기업결합규제와 효율성 항변 판단기준에 대한 법경제학적 고찰
A Law and Economics Approach to Efficiency Defense in Korean Merger Regulation
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공정거래법은 효율성 항변을 명문으로 인정하고 있다. 그런데 효율성 증대효과와 경쟁제한폐해를 서로 명확하게 비교할 수 있는 산정방법이 없으며, 산정방법을 두고 경제학계에서도 통일된 견해는 없다. 기업결합시 효율성 증대효과가 경쟁제한 효과보다 클 수도 있다는 점은 논란의 여지가 없지만, 이는 이론적 가설 내지 추측에 불과하다. 구체적 소송에서 특정 기업결합의 효율성 증대효과는 실증분석자료 또는 경제적 증거로 다툴 수밖에 없다. 효율성 증대효과에 대한 판단은 관련 데이터, 적용된 실증분석모델, 분석결과에 대한 다양한 해석 가능성 등에 의존하며, 효율성 증대효과에 대한 경제적 판단 그 자체로부터 사법적으로 운영가능한 일관된 법적 판단 기준을 도출하기란 어렵다. 더욱이 실증분석의 오남용 가능성 문제가 해결되지 않는 이상, 구체적 사건에 있어서 효율성 항변 관련 실증분석자료 또는 경제적 증거의 역할은 상당히 제한적일 수밖에 없다. 특히 실증분석 그 자체의 한계로 인해 기업결합의 효율성 증대효과와 경쟁제한효과를 명확하게 비교할 수 없는 경우라면, 효율성 항변 인정 여부는 결국 ‘입증책임’을 누가 부담하는지 여부에 따라 좌우될 것이다. 현행 공정거래법의 태도처럼 효율성 증대효과에 대한 입증책임을 기업들이 부담하는 이상, 구체적 소송에서 효율성 항변이 성공하기란 앞으로도 어려울 것으로 전망된다.
Abstract
Although Korean competition law recognizes efficiency defense in merger regulation case, there is no consensus among lawyers and economists about how to measure efficiency effect of a merger. Of course, there is a possibility that efficiency effect may prevail anticompetitive effect. But in a real merger case, this possibility must be proved by empirical analysis or economic evidence. There is little doubt that as efficiency defense is basically economic argument, economic evidence will play a key role in merger regulation. On the other hand, it should be noted that there is a possibility of misuse or manipulation of economic analysis come from inherent limitation of economics. If it is not possible to find out a coherent and generally accepted economic standard in evaluating efficiency effect, efficiency defense itself would have a very limited role in antitrust merger litigation. As long as the firms bear the burden of proof for efficiency effect, it might be highly difficult for them to win their case.
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