纵向共同所有权对市场公平竞争的影响研究

Research on the Impact of Vertical Co-Ownership on Fair Competition in the Market

构建公平竞争有序市场,助推企业优胜劣汰,是现代化建设的内在要求。但是,纵向共同所有权的不断增加可能会损害市场公平竞争。因此,本文通过构建理论模型与实证研究,探讨了纵向共同所有权对市场公平竞争的影响。研究发现:共同股东的利润最大化目标会影响垂直相关企业间的交易行为,导致相同共同机构投资者的上下游企业会存在利益输送,进而损害市场公平竞争。研究结果为纵向共同所有权的反不正当竞争立法和执法提供了理论依据与现实指导。

The report of the 19th National Congress of the Communist Party of China pointed out that it is an inherent requirement in the modernization construction to build a fair and orderly market and to promote the survival of the fittest.However,the increasing vertical co-ownership may damage the fair competition in the market.Therefore,this paper discusses the impact of vertical co-ownership on fair competition in the market by constructing theoretical model and empirical research.The study found that the profit maximization goal of common shareholders will affect the transaction behavior between vertically related enterprises,and upstream and downstream enterprises with the same common institutional investors will have the benefit transmission,thus damaging the fair competition in the market.The empirical results are consistent with the theory.The research results provide theoretical basis and practical guidance for anti-competition legislation and enforcement of vertical co-ownership。