竞争企业间共同所有权对市场竞争和消费者福利的影响

The Impact of Co-ownership Among Competing Enterprises on Market Competition and Consumer Welfare,

企业间共同所有权是解释当前上游巨头企业连续实行涨价而下游企业被动接受的一个新视角。构建一个包含共同所有权结构的斯塔克尔伯格竞争模型,以此来说明竞争企业间存在共同所有权对市场竞争以及消费者福利产生的影响。结果表明,机构投资者同时持有竞争企业的部分所有权会削弱企业的竞争动机,并且随着竞争企业间共同所有权比例的提高,消费者福利损失逐渐增大。通过对陶瓷电容巨头企业涨价的案例分析,发现陶瓷电容企业间存在共同股东是多层陶瓷电容器涨价以及降低产量的主要原因。因此,建议我国反垄断部门提高对竞争企业间共同所有权的关注,将竞争者之间的共同所有权纳入反垄断审查范围,积极行使反垄断法域外管辖权,对相关行业巨头企业进行深入的反垄断调查。

Co-ownership among enterprises is a new perspective which could be used to explain the continuous price increase of the upstream giants and the passive acceptance of the downstream enterprises.Based on the Stackelberg competition model,this paper constructed a new Stackelberg competition model included a common ownership relationship which could help to illustrate the impact of common ownership among competitors on market competition and consumer welfare.This study found that institutional investors holding parts of the ownership interests of competitors at the same time will weaken the competition motivation of competitors,and as the proportion of joint ownership between companies increases,consumer welfare losses gradually increase.Through the case analysis of the price increase of ceramic capacitor giant companies,this study found that the existence of common shareholders among ceramic capacitor companies is the main reason for the price increase of multilayer ceramic capacitors and the decrease in output.Therefore,it is suggested that Chinese anti-monopoly authorities should pay more attention to the co-ownership among competing enterprises,bring the co-ownership among competitors into the scope of anti-monopoly examination,actively exercise the extra-territorial jurisdiction of anti-monopoly law,and conduct in-depth anti-monopoly investigation on the giant enterprises in relevant industries.