牛津经济研究院-如何衡量海外并购对英国电子游戏行业的影响（英）-2023-89页_792kb

Executive Summary

This report examines the feasibility of measuring the economic impact of overseas mergers and acquisitions (M&A) on the UK video games industry. It identifies 118 transactions involving UK-based video games development studios acquired by overseas entities between 1993 and 2022. USA-based companies accounted for 49% of these acquisitions, followed by China (14%) and Sweden (10%). Deal volume and value peaked in 2020 and 2021, with the majority of buyers being games publishers (56%).

The report proposes methodologies, including event studies and accounting-based approaches, but finds that an econometric approach using longitudinal data from Companies House and the GIC UK video games database is the most promising. Potential impacts include both positive outcomes (e.g., improved capital access) and negative effects (e.g., loss of creative autonomy). Four potential market failures are identified: reduced innovation, overseas profit transfers, value-reducing M&A, and relocation of production and intangibles. These may necessitate future policy interventions.

Key Findings

1. M&A Trends:

   • 118 overseas M&A transactions involving UK studios between 1993 and 2022.
   • USA was the largest acquirer, followed by China and Sweden.
   • Transaction volume and value increased from 2018, peaking in 2020–2021.

2. Drivers of M&A:

   • Acquisition of intellectual property and top-tier talent.
   • Access to established player bases and technology.

3. Positive Impacts:

   • Improved access to capital and distribution.
   • Enhanced productivity and revenue growth for target firms.

4. Negative Impacts:

   • Loss of creative autonomy and reduced innovation.
   • Overseas transfer of profits and relocation of production.

5. Market Failures:

   • Reduced innovative activity.
   • Value-reducing M&As due to dis-synergies.
   • Overseas profit transfers and relocation of intangibles.

Recommended Approach

• Use an econometric method to measure financial performance metrics (e.g., profitability, revenue growth) by comparing acquired firms with a control group.
• Utilize Companies House data and GIC’s UK video games database.
• Explore qualitative research to supplement quantitative analysis.

Policy Considerations

The study suggests that if overseas M&As negatively impact social welfare or create market failures, policymakers should consider interventions to mitigate these effects. Questions for future research include quantifying market failures and assessing the impact of such M&As on innovation.