"The Effects of Horizontal Mergers and Acquisitions: Evidence from India"

“横向并购的影响：来自印度的证据”

• 批准号: 364407292
• 负责人: Professor Dr. Joel Stiebale
• 金额: --
• 依托单位: School of Business
• 依托单位国家: 德国
• 项目类别: Research Grants
• 财政年份: 2017
• 资助国家: 德国
• 起止时间: 2016-12-31 至 2019-12-31
• 项目状态: 已结题
• 来源: https://gepris.dfg.de/gepris/projekt/364407292?language=en
• 关键词: Effects; Horizontal; Mergers; Acquisitions; Evidence

This research project analyses the effects of horizontal domestic and international mergers and acquisitions (M&As) on efficiency, market power, product variety, and other outcomes of Indian firms. For the empirical analysis, we will use a rich firm-level data set that contains information from balance sheet and profit and loss accounts as well as information on quantities and sales prices at the product-level for more than 20,000 manufacturing firms in India for up to 25 years (1989-2014). In contrast to previous work, the data set used in this research project, combined with recent advances in econometric methods, allows estimating the effects of M&As on physical productivity for the whole manufacturing sector and to identify these effects separately from changes in markups. The data also allows studying effects of M&As on changes in the product mix of firms and product attributes. This research project is divided into three work packages. Work package 1 analyses the determinants of M&As and the characteristics of acquiring and target firms. In the second work package, we estimate the effects of M&As on the merged entity as a whole and on acquiring and target firms separately. Indirect effects of M&As on non-merging competitors, firms in vertically related industries and with geographical proximity to merging firms will be analysed in work package 3. In the econometric analysis, we will estimate production functions at the firm-product level to recover physical productivity, markups, marginal costs and proxies for product quality. We will use these variables along with other outcomes to analyse the performance of acquiring and target firms before and after M&As. To identify causal effects of M&As, difference-in-difference estimators will be applied to compare the performance of merging firms around M&A events to various control groups. Alternative control groups will be constructed from propensity score matching and reweighting and from withdrawn M&A deals. As an alternative identification strategy, we will use instrumental variable estimators. These are based on an investment liberalization in India, which lifted ownership caps and equity restrictions for foreign investors in several industries.

该研究项目分析了国内和国际横向并购 (M&As) 对印度公司效率、市场力量、产品多样性和其他成果的影响。在实证分析中，我们将使用丰富的企业级数据集，其中包含印度 20,000 多家制造企业的资产负债表和损益表信息，以及产品层面的数量和销售价格信息。至 25 年（1989-2014）。与之前的工作相比，本研究项目中使用的数据集与计量经济学方法的最新进展相结合，可以估计并购对整个制造业实体生产力的影响，并将这些影响与加价变化分开识别。这些数据还可以研究并购对公司产品组合和产品属性变化的影响。该研究项目分为三个工作包。工作包 1 分析了并购的决定因素以及收购公司和目标公司的特征。在第二个工作包中，我们估计了并购对整个合并实体以及分别对收购和目标公司的影响。并购对非合并竞争对手、垂直相关行业的公司以及与合并公司地理位置接近的公司的间接影响将在工作包 3 中进行分析。在计量经济分析中，我们将估计公司产品层面的生产函数，以恢复实体生产力、加价、边际成本和产品质量指标。我们将使用这些变量以及其他结果来分析收购公司和目标公司在并购前后的绩效。为了确定并购的因果效应，将应用双重差分估计量将并购事件周围的合并公司的绩效与各个对照组进行比较。替代对照组将根据倾向评分匹配和重新加权以及撤回的并购交易构建。作为替代识别策略，我们将使用工具变量估计器。这些都是基于印度的投资自由化，取消了多个行业的外国投资者的所有权上限和股权限制。