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文章研究中国能源行业的纵向一体化状况,以能源企业的纵向并购为例运用Logit模型分析了能源企业选择纵向一体化方式时考虑的因素。研究结果表明,策略效应和交易成本对能源企业采用纵向一体化的意愿影响较大,生产成本和不确定性的影响较小。
This paper studies the vertical integration of China’s energy industry and takes the longitudinal mergers and acquisitions of energy enterprises as an example. The Logit model is used to analyze the factors that energy companies consider when they choose vertical integration. The results show that the strategic effect and transaction cost have great influence on the willingness of vertical integration of energy enterprises, and the impact of production cost and uncertainty is relatively small.