贸易经济系学术讲座系列2020年第7讲

主 题：横向合并，投资与产业演进

主讲人: 李东旭 (厦门大学)

时 间：2020-11-10 14:00

地 点：腾讯会议

语 言：中英文

腾讯会议：https://meeting.tencent.com/s/iCTV6cupLuWL

会议号：996 126 773

讲座摘要：

I empirically investigate corporate investments in response to horizontal mergers in the industry. The results show that in the three years subsequent to horizontal mergers, the non-merging rival firms decrease investments in PP&E and labor. The innovative firms increase R&D while the less innovative firms raise advertising. Firms with larger investment changes experience smaller reductions in profitability and equity valuation. In addition, I show that firms that operate in multiple industries tend to concentrate investments in segments that are more related to the horizontal merger’s industry. Such investment shifts are associated with higher investment efficiency. Overall, these findings indicate that firms on average perceive horizontal mergers as competitive threats. They actively make investment changes to survive competition. This paper sheds light on the idea that industry concentration can be one factor that drives industry evolution.、

主讲人简介：

李东旭，厦门大学经济学院金融系助理教授。李东旭教授2013年毕业于中国人民大学财政金融学院获得学士学位；2015年获得中国人民大学财政金融学院硕士学位；2020年获得美国俄亥俄州立大学费雪商学院金融系博士学位。李东旭教授主要从事公司金融领域的研究工作，目前研究兴趣主要在兼并收购、银企关系、政企关系的话题，先后在《管理世界》《International Review of Finance》发表论文，目前担任多篇英文期刊匿名评审。