企业兼并与产品定价策略

200044:100026788(2000)04200422061,1,2(1.,200052;21,570216):,,L,,;,L:;;:F421aTheFirms’MergerandPricingStrategyZHANGJun1,CHENHong2min1,HUANGXiao2rui2(1.ShanghaiJiaotongUniversity,Shanghai200052;2.HainanMazdaAutoCo.Ltd.Haikou570210)Abstract:Thispaperconcernsthefirms’mergerandpricingstrategyoftwogroupsoffirms,ontheconditionthatintro2groupproductiscomplementaryandintrogroupiscompetitive.Wefindthatproductdifferentiationdoesnotonlyaffectthepricingstrategy,butalsoimposeinfluenceonthefirms’mergerandrestructuringinthemarketstructuretodeepextent.Firms’mergeristhedecisionstrategyofproductcompetition.Theequilibriummergermodeliscloselyrelatedtothedegreeoftheproductdifferentiation.Keywords:firms’merger;game;pricing1,,L,,L,,,L,L,,,[1,2]L,,L,,,Wintel(WindowsIntel)L,?,LStahl(1987)L,,L,,L,,,a:1998208210:(79670058);(96SG07)©1995-2005TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.LAlan,,,L,,L,,,;;,,L,;,;LL21,:,A1(B1)A2(B2),,,,Z,,rZ1ZA1(B1)A2(B2),,,Z,:1);2)1,2ZA1(B1)A2(B2),ZA:QA=a-(PA1+PA2)+r(PB1+PB2)(1)a0,PA1PA2PB1PB2,r,r0,;r=0,;r0,Zr1,,r-1,ZA:PAi=PAi(a-(PA1+PA2)+r(PB1+PB2));i=1,2(2),BZ3,,,,Z,,Nash,,Z:É);Ê),;Ë)Z344©1995-2005TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.311Z31111,A,(2):PA1=maxPA1(a-(PA1+PA2)+r(PB1+PB2))PA1(3)PA2=maxPA2(a-(PA1+PA2)+r(PB1+PB2))PA2(4)B,PBBZ(3)A1:PA1=(a-PA2+rPB)ö2(5)(4)A2:PA2=(a-PA1+rPB)ö2(6)B:PB1=(a-PB2+rPA)ö2(7)PB2=(a-PB1+rPA)ö2(8),,()Z:PB=2(a+rPA)ö3(9)PA=2(a+rPB)ö3(10)Bertrand,::P3A1=P3A2=P3B1=P3B2=a3-2r:P3A1=P3A2=P3B1=P3B2=a2(3-2r)231112A,:QA=a-PA+r(PB1+PB2)(11):P=maxPA(a-PA+r(PB1+PB2))PA(12)BPB,(12):PA=(a+rPB)ö2(13)B(7)(8)Z::P33A=a(3+2r)2(3-r2):P33B1=P33B2=a(2+r)2(3-r2):P33A=a2(3+2r)24(3-r2)24420004©1995-2005TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.:P33B1=P33B2=a2(2+r)24(3-r2)23.1.3,:QA=a-PA+rPB(14)QB=a-PB+rPA(15):PA=maxPA(a-PA+rPB)PA(16)PB=maxPB(a-PB+rPA)PB(17):PA=(a+rPB)ö2(18)PB=(a+rPA)ö2(19)::P333A=P333B=a2-r:P333A=P333B=a2(2-r)23.2A1,A2PA1,ZA1,A2ZZ31211,,A1,A2PA1,PA2,:PA=PA1+PA2,A2PA1,:PA2=maxPA2(a-(PA1+PA2)+r(PB1+PB2))PA2=maxPA(PA-PA1)(a-PA+rPB)(20)A1:PA1=maxPA1(a-(PA1+PA2)+r(PB1+PB2))PA1(21)(20)A2:PA=(a+rPB+PA1)ö2(22)(21)A1:PA1=2(a-PA+rPB)(23),B:PB=(a+rPA+PB1)ö2(24)PB1=2(a-PB+rPA)(25)Bertrand,::PNA1=PNB1=2a4-3r:PNA2=PNB2=a4-3r:PNA1=PNB1=2a2(4-3r)2544©1995-2005TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.:PNA2=PNB2=a2(4-3r)231212A,(11)(13),(24)(25)Z::PSA=a(4+3r)8-3r2B1PSB1=2a(2+r)8-3r2B2PSB2=a(2+r)8-3r2:PSA=a2(4+3r)2(8-3r2)2B1:PSB1=2a2(2+r)2(8-3r2)2B2PSB2=a2(2+r)2(8-3r2)231213,31113Z,,,Z42Cournot,,,,()Z,,,,2ZCournot,:1ûrû0.66,,(,)Zr0.66,,Z,,,,:r-0.66,,,Z,ûrû0.66,,Z2-0.66r-0.29,,(,)Z-0.66r-0.29,,,P33AFP33B1+P33B2(Freerider),,,(Prisoner’sDilemma),(,)Z6420004©1995-2005TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.3-0.29r0.29,,()Zûrû0.29,,,:P333AEP33A1+P33A2P333BEP33B1+P33B2,Z3ûrû,,(P=aö(2-r))(3),,,Z,,Z40.29rF0.66,,(,)Zr0.29,,(3)Z,,,,Z,,ZCournot,4Z4:1,Z2Z,Stackelberg5Z5Stackelberg,,,45Z,,,:PA=(a+rPB+PA1)ö2dPAödPA10,,,(Doublemarginalization)[3],Z,,(),,,,Z,,Z5,(62)744©1995-2005TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.,Z,,,,,,,,Z,,Z,!:[1]..:,1997.[2]..:,1992.[3]..,1993,13(4):7276.[4],..,1997,19(7):4851.[5],..,1996,(7):2122.[6]..,1996,(2):1718.[7],,..:,1997.(47)L,,,,L,,,L:[1]d’AspremontC.GabszewiczJ,ThisseJF.Onhotelling’sstabilityincompetition.Econometrica,1979,17:145151.[2]SalopS.MonopolisticcompetitionwithOutsideGoods.BellJournalofEconomics,1979,10:141156.[3]JeanTirole.TheTheoryofIndustryOrganization.MassachusettsInstituteofTechonolgy,1998.[4]Giasepe,Colangelo.Verticalvshorizontalintegration:pre2emptivemerging.TheJournalofIndustrialEconomics,1995,9(3):323337.[5]AlanWBeggs.MergerandMalls.TheJournalofIndustrialEconomics,1994,8(4):419428.[6],11,1997,(3):17.[7].,:,199612620004©1995-2005TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.