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1、原文:MergerPolicyandTaxCompetitionInmanysituationsgovernmentshavesector-specifictaxandregulationpoliciesattheirdisposaltoinfluencethemarketoutcomeafteranationaloraninternationalmergerhastakenplace.Wefindthatwhethernationalorinternationalmergersaremorelikelytobeenactedinthepresenceofnationallyoptimal
2、taxpoliciesdependscruciallyontheownershipstructureoffirms.Whenallfirmsareowneddomesticallyinthepremergersituation,non-cooperativetaxpoliciesaremoreefficientinthenationalmergercaseandsmallersynergyeffectsareneededforthistypeofmergertobeproposedandcleared.Theseresultsarereversedwhenthereisahighdegre
3、eofforeignfirmownershippriortothemerger.Mergershaveplayedaprominentroleoverthepastdecade,andinternationalmergeractivityhasgrownparticularlyfast.Duringtheperiod1981-1998theannualnumberofmergersandacquisitions(M&A)hasincreasedmorethanfivefoldandtheshareofcross-bordermergershasreachedmorethanonequart
4、erofthetotalbytheendofthisperiod.Thisincreaseinmergeractivityhasledtosituationswhereanationaloraninternationalmergerhavebeenindirectcompetitionwitheachother.ArecentexamplehasbeenthebiddingracefortheleadingSpanishelectricityproviderEndesa,wheretheGerman-basedE.ONcompanyinitiallycompetedwiththeSpani
5、sh-basedrivalGasNatural.TheSpanishauthoritiesfavoredthenationalmergerandformulatedsevereobstaclestoaninternationaltake-overbyE.ON,whichwasoneofthereasonswhyE.ONeventuallywithdrewitsbid.AdifferentapproachhasbeentakenbytheBritishgovernment,whichhasfullyliberalizeditselectricitymarketintheearly1990s.
6、Inthisprocess,foreignelectricityproviders(amongthemE.ON)tookoveralargepartoftheBritishelectricityindustry.TheBritishgovernmentrespondedtohighprofitsinthisandotherprivatizedindustriesbyimposingaone-time,sector-specific‘windfallprofittax’in1997.Sincethen,arenewedimpositionofthistaxhasbeenrepeatedlyd
7、iscussedasacomplementtotheregulationofpricesthroughtheregulationauthorityOfgem(OfficeofGasandElectricityMarkets).Thelastexampleshowsclearlythatnationalgovernmentsdisposeoveradditionalpolicyinstrumentsinanindustry
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