台灣公平交易委員會以公平交易法第 12 條作為企業結合准許與否的基準，其中多角化結合管制之關鍵因素，可歸納為「範疇效益」與「封鎖效應」，及二者抵換後產生的「市場績效」。本研究以台灣公平交易委員會 1992 年至 2008 年，可從公開資料取得之多角化結合案件共 145 件作為研究樣本，再運用內容分析法、SEM、區別分析等研究方法進行分析。實證結果顯示，範疇效益與市場績效間呈正向不顯著的關係；封鎖效應與市場績效間呈顯著負向關係；範疇效益與封鎖效應間呈顯著反向關係；範疇效益與市場績效之結構係數小於封鎖效應與市場績效之結構係數；相關多角化結合消費者福利之樣本平均值大於非相關多角化；非相關多角化結合市場自由競爭之樣本平均值大於相關多角化。

The Fair Trade Commission of Taiwan (TFTC) regards Article 12 of the Fair Trade Act (FTA) as the foundation of merger regulations. A number of the key factors in cases of conglomerate merger considered by
TFTC included benefts of scope, effects of foreclosure and market performance. In this study, we employed a research sample of 145 conglomerate mergers mediated by the Taiwan Fair Trade Commission, between 1992 and 2008. We used empirical analytical methods including content analysis and SEM, a discriminate analytical method. Our results confirmed an insignificant positive relationship between benefits of scope and market performance. The effects of foreclosure and market performance showed a significant negative relationship, and the benefts of scope showed a signifcant negative relationship to the effects of foreclosure. In addition, these results confrmed that the structural coeffcient between benefts of scope and market performance was less than the structural coeffcient between effects of foreclosure and market performance. Finally, with regard to consumer welfare, the average score of related conglomerate mergers was greater than that of unrelated conglomerate mergers. With free competition in the market, the average measurement of unrelated conglomerate merger was greater than for related conglomerate mergers.