外资通过并购挤占国内市场的动机会在一定的市场条件下存在,为了识别这些条件,在Cournot模型基础上,引入了描述品牌定价实力的价格指数.该指数解释了无协同效应的并购仍然可能有利可图的原因,并指出了有利于外资挤占式并购动机存在的市场条件:主并方拥有多个竞争品牌、其他企业品牌数量较少、国内企业定价实力较弱、产品差异化程度较低以及国内市场容量较大等.
Using Cournot's model, this paper introduced a price index to characterize the pricing power of different trademarks. This index explains why the mergers and acquisitions (M&A) without synergy still is profitable. Through quantity analyzing the relationship of the profits of the M&As and the market parameters, it got the conclusion that the promoting market conditions include: more trademarks of the mergers, less trademarks of the other companies, weakly pricing power of the domestic companies, low extent of differences among the trademarks, high demand of the domestic market.