贸易经济系学术讲座系列2022年第5讲

主 题：What Makes a Good Merger? An Analysis of Merger Efficiencies in the U.S. Bottled Water Industry

主讲人: 张君（中国人民大学农业与农村发展学院讲师）

协调人: 王艳菲

时 间：2022-04-20 16:00

地 点：明商713会议室

语 言：中英文

讲座摘要：

I quantify efficiencies that were created following a horizontal merger between Coca-Cola and Glaceau, the manufacturer of Vitaminwater and Smartwater, in the U.S. premium bottled water market. I estimate a structural demand and supply model where manufacturers choose advertising, product variety (number of UPCs) and wholesale prices, and I allow for several types of efficiencies. With counterfactual simulations, I show how marginal cost, product variety fixed cost, and advertising fixed cost efficiencies affected equilibrium market outcomes. I find that, compared to a “no merger” baseline in year 2009, the merger reduced the prices of Glaceau products by 3.5%-5.2% and increased product varieties by 18.8%-35.8%, advertising of Vitaminwater by 53.9%. Besides, the merger increased market shares of Glaceau products by 40.1%-60.7% and raised consumer surplus by about 22%. These results suggest that, despite a recent focus on mergers that appear to have had negative consequences, some mergers yield benefits.

主讲人简介：

张君，现任中国人民大学农业与农村发展学院讲师。2019年于美国马里兰大学帕克分校获农业与资源经济博士学位，并被评为马里兰大学农业与资源经济系杰出博士毕业生（outstanding graduate student）。研究方向为实证产业组织、反垄断经济、食品经济、环境与能源经济。研究成果发表于The Rand Journal of Economics, Transportation Research Part A, Health Services Research, Energy Policy等国际知名学术期刊。 其关于产业经济方面的合作研究成果于2018年在国际产业组织会议（International Industrial Organization Conference）上被授予最佳反垄断论文奖（The Robert F. Lanzillotti Prize for the best paper in antitrust economics）。目前主持国家自然科学基金委青年科学基金一项。