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Re-evaluating Minority Shareholding in Competition Law Against the Background of Horizontal Shareholding by Investors: Lessons Drawn From Fintech and E-Commerce Startups in Asia

投资者横向持股背景下重新评估竞争法中的少数股权：亚洲金融科技和电子商务初创企业的经验教训

基本信息

批准号：
21H00666
负责人：
VAN・UYTSEL S
金额：
$ 7.57万
依托单位：
Kyushu University
依托单位国家：
日本
项目类别：
Grant-in-Aid for Scientific Research (B)
财政年份：
2021
资助国家：
日本
起止时间：
2021-04-01 至 2026-03-31
项目状态：
未结题

项目摘要

The research achievements are twofold. First, the empirical research has shown that venture capitalists have intervened often in the investees' corporate strategies. This has been most obvious in the case of Ola and Uber. Being investor in both firms, Softbank has been urging Ola to merge with Uber. Softbank also tried to engineer a merger between Flipkart and Snapdeal. There is also information that it was Softbank pushing for the merger between Uber and Grab in South-East Asia. These engineered mergers beg the question whether the concept of killer acquisitions should not be reconsidered towards acquisitions to kill competition by a horizontal shareholder or common owner. Second, the theoretical research has focused on the theory of "quiet life" to explain the reason why horizontal shareholding or common ownership could raise prices or limit product choice. The interesting part of this theory is that it has also been used to explain weaknesses within the keiretsu structure, despite the keiretsu being about cross-ownership. The paradox is that to tackle the quiet life, corporate law reforms have been introduced and these in turn led to the creation of common ownership. This triggers the question on the appropriateness of corporate law to tackle negative outcomes of common ownership.

研究成果是双重的。首先，实证研究表明，风险投资家经常干预被投资公司的企业战略。这在奥拉和优步的案例中表现得最为明显。作为这两家公司的投资者，软银一直在敦促奥拉与优步合并。软银还试图促成Flipkart和Snapdeal的合并。还有消息称，软银正在推动Uber和Grab在东南亚的合并。这些精心策划的合并提出了一个问题，即杀手级收购的概念是否不应被重新考虑，而应转向横向股东或共同所有者的收购，以扼杀竞争。第二，理论研究主要集中在“平静生活”理论上，解释横向持股或共同所有制可能提高价格或限制产品选择的原因。这一理论的有趣之处在于，它也被用来解释经连会结构中的弱点，尽管经连会是关于交叉所有权的。矛盾的是，为了解决平静的生活，公司法改革已经引入，这些反过来又导致了共同所有权的建立。这引发了公司法是否适合处理共同所有权的负面结果的问题。