中国进口硅片价格畸高、寡头企业共同所有权与反垄断

Distortional Overcharge on China Imported Silicon Wafers,Common Ownership of Oligopolies and Anti-monopoly

寡头企业共同所有权引起的反竞争效应应引起关注。构建包含共同所有权的差异化产品古诺竞争模型,分析共同所有权对寡头企业竞争的影响。结果表明:机构投资者同时持有寡头企业的部分所有权会削弱其竞争动机;共同所有权比例越高,其竞争动机越弱。进一步对硅片寡头企业竞争、共同股东状况以及环球晶圆与世创经营者集中案的反竞争效应进行讨论,以解释近年中国进口硅片价格畸高现象。据此提出:考虑到在相关市场中,寡头企业具有共同所有权,相关市场的共同股东对集中后实体持股比例增加,这些寡头企业具有单边差异化制定垄断高价或协调制定垄断高价的动机和能力,反垄断执法机构可对其或今后类似的经营者集中予以禁止,或加强对类似附条件的经营者集中案所涉相关市场的寡头企业定价等行为的反垄断关注与调查。

The anti-competitive effects caused by oligopolies common ownership should be concerned.We construct a cournot model of differentiated products,including common ownership to analyze the anti-competitive effects of common ownership of oligopolies.It is found that institutional investors hold partial ownership of oligopolies would weaken their competitive motivation.The higher the proportion of common ownership,the weaker the competitive motivation.We discuss the competition of oligopolies in silicon wafer industry,common shareholders and the anti-competitive effects of the concentration of undertakings case of GlobalWafers and Siltronic AG,and explain the distortional overcharge on China imported silicon wafers in recent years.Then,we put forward the policy implications and suggestions.