사건연구 기법을 활용한 혼합형 기업결합 효과분석 — SKT와 하나로 간 기업결합 사례를 중심으로 —
Analysis on the Effect of Conglomerate merger using the Event Study
0
조회
0
다운로드
1
인용
0
참고문헌
키워드
초록
The purpose of this research is to introduce the basic logic and analysis method of the Event Study whose applicability has been actively discussed in recent enforcement of anti-trust law and to review the applicability in economic analysis regarding real competition policy. Especially, this research also examined whether the Event Study method which was mainly applied to horizontal merger cases (mainly by using Eckbo & Stillman hypothesis) can be applied to judge anti- competitiveness in conglomerate merger cases. In order to apply a real case for this research, Korea Fair Trade Commission(KFTC)’s decision regarding SKT and Hanaro Telecom merger was post-evaluated. As a result of analysis, rather than efficiency-enhancing effect through providing combination product, it was concluded to support KFTC’s decision which predicted that competent merger will only to increase the effect of the cooperation and collusion of dominant business operators and the effect of anti-competitiveness by excluding competitive business operators in wire/wireless communication and broadcasting market. Also, as the KFTC pointed out at decision then, it was confirmed that SKT’s dominance in wireless communication market resulted from its exclusive using of 800MHz frequency.
Abstract
The purpose of this research is to introduce the basic logic and analysis method of the Event Study whose applicability has been actively discussed in recent enforcement of anti-trust law and to review the applicability in economic analysis regarding real competition policy. Especially, this research also examined whether the Event Study method which was mainly applied to horizontal merger cases (mainly by using Eckbo & Stillman hypothesis) can be applied to judge anti- competitiveness in conglomerate merger cases. In order to apply a real case for this research, Korea Fair Trade Commission(KFTC)’s decision regarding SKT and Hanaro Telecom merger was post-evaluated. As a result of analysis, rather than efficiency-enhancing effect through providing combination product, it was concluded to support KFTC’s decision which predicted that competent merger will only to increase the effect of the cooperation and collusion of dominant business operators and the effect of anti-competitiveness by excluding competitive business operators in wire/wireless communication and broadcasting market. Also, as the KFTC pointed out at decision then, it was confirmed that SKT’s dominance in wireless communication market resulted from its exclusive using of 800MHz frequency.
참고문헌 (23)
- 공정거래위원회, "기업결합심사기준", 공정거래위원회, ~
- 공정거래위원회, "에스케이텔레콤(주)의 기업결합제한규정 위반행위에 대한 건", ~ (2008)
- 문정은, "환경경영이 기업가치에 미치는 영향", 경영논집, 40(3-4) (2006)
- 이봉의, "방송·통신시장에 있어서 기업결합의 규제", 경제와 법, 3(2) (2010)
- 이효석, "혼합결합의 경쟁제한성 판단기준에 관한 연구", 박사, 법학, pp.2010
- 천경훈, "통신산업과 혼합결합: SKT와 하나로텔레콤간 기업결합 사건을 중심으로", IT와 법연구, 3 (2009)
- 최충규, "수평합병에 대한 규제당국의 판단과 시장반응의 비교", 규제연구, 15(2), pp.39~62 (2006), 한국규제학회
- Beverley. L, "Stock Market Event Studies and Competition Commission Inquiries", ~ (2007)
- The Event Study Methodology Since 1969, Review of Quantitative Finance and Accounting, "Binder. J. J", ~ (1998)
- Brown, S, "Using Daily Stock Returns: The Case of Event Studies", Journal of Financial Economics, 14, pp.3~31 (1985)
- Corhay. A, "Conditional Heteroskedasticity Adjusted Market Model and an Event Study", Quarterly review of economics and finance, 36(4) (1996)
- Cox, A. J, "Mergers in Regulated Industries: The Uses and Abuses of Event Studies", Journal of Regulatory Economics, 14 (1998)
- Eckbo. B, "Horizontal mergers, collusion, and stockholder wealth", Journal of Financial Economics, 11 (1998)
- Fama. E, "The adjustment of Stock Prices to New Information", International Economic Review, 10 (1969)
- Econometrics of Event Studies, Working Paper of Center for Corporate Governance, "Khotari, S. P", ~ (2006)
- Mullin, G. L, "The competitive effects of merger: stock market evidence from the U. S. Steel dissolution suit", Rand Journal of Economics, 26 (1995)
- Oxera, "Blocking the deal: how do merger decisions affect share prices?, in Agenda", ~ (2006)
- Event Study Tests, "Serra, A. P", ~ (2002)
- Stigler, G. J, "The Dominant Fiarm and the Inverted Umbrella", Journal of Law and Economics, 8
- Stillman. R, "Examining antitrust policy towards horizontal mergers", Journal of Financial Economics (1983)
- Warren-Bourlton, F, "Staples and Office Depot: An Event- Probability Case Study", Review of Industrial Organization, 19 (2001)
- Wier. P, "The cost of anti merger lawsuits", Journal of Financial Economics, 11 (1983)