合并政策和税收竞争[文献翻译]

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1、原文：MergerPolicyandTaxCompetitionInmanysituationsgovernmentshavesector-specifictaxandregulationpoliciesattheirdisposaltoinfluencethemarketoutcomeafteranationaloraninternationalmergerhastakenplace.Wefindthatwhethernationalorinternationalmergersaremorelikelytob

2、eenactedinthepresenceofnationallyoptimaltaxpoliciesdependscruciallyontheownershipstructureoffirms.Whenallfirmsareowneddomesticallyinthepremergersituation,non-cooperativetaxpoliciesaremoreefficientinthenationalmergercaseandsmallersynergyeffectsareneededforthi

3、stypeofmergertobeproposedandcleared.Theseresultsarereversedwhenthereisahighdegreeofforeignfirmownershippriortothemerger.Mergershaveplayedaprominentroleoverthepastdecade,andinternationalmergeractivityhasgrownparticularlyfast.Duringtheperiod1981-1998theannualn

4、umberofmergersandacquisitions(M&A)hasincreasedmorethanfivefoldandtheshareofcross-bordermergershasreachedmorethanonequarterofthetotalbytheendofthisperiod.Thisincreaseinmergeractivityhasledtosituationswhereanationaloraninternationalmergerhavebeenindirectcompet

5、itionwitheachother.ArecentexamplehasbeenthebiddingracefortheleadingSpanishelectricityproviderEndesa,wheretheGerman-basedE.ONcompanyinitiallycompetedwiththeSpanish-basedrivalGasNatural.TheSpanishauthoritiesfavoredthenationalmergerandformulatedsevereobstaclest

6、oaninternationaltake-overbyE.ON,whichwasoneofthereasonswhyE.ONeventuallywithdrewitsbid.AdifferentapproachhasbeentakenbytheBritishgovernment,whichhasfullyliberalizeditselectricitymarketintheearly1990s.Inthisprocess,foreignelectricityproviders(amongthemE.ON)to

7、okoveralargepartoftheBritishelectricityindustry.TheBritishgovernmentrespondedtohighprofitsinthisandotherprivatizedindustriesbyimposingaone-time,sector-specific‘windfallprofittax’in1997.Sincethen,arenewedimpositionofthistaxhasbeenrepeatedlydiscussedasacomplem

8、enttotheregulationofpricesthroughtheregulationauthorityOfgem(OfficeofGasandElectricityMarkets).Thelastexampleshowsclearlythatnationalgovernmentsdisposeoveradditionalpolicyinstrumentsinanindustry