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題名 Misallocations and policy constraints on mergers in the modern manufacturing sector
作者 Lee, Wen-Chieh;Wang, Shinn-Shyr
李文傑;王信實
貢獻者 經濟學系
日期 2017
上傳時間 20-Jul-2017 15:27:57 (UTC+8)
摘要 Resource misallocation has resulted in differences in inter-economy total factor productivity (TFP). However, the factors driving different levels of resource misallocation still need to be investigated. This paper argues that firm exits through mergers can be an important source of change in the level of resource misallocation. Traditional policy regulations for the key manufacturing sectors are based on either the four-firm concentration ratio (CR4) or the Herfindahl–Hirschman Index (HHI), which measure the market concentration. This paper takes a different approach. It first deduces the optimal input allocation by measuring aggregate resource misallocation; this approach allows us to identify productivity-improving merger events and complements the market concentration indexes, which have traditionally been the focus of attention. We then construct a unique dataset in the TFT-LCD industry to analyze the change in productivity resulting from the merger between two major TFT-LCD producers, Chimei and Innolux, in the first quarter of 2010. The proposed and actual team of Chimei and Innolux record a remarkable efficiency jump by achieving optimal input allocation immediately after this merger. We further interpret this scenario as a firm that is smaller and more efficient pre-merger, acquiring a larger weaker producer in a prominent IT manufacturing sector. © 2017
關聯 Journal of Macroeconomics, 52, 268-286
資料類型 article
DOI http://dx.doi.org/10.1016/j.jmacro.2017.04.002
dc.contributor 經濟學系
dc.creator (作者) Lee, Wen-Chieh;Wang, Shinn-Shyren-US
dc.creator (作者) 李文傑;王信實zh-tw
dc.date (日期) 2017
dc.date.accessioned 20-Jul-2017 15:27:57 (UTC+8)-
dc.date.available 20-Jul-2017 15:27:57 (UTC+8)-
dc.date.issued (上傳時間) 20-Jul-2017 15:27:57 (UTC+8)-
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/111268-
dc.description.abstract (摘要) Resource misallocation has resulted in differences in inter-economy total factor productivity (TFP). However, the factors driving different levels of resource misallocation still need to be investigated. This paper argues that firm exits through mergers can be an important source of change in the level of resource misallocation. Traditional policy regulations for the key manufacturing sectors are based on either the four-firm concentration ratio (CR4) or the Herfindahl–Hirschman Index (HHI), which measure the market concentration. This paper takes a different approach. It first deduces the optimal input allocation by measuring aggregate resource misallocation; this approach allows us to identify productivity-improving merger events and complements the market concentration indexes, which have traditionally been the focus of attention. We then construct a unique dataset in the TFT-LCD industry to analyze the change in productivity resulting from the merger between two major TFT-LCD producers, Chimei and Innolux, in the first quarter of 2010. The proposed and actual team of Chimei and Innolux record a remarkable efficiency jump by achieving optimal input allocation immediately after this merger. We further interpret this scenario as a firm that is smaller and more efficient pre-merger, acquiring a larger weaker producer in a prominent IT manufacturing sector. © 2017
dc.format.extent 110 bytes-
dc.format.mimetype text/html-
dc.relation (關聯) Journal of Macroeconomics, 52, 268-286
dc.title (題名) Misallocations and policy constraints on mergers in the modern manufacturing sectoren-US
dc.type (資料類型) article
dc.identifier.doi (DOI) 10.1016/j.jmacro.2017.04.002
dc.doi.uri (DOI) http://dx.doi.org/10.1016/j.jmacro.2017.04.002