数字市场初创企业并购的竞争隐忧与应对方略

Competition Concerns and Countermeasures of Mergers and Acquisitions of Start-ups in Digital Markets

全球主要数字平台掀起的初创企业并购浪潮,引发各国反垄断执法机构的竞争关注。初创企业并购并不必然具有反竞争性,但随着时间推移,这种持续性的并购会强化大型数字平台的市场支配地位,对市场的潜在竞争和创新造成损害。在现行反垄断法的制度框架下,如何识别、分析和规制可能具有反竞争效应的初创企业并购,存在诸多现实困境。对此,反垄断执法机构应秉持审慎的监管理念,调整并购审查门槛,协同推进对初创企业并购的事前审查与事后调查;根据并购交易动机与被收购产品的不同特征,构建分类审查的基本模型,实现执法工具的革新。通过采用综合性的损害分析框架,改进损害证明责任制度,有效扭转当前的执法困局。

The wave of mergers and acquisitions of start-ups initiated by major digital platforms all over the world has aroused competition concerns of anti-monopoly law enforcement agencies in various countries.Mergers and acquisitions of start-ups are not necessarily anti-competitive,but over time such continuing transactions can reinforce the dominance of large digital platforms,undermining potential competition and innovation in the market.Under the framework of the current anti-monopoly law,there are many practical difficulties on how to identify,analyze and regulate mergers and acquisitions of start-ups that may generate anti-competitive effects.In this regard,anti-monopoly law enforcement agencies should follow the principle of prudent supervision,adjust the threshold of merger notification,and promote a combination of ex ante review and ex post investigation.Further,according to motivations of the M&A transactions and different characteristics of the acquired products,a basic model of review by category shall be established to innovate law enforcement tools.Finally,through adopting a comprehensive damage analysis framework and improving the system of burden of proof of damage,the current law enforcement dilemma can be effectively reversed.