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Eco-efficiency outcomes of mergers and acquisitions in the European electricity industry

机译：欧洲电力行业中并购的生态效率结果

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The European electricity industry was recently liberalized. In response, there was a surge of mergers and acquisitions (M & As). This study addresses the effects of M & As on the eco-efficiency of European electricity producers in 2005-2013. The environmental production technology comprises CO2 emissions as an undesirable output. I compute eco-efficiency using data envelopment analysis (DEA) and the Malmquist-Luenberger productivity index, which are both based on radial directional distance function. I observe a decreasing trend in average eco-efficiency, which contradicts the previously documented moderate efficiency gains of liberalization. The effects of M & As are isolated using second-step fractional regression. The domestic horizontal M & As, which are systematically regulated by the European Commission, have no impact. Although one cross-border horizontal deal has a same-year effect of roughly -3%, this effect becomes approximately +1.5% over a two-year timespan. Vertical domestic M & As have a short-run negative impact of 3.6% that does not persist over time. Vertical international M & As reduce the eco-efficiency by 2.1% two years after their completion. Limited evidence suggests that the conglomerate deals are at least not harmful. The policy implication is that the merger regulation should be based on DEA eco-efficiency measures. Regulators should devote more attention to cross border M & As and particularly to vertical deals.
机译：欧洲电力行业最近被放开了。作为回应，并购（M＆As）激增。这项研究探讨了并购对2005-2013年欧洲电力生产商生态效率的影响。环保生产技术将二氧化碳排放作为不良输出。我使用基于径向距离函数的数据包络分析（DEA）和Malmquist-Luenberger生产率指数来计算生态效率。我观察到平均生态效率下降的趋势，这与先前记录的自由化适度提高效率相反。并购的影响可以通过第二步的分数回归来分离。由欧盟委员会系统监管的国内横向并购不会产生影响。尽管一项跨境水平交易的同年影响约为-3％，但在两年的时间跨度中，该影响变为+ 1.5％。垂直的国内并购有3.6％的短期负面影响，这种负面影响不会随着时间的流逝而持续。垂直的国际并购交易完成两年后，其生态效率降低了2.1％。有限的证据表明，这家企业集团的交易至少无害。政策含义是，合并法规应基于DEA生态效率措施。监管机构应更加重视跨境并购，尤其是纵向交易。

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