反垄断中扼杀式并购的阶段性规制

Phased Regulation of Killer Acquisitions in Antitrust Enforcement

摘要: 平台经济的迅速发展下，许多大型数字企业将扼杀式并购作为巩固其寡头垄断地位的一种必要手段。从行为的竞争损害的角度出发，反垄断法规制扼杀型并购行为具有必要性。然而，在扼杀型并购行为规制中存在经营者集中审查制度难以匹配、反竞争效果的不确定性以及缺乏足够的前瞻性等困境。扼杀型并购行为的规制需要从事前对相关行为的识别、事中审查的评估，事后的监管以及救济反馈及时等方面入手，以实现防止资本无序扩张、维护市场竞争秩序、促进创新之间的动态平衡。

Abstract: In the platform economy field with an oligopolistic competitive landscape, killer acquisitions have become the main competitive strategy for large digital platforms to consolidate their dominant market positions. From the perspective of the competitive harm caused by such behaviors, it is necessary for antitrust laws to regulate killer acquisitions. However, in the regulation of killer acquisitions, there are dilemmas such as the difficulty in matching the concentration of undertakings review system, the uncertainty of anti-competitive effects, and the lack of sufficient foresight. The regulation of killer acquisitions needs to start from aspects like the identification of relevant behaviors in advance, the assessment of the harm caused by acquisitions during the process, timely supervision after the event, and prompt feedback on remedies, so as to achieve a dynamic balance among preventing the disorderly expansion of capital, maintaining the order of market competition, and promoting innovation.