合并政策和税收竞争[文献翻译].doc

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1、原文：MergerPolicyandTaxCompetitionInmanysituationsgovernmentshavesector-specifictaxandregulationpoliciesattheirdisposaltoinfluencethemarketoutcomeafteranationaloraninternationalmergerhastakenplace.Wefindthatwhethernationalorinternationalmergersaremorelikelytobeenactedinthepresenceofnationallyoptim

2、altaxpoliciesdependscruciallyontheownershipstructureoffirms.Whenallfirmsareowneddomesticallyinthepremergersituation,non-cooperativetaxpoliciesaremoreefficientinthenationalmergercaseandsmallersynergyeffectsareneededforthistypeofmergertobeproposedandcleared.Theseresultsarereversedwhenthereisahighd

3、egreeofforeignfirmownershippriortothemerger.Mergershaveplayedaprominentroleoverthepastdecade,andinternationalmergeractivityhasgrownparticularlyfast.Duringtheperiod1981-1998theannualnumberofmergersandacquisitions(M&A)hasincreasedmorethanfivefoldandtheshareofcross-bordermergershasreachedmorethanon

4、equarterofthetotalbytheendofthisperiod.Thisincreaseinmergeractivityhasledtosituationswhereanationaloraninternationalmergerhavebeenindirectcompetitionwitheachother.ArecentexamplehasbeenthebiddingracefortheleadingSpanishelectricityproviderEndesa,wheretheGerman-basedE.ONcompanyinitiallycompetedwith

5、theSpanish-basedrivalGasNatural.TheSpanishauthoritiesfavoredthenationalmergerandformulatedsevereobstaclestoaninternationaltake-overbyE.ON,whichwasoneofthereasonswhyE.ONeventuallywithdrewitsbid.AdifferentapproachhasbeentakenbytheBritishgovernment,whichhasfullyliberalizeditselectricitymarketinthee

6、arly1990s.Inthisprocess,foreignelectricityproviders(amongthemE.ON)tookoveralargepartoftheBritishelectricityindustry.TheBritishgovernmentrespondedtohighprofitsinthisandotherprivatizedindustriesbyimposingaone-time,sector-specific‘windfallprofittax’in1997.Sincethen,arenewedimpositionofthistaxhasbee

7、nrepeatedlydiscussedasacomplementtotheregulationofpricesthroughtheregulationauthorityOfgem(OfficeofGasandElectricityMarkets).Thelastexampleshowsclearlythatnationalgovernmentsdisposeoveradditionalpolicyinstrumentsinanindustry