산업단위 M&A집약도와 산업성과간의 시차효과분석 - Dynamic Panel GMM 기법을 이용하여-

초록

This paper empirically tests how M&A intensities affect industry-wise performances as measured by industry GDPs and productivities. For this purpose, Arellano-Bond type of dynamic panel GMM is introduced and it can effectively model the lag effect of M&As. M&A intensities represent the level of M&A frequency as dividing total M&As by the number of firms by industries. Alternatively speaking, the paper is to scrutinize if industry GDPd increase as M&As frequently happen in industries. According to the main results, the M&A intensities have positive and significant effects on the performance measures and the lag effects last for previous two years while one-year ahead(p=1) M&A intensities have the impacts. Henceforth, one can conclude that the gains from M&As outweigh the loss of consumer welfare as Korean economy is considered as a whole. However, the empirical results of the paper must be carefully interpreted because the impact of M&As on the industry-wise performance is analyzed not by the scale of M&As but by the frequency M&As.

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