배달 플랫폼 사업자간 기업결합에 관한 연구

Delivery apps have become a universal delivery method thanks to their convenience. In 2019, the M&A case between delivery app platform companies became a hot topic. In particular, much attention was paid to the decision of the Fair Trade Commission on the case. M&A is recognized as a representative management strategy that can enhance corporate competitiveness, but most competition authorities have made it the subject of regulation because it can cause side effects that lead to concentration of economic power. Merger regulation is a form of judging illegality by predicting future economic effects, so the uncertainty of law enforcement is large and detailed standard for judgment are not easy to be presented. In the case of new business models based on advanced technology, it is more difficult to apply regulations. In the case of the platform industry, a differentiated approach is required due to the uniqueness of a two-sided market. Such an unstable regulatory environment raises important problems in the M&A practice. This is because timeliness, which is a key element of a successful M&A, is hindered. In the platform business field, barriers to entry can be formed by leading providers. In particular, the network effect is a factor to fix the monopoly structure. The risk of competition restrictions seems clear given the high market share of delivery app companies. The possibility of new entrants is not high, and it may be difficult to admit an efficiencies defense as an exceptional approval requirement. However, it is also necessary to emphasize that in order to create a competitive environment continuously, creative incentives must be considered rather than regulatory approaches. Innovative services such as delivery apps could also emerge thanks to creative incentives.