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首页> 外文期刊>The Review of Economic Studies >The Aggregate Implications of Mergers and Acquisitions
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The Aggregate Implications of Mergers and Acquisitions

机译：合并和收购的总影响

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First version received July 2014; Editorial decision September 2020; Accepted October 2020 (Eds.) This article develops a search and matching model of mergers and acquisitions (M&A) and uses it to evaluate the implications of merger activity for aggregate economic outcomes. The theory is consistent with a rich set of facts on U.S. M&A, including sorting among merging firms, a substantial merger premium and serial acquisition. It provides a sharp link between these facts and the nature of merger gains. At the micro-level, both complementarities between merging firms and productivity improvements of target firms are important in generating gains. At the macro-level, the model suggests a significant beneficial impact of M&A on aggregate outcomes—the contribution to steady state output is 14% and 4% for consumption—which occurs through the reallocation of resources across firms and equilibrium effects on firm selection and new entrepreneurship. Nevertheless, the economy is not efficient, suggesting a scope for policy improvements—a simple flat tax on M&A can raise steady state consumption as much as 2% relative to the laissez-faire equilibrium. In short, the boundaries of the firm can matter for macroeconomic outcomes.
机译：2014年7月收到第一版；编辑决定2020年9月；本文开发了一个并购（M&a）的搜索和匹配模型，并使用它来评估并购活动对总体经济结果的影响。这一理论与美国并购的一系列丰富事实相一致，包括对并购公司的排序、巨额并购溢价和系列收购。它将这些事实与合并收益的性质紧密联系在一起。在微观层面上，合并企业之间的互补性和目标企业生产率的提高都是产生收益的重要因素。在宏观层面上，该模型表明，并购对总产出有显著的有益影响。通过企业间资源的重新分配以及对企业选择和新创业的均衡效应，对稳态产出的贡献为14%，对消费的贡献为4%。然而，经济效率不高，这表明政策还有改进的余地——简单的并购统一税可以使稳态消费相对于自由放任均衡提高2%。简而言之，企业的边界可能会影响宏观经济的结果。

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