公平交易法結合管制與其績效之實證分析

Abstract

企業間結合行為，可能藉由規模經濟或範疇經濟提升經營效能，也可能導致市場結構丕變，甚至造成市場遭少數大企業獨占或聯合壟斷，導致競爭效益的減損。為維護市場競爭之自由與公平，依據我國公平交易法規定，應由行政院公平會對一定規模之廠商結合案件進行審核，俟該會許可或不異議之後，企業始能進行結合。 為檢視企業依據公平交易法規定結合後，其經營績效的變化及長短期效果，本文利用該會81至95年間許可或不禁止結合案件資料，篩選5種產業廠商進行實證研究，實證結果主要發現：(1)長期而言，廠商結合後可提高其在營業毛利率、股東權益報酬率及總資產報酬率等績效指標表現。(2)市場力高低將影響廠商結合後的績效水準，當廠商結合後的市場占有率愈高，其績效報酬率也愈高。(3)產業別對於廠商績效影響相當重要，具有強烈獨占或寡占特質的傳播及節目播送業、電信業等產業，結合後常有較高的績效水準，而近年競爭較為激烈之金融中介業，其在股東權益報酬率與總資產報酬率等之經營績效相對較低。

Mergers may improve enterprises’ performance through economies of scale or economies of scope. However, merger may cause the rearrangement of market structure, result in monopolies or facilitate concerted actions in relevant markets, thus reduce competition as well. According the Fair Trade Act, to maintain free and fair competition, any merger which acrosses specific threshold should be submitted to the Fair Trade Commission (FTC) for review in advance. Enterprises shall not proceed to merge until the FTC approves it or not to block it. Using a research sample of mergers of 5 industries approved by the FTC between 1992 and 2006, this study examines the post-merger operating performances and their short-term and long-term effects of the merging parties. The results include: (1) In the long run, the post-merger enterprises may improve the performance of rate of gross profit, ROE and ROA. (2) The level of market power may influence the post-merger performance. With the higher market power, the firm may obtain higher rate of return. (3) Industry-type plays an important role in enterprises’ performance. Industries with monopolistic or oligopolistic market structure, such as broadcasting and programming or telecommunications, usually have better operating performances. Meanwhile, financial intermediations which compete vigorously the last few years have lower ROE and ROA.