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ID:9870972
大小:57.00 KB
页数:10页
时间:2018-05-13
《合并政策和税收竞争[文献翻译]》由会员上传分享,免费在线阅读,更多相关内容在学术论文-天天文库。
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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