反垄断法执行中相关市场界定的临界损失分析——以雀巢—辉瑞案为例

Relevant Market Definition and Critical Loss Analysis in Antitrust Law——Nestle-Pfizer Case Study

相关市场界定是对垄断行为进行评估和分析的起点,是反垄断法执行中的关键环节和基础性工作。界定相关市场的方法包括传统的产品功能界定法和基于假定垄断者测试的SSNIP界定法两大类。临界损失分析是在对SSNIP方法进行改进和完善的基础上提出的一种新方法,因其具有简便易行、可操作性强等优点而逐渐成为相关市场界定的主流方法。本文系统研究了临界损失分析的理论基础、常用模型、主要思路和计算方法,并对盈亏平衡假设下的临界损失分析和利润最大化假设下的临界损失分析两种思路进行了比较研究。在理论分析的基础上,我们采用临界损失分析方法对2012年雀巢收购辉瑞营养品业务一案所涉及的相关市场进行了界定,为反垄断执法提供了实证依据和决策参考。

As the starting point of estimating and analyzing anti-competition behavior, relevant market definition is one of the most critical links and in fundamental position of both theoretical research and practical implement of Antitrust Law. The main theoretical basis of relevant market definition are demand substitution, supply substitution and competition restriction. The primary methods of relevant market definition are traditional methods based on reasonable interchangeability and the hypothetical monopolist test （SSNIP）. Critical loss analysis is a new method based on improving and refining SSNIP. This paper makes a systematic study on the theoretical basis, basic idea,common models and calculating methods of critical loss analysis. Two approaches of critical loss analysis based on break-even （could-approach） and profit-maximization （would-approach） are compared systematically. On the basis of theoretical analysis, we adopt the could-approach of critical loss analysis to define the relative product market of the merger case ＂Nestle - Pfizer＂ in 2012. The results provide an empirical basis and decision reference for the anti-monopoly law enforcement.