公平交易法水平結合規範之研究 -UPPI、CPPI 及 DEA 之運用

Research on Horizontal Merger Regulation under the Fair Trade Act：Application of UPPI, CPPI and DEA

許淑幸(Shu-Hsin Hsu)

指導教授 ： 陳顯武

共同指導教授 ： 黃銘傑

國立臺灣大學/社會科學院/國家發展研究所/碩士(2018年)

https://doi.org/10.6342/NTU201804183

摘要

依據公平交易法規範意涵，若事業結合導致競爭效益減損、甚至造成事業壟斷或獨占，可能將危害市場的自由與公平競爭，是以，我國自民國81 年施行公平交易法以來，即賦予公平交易委員會(以下簡稱公平會)對於一定規模事業結合案件應予妥適監督與審核之責任。依公平交易法第13 條規定：「對於事業結合之申報，如其結合，對整體經濟利益大於限制競爭之不利益者，主管機關不得禁止其結合。」意即，事業依規定申報結合後，公平會是否提出異議禁止其結合或以條件或負擔的附加為前提，同意其結合，係依照該法第13 條第1項「整體經濟利益大於限制競爭之不利益」之實體要件所為評價的結果。本文以水平結合為限，擇選過去公平會審理事業結合之二案例，參考各國執法經驗及相關文獻，選定GUPPI＆UPPI、CPPI 及DEA 等經濟分析模型加以實證檢測。觀察檢測結果是否與之前未使用經濟分析模型時相同，且探究結果相同或不同時隱含的啟示與意義，以提供公平會未來執法參考。經運用經濟分析模型實證檢測結果發現：(1)在「燁聯與唐榮公司結合案」中，在單方效果方面，實證檢測結果與公平會所公布結合決定書所載內容相符，共同效果方面，實證檢測結果與公平會所公布結合決定書所載內容略有不同，而在經濟效率方面，實證檢測結果與公平會所公布結合決定書所載經濟效率內容方向一致。(2)在「日月光與矽品公司不禁止結合案」中，除了在共同效果方面，實證檢測結果與公平會之分析內容有些微差距外，在單方效果及經濟效率方面，實證檢測結果與公平會所分析內容相符。本文所使用的經濟分析模型，確屬方便有效之方法，建議主管機關公平會進行事業結合審查時，可適時運用作為執法參考。

關鍵字

公平交易法 ； 結合 ； 單方效果 ； 共同效果 ； 經濟效率

並列摘要

Abstract
According to the legislative implications of the Fair Trade Act, if the merger results in the loss of competitive benefits, or even causing monopoly, it may endanger the free and fair competition of the market. Therefore, the Fair Trade Commission (FTC) has been given the responsibility of properly supervising and reviewing the merger of business over a certain business scale since the Fair Trade Act was enacted. Pursuant to Article 13 of the Fair Trade Act, “The competent authority may not prohibit any of mergers filed if the overall economic benefit of the merger outweighs the disadvantages resulted from competition restraint.” FTC may impose conditions or undertakings in any of the decisions, which is the result of the evaluation of entity requirements as mentioned in Article 13 (1) of the Act, “The overall economic benefit of the merger outweighs the disadvantages resulted from competition restraint.” This article is limited to the horizontal merger, hence, we select two cases of which the FTC handled in the past and referring to another countries enforcement experiences and related literature. We put GUPPI & UPPI, CPPI and DEA economic analysis models for empirical testing while observing whether the test results are the same as when the economic analysis method, which was not used before. In addition to that, we further explore the implications and meanings implied by the same or different results to provide a reference for FTC. After using the economic analysis model to test the results, the main findings are: (1) In the case of "the merger of Yulian and Tang Rong Companies", the results of the empirical test results and the FTC announcement in the unilateral effects are able to match. In terms of coordinated effects, the empirical test results are slightly different from the competition analysis of FTC. In terms of economic efficiency, the empirical test results are consistent with the direction of economic efficiency contained in the FTC decision. (2) In the case of "the merger of ASE and SPIL Companies", besides the coordinated effects, the empirical test results are slightly different from the competition analysis of FTC. In terms of unilateral effects and economic efficiency, empirical test results conform to the analysis of the FTC. The economic analysis model used in this paper is a convenient and effective method. It is recommended that when FTC conducts a business merger review , the economic analysis model can be used as a reference for law enforcement.

並列關鍵字

Fair Trade Act ； merger ； unilateral effects ； coordinated effects ； economic efficiency

參考文獻

1.Moresi, Serge, Reitman, David, Salop, Steven C. & Sarafidis, Yianis (2015), “cGUPPI: Scoring Incentives to Engage in Parallel Accommodating Conduct,” working paper, Georgetown Law Faculty Publications.

6.Halkos, George E., Matousek, Roman & Tzeremes, Nickolaos G. (2016), “Pre-Evaluating Technical Efficiency Gains from Possible Mergers and Acquisitions: Evidence from Japanese Regional Banks,”Review of Quantitative Finance and Accounting46(1).

13.Zschille, Michael(2015), “Consolidating the Water Industry: an Analysis of the Potential Gains from Horizontal Integration in A Conditional Efficiency Framework,” Journal of Productivity Analysis44 (1).

2.美國聯邦貿易委員會（FTC）網站 http//www.ftc.gov/2018/04/02 檢索。

參考文獻