The RAND Journal of Economics · 2026 · Marc Bourreau、Bruno Jullien、Yassine Lefouili
中文摘要
本文研究横向并购对并购企业投资于渐进式创新的激励所产生的影响。我们对这一影响进行了分解,阐明了其中起作用的各种力量,以及需求提升型创新与成本降低型创新之间的差异。此外,我们推导出并购降低或提高并购企业创新激励的充分条件,并表明价格转向比率与创新转向比率之间的比较有助于甄别并购。我们还揭示了并购所引致的生产协同效应水平与其对创新的影响之间存在的有益联系。
Abstract
ABSTRACT We study the impact of horizontal mergers on the incentives of merging firms to invest in incremental innovation. We provide a decomposition of this impact that clarifies the various forces at work and the differences between demand‐enhancing and cost‐reducing innovation. Moreover, we derive sufficient conditions for a merger to either reduce or raise the merging firms' incentives to innovate, and show that the comparison of the price diversion ratio and the innovation diversion ratio can help screen mergers. We also uncover a useful connection between the level of production synergies induced by a merger and its impact on innovation.