed to insure that the consumers＂ welfare will not be damaged. Compared with previous models, the improved model can reflect welfare effect of horizontal merger more correctly. Finally, the paper discusses how the elasticity of demand, number of enterprises and share distributing of enterprises affect the marginal cost saving rate.