垂直結合效率、市場封鎖不利益、結合類型對競爭效果之影響

The Influences of Vertical Combination Efficiencies, Disadvantages of Market Foreclosure, Combinative Categories on Competitive Effects

10.6378/JTM.200803.0041

施錦村(Chin-Tsun Shih)

垂直結合 ； 垂直結合效率 ； 市場封鎖不利益 ； 競爭效果 ； vertical combination ； vertical combinative efficiencies ； disadvantages of market foreclosure ； competitive effects

科技管理學刊

13卷1期（2008 / 03 / 01）

41 - 66

繁體中文

企業垂直結合雖可提升垂直結合效率，達到維持競爭優勢之目的，但對特定市場亦有產生市場封鎖不利益，減損競爭效能之虞。如何平衡這二種因素，以產生競爭效果，現有結合文獻僅有少許理論性探討，尚未發現有實證驗證者。因此本研究仍以台灣公平會1992年至2006年所審理的垂直結合個案作為樣本，經由內容分析法及SEM等分析方法進行驗證，結果顯示，垂直結合效率與競爭效果間之正向結構係數大於市場封鎖不利益與競爭效果間之負向結構係數；在法律類型上，競爭效果高低依序為「收購」、「合併及控制」、「委託」，其中除「合併」與「控制」未達顯著水準外，其餘達到顯著水準；另外，同業間垂直結合競爭效果高於跨業間垂直結合。這些結果與既有的理論文獻相符合，一方面可使這些理論文獻得到驗證，對垂直結合策略之實務運用亦有幫助。

It is true that the vertical combination of enterprises can enhance the vertical combination efficiencies, to achieve the goal of sustaining competitive advantages. At the same time, it may produce disadvantages of market foreclosure to reduce competitive efficiencies on the specify market. How to balance the two forces to get competitive effects, excepting a little theoretical exploration, these have not been examined in any empirical study previously. Thus, using a research sample of the cases of vertical combination from Taiwan Fair Trade Commission between 1992 and 2006, this study conduced by a content analysis and SEM etc. analytical methods to validate the data. The results confirm a positive structural coefficient between vertical combination efficiencies and competitive effects is more than a negative structural coefficient between disadvantages of market foreclosure and competitive effects, the competitive effect of law's categories from high to low is ”acquisition”, ”merger and control”, ”trust” and excepting between merger and control does not reach significantly, the others reach significant level. The competitive effect of the same industry is more than cross-industry does. These results correspond with existent theoretical documents and those can be used to validate, may also help vertical combination strategies usefulness of a practice.

1. Andrade, G.,Mitchell, M.,Stafford, E.(2001).New Evidence and perspective on Mergers.Journal of Economic Perspectives,15,103-120.
2. Avkiran, N. K.(1999).The Evidence on Efficiency Gain: The Role and Benefit to the Public.Journal of Banking and Finance,23,991-1013.
3. Bagozzi, R. P.,Yi, Y.(1988).On the Evaluation of Structural Equation Models.Academic of Marketing Science,16,76-94.
4. Barney, J. B.(2003).Gaining and Sustaining Competitive Advantage.Englewood Cliffs, NJ:Prentice-Hall.
5. Bentler, P. M.,Chou, C. P.(1987).Practical Issues in Structural Modeling.Sociological Methods and Research,16,78-117.
6. Berger, P. G..,Ofek, E.(1995).Diversification`s effect on firm value.Journal of Financial Economics,37,39-65.
7. Bollen, K.A.(1989).Structural Equations with Latent Variable.New York:Wiley.
8. Campbell, D. T.,Fiske, D. W.(1959).Convergent and Discriminant Validation by the Multitrait-Multimethod Matrix.Psychological Bulletin,56,81-105.
9. Chatterjee, S.(1991).Types of Synergy and Economic Value: The Impact of Acquisition on Merging and Rival Firm.Strategic Management Journal,7(2),119-139.
10. Chen, Y.(2001).On vertical merger and their competitive effects.The Rand Journal of Economics,32(4),667-685.
11. Coscelli, A.(2001).A Need for a Substantial Tightening of Merger Control? Comment on Tichy.Journal of Industry, Competition and Trade,1(4),423-430.
12. Daley, L.,Mehrotra, V.,Sivakumar, R.(1997).Corporate focus and value creation: Evidence from spin-offs.Journal of Financial Economics,45,257-281.
13. Davis, R.,Duhaime, I. M.(1992).Diversification, Vertical Integrated, and Industry nalysis: New Perspectives and Measurement.Strategic Management Journal,13(1),511-524.
14. Fan, J. P. H.,Goyal, V. K.(2006).On the Patterns and Wealth Effects of Vertical Merger.The Journal of Business,79(2),877-902.
15. Fisher, A. A.,Sciacca, R.(1984).An Economic Analysis Economics of Vertical Merger Enforcement Policy.Research in Law and Economics,6,11-12.
16. Hair, J. F.,Anderson, R. E.,Tatham, R. L.,Black, W. C.(1998).Multivariate data Analysis.London:Prentice Hall International.
17. Harrigan, K. R.(1984).Formulating Vertical Integration Strategies.Academy of Management,9(4),638-652.
18. Healy, P.,Palepu,G.,Ruback, R. S.(1992).Does Corporate Performance Improve after Mergers.Journal of Financial Economics,31,135-175.
19. Hill, C. W. L.,Jones, G. R.(2004).Strategy Management Theory: An Integrated Approach.Boston:Houghton Mifflin Co..
20. Ho, C. H.(2007).Identifying Stakeholders` Position through Value Creation System.The Business Review,7(1),254-262.
21. Hoelter, J. W.(1983).The analysis of covariance structures: Goodness-of-fit indices.Sociological Methods and Research,16,325-344.
22. Jöreskog, K. G.,Sörbom, D.(1993).LISREL 8: Structural equation modeling with the SIMPLIS command language.Chicago:Scientific Software International.
23. Kassarjian, H. H.,Kassarjian, W. M.(1988).The Impact of Regulation on Advertising: A Content Analysis.Journal of Consumer policy,11,269-285.
24. Lang, L. H. P.,Stulz, R. M.(1994).Tobin`s q, Corporate Diversification, and Firm Performance.Journal of Political Economy,102,1248-1280.
25. Lindsay, A.(2003).The EC Merger Regulation Substantive Issue.London:Sweet & Maxwell.
26. Martin, S.(1993).Advanced Industrial Economics.Oxford:Blackwell Publishers Ltd.
27. Morse, M.H.(1998).Vertical Merger: Recent Learning.The Business Lawyer,53(1),1217-1248.
28. Mpoyi, R. T.(2003).Vertical Integrated: Strategic Characteristics and Competitive Implications.Competitiveness Review,13(1),44-55.
29. Salop, S. C.,Scheffman, D. T.(1987).Cost-Raising Strategies.Journal of Industrial Economics,36,19-34.
30. Scherer, F. M.,Ross, D.(1990).Industrial Market Structural and Economics.Boston:Houghton Mifflin Co..
31. Shapiro, C.(2003).Antirust Limits to Patent Pool.The Rand Journal of Economics,34(2),35-55.
32. Verloop, P.,Landes, V.(2003).Merger Control in Europe.London:Kluwer Law International.
33. Weber, R. P.(1985).Basic Content Analysis.Calif.:Sage.
34. Weston, J. F.,Siu, J. A.,Johnson, B. A.(2001).Takeovers, Restructuring, and Corporate Governance.Singapore:Pearson Prentice Hall.
35. Williamson, O.E.(1968).Economic and Antitrust Defense: The Welfare Trade-off.American Economic Review,5(March),18-36.
36. 行政院公平交易委員會(2004)。認識公平交易法增訂。台北:行政院公平交易委員會。
37. 何之邁、廖義男編(2003)。公平交易法之註釋研究系列（一）。台北:行政院公平交易委員會。
38. 吳萬益(2005)。企業研究方法。台北:華泰文化公司。
39. 施錦村(2001)。我國IC產業與其相關市場競爭行為之研究－以事業結合為例。第八屆競爭政策與公平交易法學術研討會
40. 黃營杉、施錦村(2004)。結合類型、結合門檻、行業別對公平會審理企業結合申請時間效率影響之研究。產業管理學報，5(2)，235-258。
41. 劉孔中(1998)。論結合管制之理論與實務。公平交易季刊，6(2)，1-38。