Partial Ownership of Competitive Enterprises,De-capacity Policy and Distortional Overcharge on Coal in China
We investigate the impact of de-capacity policy on coal prices from the perspective of partial ownership among competitors.The de-capacity policy is divided into mergers and acquisitions(M&A)and capacity restrictions.M&A have a significant positive effect on coal prices,and capacity restrictions strengthen it.After interacting M&A with partial ownership,it is found that the superposition of the two has a significant positive effect on coal prices.Mechanism analysis shows M&A have increased market power as a whole,and the role of coal enterprises with partial ownership is more obvious.We suggest that fair competition review should be used to restore the coal market competition mechanism so as to reduce the distortional overcharge on coal.
distortional overcharge on coalpartial ownershipM&A
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