企业横向兼并是提高产业集中度、实现规模经济的重要途径。本文运用Stackelberg博弈为基本模型框架,以社会福利最大化为基本目标,提出只有追随企业兼并而且成为领导企业才是有利于社会福利最大化的兼并。以全国钢铁产业整合为例,希望能为规制者的决策提供参考。 Horizontal merger of enterprises is to improve industrial concentration, an important way to achieve economies of scale. This paper uses the Stackelberg game as the basic model framework and takes the maximization of social welfare as its basic goal. It argues that it is the merger which is conducive to maximizing social welfare by pursuing the merger of enterprises and becoming the leading enterprise. Taking the integration of the national steel industry as an example, I hope to provide a reference for the regulator’s decision-making.