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題名 共同股權對於市場競爭之影響及競爭法上可能之應對
Common Ownership: Its Impact on Market Competition and Possible Response of Competition Law
作者 黃子容
Huang, Tzu-Jung
貢獻者 王立達
Wang, Li-Dar
黃子容
Huang, Tzu-Jung
關鍵詞 競爭法
公平交易法
反托拉斯
共同股權
反競爭
機構投資
管制
competition law
Fair Trade Act
antitrust
common ownership
anti-competition
institutional investors
regulatory
日期 2019
上傳時間 5-Sep-2019 16:20:16 (UTC+8)
摘要 「共同股權」係指同一相關市場水平競爭者之間存在一定比例的共同投資者，而這些投資者的交錯重疊持股恐將導致反競爭的效果。雖然早在1980年代初期，即有學者透過經濟學分析，推論出前述反競爭效果的假設。近年來，不論是經濟模式的推論，或是實證調查的研究皆陸續指出，在「共同股權」投資的情況下，將會造成市場產出（market output）減少以及價格提高的現象，並影響經營者的競爭動機。亦即，特定市場行業利潤最大化的好處會大於個別公司利潤最大化。所以共同股權股東的行為與集中投資者（即只持有該市場其中一間公司股票）不同，他們不會要求公司管理層積極競爭，甚至是以其影響力阻止競爭以提高整體行業利潤。
本研究透過經濟學之角度、降低競爭動機之可能性及影響經營者決策之可能性，肯認「共同股權」對於市場之反競爭效果。雖然反對者認為前述「共同股權」的反競爭效果是建立在對於機構投資者角色的錯誤理解、研究數據未真實反映投資市場實況及欠缺因果關係來證明該影響。惟本文認為：（一）反對論點並未區分機構投資者之類型，恐因此忽略機構投資者亦可透過管理資產經理費獲利之情形；（二）MHHI指數係為計算因「共同股權」所生之市場力量，並發現傳統HHI指數無法真實反應市場現況；及（三）對實證研究立下過高門檻，應不足採。
於確立「共同股權」對於市場之反競爭效果後，透過參酌相關學者文章及國外相關競爭法案例，本文針對當前市場競爭相關規範對於共同股權可能之應對提出四大思考面向：（一）將MHHI指數納入市場集中度之參考；（二）管制以整體產業獲利為計算基礎的薪酬結構；（三）以公平會為主要之監管機關；及（四）建立當然合法之「共同股權」類型。
我國公平交易委員會雖然並未有相關懲處案例，但並未表示未來國內不會發生「共同股權」之爭議。本文之研究重點即在於了解「共同股權」之概念，與其在實務上所產生的問題及法律爭議，並研究我國是否有「共同股權」之情形，聚焦探討其所面臨之競爭法相關議題。希望藉此提出有關法規發展方向上的淺見，以期我國競爭法能在創新與監管中取得平衡。
This study is intended to identify and address the issue of “common ownership” in the field of competition law. The point of controversy of “common ownership” is whether firms have an incentive to reduce market competition, when large investors own shares in several firms within the same horizontal market. In the early 1980s, such anti-competitive theory had been demonstrated through economic analysis, yet prompted little public concern. Until now, the theory has gained traction by the rise of passively managed index and exchange traded funds (hereinafter the “passive investors”). In fact, an increasing number of empirical researches have focused on the issue of “common ownership”. Studies find that the investment of common ownership would lead to decreasing market outputs, raising prices and affected motive of market competitors. The core of the aforementioned phenomenon is quite clear that firms maximize shareholder value, while passive investors as shareholders tend to maximize the profits of the whole industry.
This study recognizes the anti-competitive effect of “common ownership” on the basis of economic analysis and the possibilities of decreasing the motive to compete and affecting the decision of company managers. Sceptics hold that the inference is established on biased recognition of institutional investors and research statistics which failed to reveal real invest market, and that the theory is lack of causation. This study nonetheless dissent on three grounds. First, the opposition has not categorized institutional investors, thereby neglecting the fact that institutional investors might benefit from manager fee. Second, MMHI is designed for estimating the market power from “common ownership” and revealing true market status. Third, the opposition has set a threshold too high for empirical analysis. Hence, the study is convinced that the anti-competitive effect of “common ownership” is an inevitable circumstance.
This study further suggests four possible response of competition law. First, taking MHHI as the reference of market concentration. Second, regulating the compensation structure based on profits of the whole industry. Third, naming Fair Trade Commission as primary supervisory authority. Forth, establishing a per se legal category of “common ownership.”
Fair Trade Commission has yet sanctioned cases related to “common ownership,” and that no authority is well-informed with such issue. Given that “common ownership” might latently undermine market competition, this study focuses on the concept of “common ownership,” the following developments and legal issues. Taking its complexity into consideration, we might not be surprise that “common ownership” is the Gordian Knot in the field of competition law. Future studies, both theoretical and empirical, are essential to establish the applicable law for “common ownership”, which will strike a balance between innovation of the industry and the role of competition law to secure the foundation of a free economy.
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描述 碩士
國立政治大學
法律學系
104651013
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0104651013
資料類型 thesis
dc.contributor.advisor 王立達zh_TW
dc.contributor.advisor Wang, Li-Daren_US
dc.contributor.author (Authors) 黃子容zh_TW
dc.contributor.author (Authors) Huang, Tzu-Jungen_US
dc.creator (作者) 黃子容zh_TW
dc.creator (作者) Huang, Tzu-Jungen_US
dc.date (日期) 2019en_US
dc.date.accessioned 5-Sep-2019 16:20:16 (UTC+8)-
dc.date.available 5-Sep-2019 16:20:16 (UTC+8)-
dc.date.issued (上傳時間) 5-Sep-2019 16:20:16 (UTC+8)-
dc.identifier (Other Identifiers) G0104651013en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/125658-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 法律學系zh_TW
dc.description (描述) 104651013zh_TW
dc.description.abstract (摘要) 「共同股權」係指同一相關市場水平競爭者之間存在一定比例的共同投資者，而這些投資者的交錯重疊持股恐將導致反競爭的效果。雖然早在1980年代初期，即有學者透過經濟學分析，推論出前述反競爭效果的假設。近年來，不論是經濟模式的推論，或是實證調查的研究皆陸續指出，在「共同股權」投資的情況下，將會造成市場產出（market output）減少以及價格提高的現象，並影響經營者的競爭動機。亦即，特定市場行業利潤最大化的好處會大於個別公司利潤最大化。所以共同股權股東的行為與集中投資者（即只持有該市場其中一間公司股票）不同，他們不會要求公司管理層積極競爭，甚至是以其影響力阻止競爭以提高整體行業利潤。
本研究透過經濟學之角度、降低競爭動機之可能性及影響經營者決策之可能性，肯認「共同股權」對於市場之反競爭效果。雖然反對者認為前述「共同股權」的反競爭效果是建立在對於機構投資者角色的錯誤理解、研究數據未真實反映投資市場實況及欠缺因果關係來證明該影響。惟本文認為：（一）反對論點並未區分機構投資者之類型，恐因此忽略機構投資者亦可透過管理資產經理費獲利之情形；（二）MHHI指數係為計算因「共同股權」所生之市場力量，並發現傳統HHI指數無法真實反應市場現況；及（三）對實證研究立下過高門檻，應不足採。
於確立「共同股權」對於市場之反競爭效果後，透過參酌相關學者文章及國外相關競爭法案例，本文針對當前市場競爭相關規範對於共同股權可能之應對提出四大思考面向：（一）將MHHI指數納入市場集中度之參考；（二）管制以整體產業獲利為計算基礎的薪酬結構；（三）以公平會為主要之監管機關；及（四）建立當然合法之「共同股權」類型。
我國公平交易委員會雖然並未有相關懲處案例，但並未表示未來國內不會發生「共同股權」之爭議。本文之研究重點即在於了解「共同股權」之概念，與其在實務上所產生的問題及法律爭議，並研究我國是否有「共同股權」之情形，聚焦探討其所面臨之競爭法相關議題。希望藉此提出有關法規發展方向上的淺見，以期我國競爭法能在創新與監管中取得平衡。		zh_TW
dc.description.abstract (摘要) This study is intended to identify and address the issue of “common ownership” in the field of competition law. The point of controversy of “common ownership” is whether firms have an incentive to reduce market competition, when large investors own shares in several firms within the same horizontal market. In the early 1980s, such anti-competitive theory had been demonstrated through economic analysis, yet prompted little public concern. Until now, the theory has gained traction by the rise of passively managed index and exchange traded funds (hereinafter the “passive investors”). In fact, an increasing number of empirical researches have focused on the issue of “common ownership”. Studies find that the investment of common ownership would lead to decreasing market outputs, raising prices and affected motive of market competitors. The core of the aforementioned phenomenon is quite clear that firms maximize shareholder value, while passive investors as shareholders tend to maximize the profits of the whole industry.
This study recognizes the anti-competitive effect of “common ownership” on the basis of economic analysis and the possibilities of decreasing the motive to compete and affecting the decision of company managers. Sceptics hold that the inference is established on biased recognition of institutional investors and research statistics which failed to reveal real invest market, and that the theory is lack of causation. This study nonetheless dissent on three grounds. First, the opposition has not categorized institutional investors, thereby neglecting the fact that institutional investors might benefit from manager fee. Second, MMHI is designed for estimating the market power from “common ownership” and revealing true market status. Third, the opposition has set a threshold too high for empirical analysis. Hence, the study is convinced that the anti-competitive effect of “common ownership” is an inevitable circumstance.
This study further suggests four possible response of competition law. First, taking MHHI as the reference of market concentration. Second, regulating the compensation structure based on profits of the whole industry. Third, naming Fair Trade Commission as primary supervisory authority. Forth, establishing a per se legal category of “common ownership.”
Fair Trade Commission has yet sanctioned cases related to “common ownership,” and that no authority is well-informed with such issue. Given that “common ownership” might latently undermine market competition, this study focuses on the concept of “common ownership,” the following developments and legal issues. Taking its complexity into consideration, we might not be surprise that “common ownership” is the Gordian Knot in the field of competition law. Future studies, both theoretical and empirical, are essential to establish the applicable law for “common ownership”, which will strike a balance between innovation of the industry and the role of competition law to secure the foundation of a free economy.		en_US
dc.description.tableofcontents 1. 緒論 1
1.1 研究動機 1
1.2 研究目的與問題意識 2
1.2.1 機構投資人範圍界定 3
1.2.2 水平市場類型界定：寡占與非寡占市場 6
1.2.3 小結 6
1.3 研究方法與論文架構 7
1.3.1 研究方法 7
1.3.1.1 文獻分析法（literature review） 7
1.3.1.2 比較研究法（comparative research） 7
1.3.2 論文架構 8
2. 共同股權是否具有限制競爭效果之分析 9
2.1 共同股權的發展概況 9
2.2 共同股權對於競爭市場的影響 13
2.2.1 以經濟學角度分析：修正赫氏指數（MODIFIED HHI）模型 14
2.2.2 共同股權降低競爭動機之可能性 17
2.2.3 共同股權股東影響經營者決策之可能性 18
2.3 共同股權可能造成的反競爭影響：單方與共同效果 19
2.3.1 單方效果 20
2.3.2 共同效果 20
2.4 反對監管共同股權之意見 21
2.4.1 誤解機構投資者於市場中之角色 21
2.4.2 研究數據並未真實呈現出投資市場之實況 23
2.4.3 欠缺因果關係證明「共同股權」對市場競爭之影響 25
3. 共同股權是否構成反競爭行為之比較法研究 26
3.1 美國之概況 26
3.1.1 美國競爭法體系 26
3.1.1.1 聯合行為之規範 27
3.1.1.1.1 限制交易協定之分類與判斷 28
3.1.1.1.2 水平與垂直聯合行為 29
3.1.1.2 濫用獨占地位之規範 31
3.1.1.3 事業結合之規範 32
3.1.1.3.1 結合申報之申報 33
3.1.1.3.2 事業結合之申報 33
3.1.2 美國產業界共同股權發展之現況 34
3.1.3 美國對於共同股權之規範態度 37
3.2 歐盟之概況 39
3.2.1 歐盟競爭法體系 39
3.2.1.1 反競爭協議（TFEU第101條） 39
3.2.1.1.1 認定違反的構成要件 41
3.2.1.1.2 違反構成要件之例外 41
3.2.1.1.3 寬恕政策之運作模式 42
3.2.1.2 濫用支配地位（TFEU第102條） 42
3.2.1.2.1 支配地位之判斷 43
3.2.1.2.2 濫用行為之判斷 43
3.2.1.3 歐洲共同體事業結合管制規則 44
3.2.2 歐盟產業界共同股權發展之現況 46
3.2.3 歐盟對於共同股權之規範態度 49
3.2.3.1 歐盟Dow/DuPont案之分析 50
3.2.3.2 歐盟Bayer/Monsanto案之分析 53
3.2.3.3 小結 55
3.3 與我國現況比較 56
4. 共同股權與競爭法既有規範對象之比較 58
4.1 共同股權與聯合行為之比較 58
4.1.1 聯合行為之定義 58
4.1.2 共同股權無法完全落入聯合行為規範範圍 60
4.2 共同股權與事業結合之比較 62
4.2.1 事業結合定義 62
4.2.2 共同股權無法完全落入事業結合規範範圍 63
4.3 共同股權所投資事業間行為與共同獨占行為之比較 65
4.3.1 共同獨占行為之定義 66
4.3.1.1 歐盟共同獨占概念之發展 66
4.3.1.1.1 共同地位的存在 67
4.3.1.1.2 濫用市場力量之情形 68
4.3.1.2 我國共同獨占概念之發展 70
4.3.2 以共同獨占規範為競爭管制共同股權所投資事業間行為灰色地帶之解套 72
4.4 小結 73
5. 當前市場競爭相關規範對於共同股權可能之應對 74
5.1 共同股權監管之必要性 74
5.2 共同股權應如何納入我國競爭相關規範 77
5.2.1 將MHHI指數納入市場集中度之參考 78
5.2.2 管制以整體產業獲利為計算基礎的薪酬結構 79
5.2.2.1 促進行為之介紹 79
5.2.2.2 寡占市場中之促進行為 81
5.2.2.3 管制以整體產業獲利為計算基礎的薪酬結構 82
5.2.3 以公平會為主要之監管機關 83
5.2.4 建立當然合法的共同股權類型 86
6. 結論 87
參考資料 89		zh_TW
dc.format.extent 3339133 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0104651013en_US
dc.subject (關鍵詞) 競爭法zh_TW
dc.subject (關鍵詞) 公平交易法zh_TW
dc.subject (關鍵詞) 反托拉斯zh_TW
dc.subject (關鍵詞) 共同股權zh_TW
dc.subject (關鍵詞) 反競爭zh_TW
dc.subject (關鍵詞) 機構投資zh_TW
dc.subject (關鍵詞) 管制zh_TW
dc.subject (關鍵詞) competition lawen_US
dc.subject (關鍵詞) Fair Trade Acten_US
dc.subject (關鍵詞) antitrusten_US
dc.subject (關鍵詞) common ownershipen_US
dc.subject (關鍵詞) anti-competitionen_US
dc.subject (關鍵詞) institutional investorsen_US
dc.subject (關鍵詞) regulatoryen_US
dc.title (題名) 共同股權對於市場競爭之影響及競爭法上可能之應對zh_TW
dc.title (題名) Common Ownership: Its Impact on Market Competition and Possible Response of Competition Lawen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 一、 中文文獻
(一) 專書
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dc.identifier.doi (DOI) 10.6814/NCCU201901107en_US