摘要
企业间的并购是各国反垄断执法的重点干预领域之一,并购的反垄断控制对维护市场竞争秩序发挥了重要作用。随着我国反垄断执法的不断深入,为了更好地完善立法和执法,需要对过去的执法情况进行回溯性研究,科学评估反垄断执法的效果。本文选取我国反垄断执法机构附条件通过的两个案例,基于企业伯川德竞争的均衡价格分析,并运用双重差分法检验附条件通过并购对硬盘价格的影响,评估附条件通过并购是否符合标准、救济措施是否有效。研究发现:反垄断执法机构附条件通过两起并购是合理的;剥离资产的结构性救济措施以及维持并购企业独立竞争者状态的行为性救济措施有效地维护了相关市场的竞争,抑制了并购的反竞争效应;随着相关市场竞争状况的改变及时调整救济措施体现了我国反垄断执法机构执法的灵活性和合理性。根据本文的研究结论,执法机构应建立定期或不定期的反垄断执法事后评估制度,进一步提高并购审查的透明度,不断完善各类救济措施的制度供给,合理选择和使用各种救济措施。
The regulation on mergers has become the main activity of the anti-monopoly enforcement authorities.The merger control policy plays an important role in the safeguard of the market competition order.With the advancement of the anti-monopoly enforcement,it is necessary to carry out the retrospective evaluation of the anti-monopoly enforcement to evaluate its effect in order to perfect the legislation and law enforcement.This paper took the Western Digital Irland/Viviti Technologies merger and Seagate/HDD Business of Samsung merger which were approved with conditions by the anti-monopoly authorities in China as object of study.In order to evaluate the effect of the anti-monopoly policy and remedies,we compare different equilibrium prices under Betrand competition and estimate the price effect caused by the control decision using Difference-in-Difference method.The results show that:based on the competitive assessment of the relevant market and the price effect of the merger with remedies,we find that the conditional approval for the mergers confirm to the standard.The structural remedy of the divestiture of assets and the behavioral remedy of maintaining the independent competition status safeguard the competition in the relevant market and restrain the anticompetitive effect of the mergers.With the change of the competition in relevant market,the anti-monopoly authority adjusts the remedy,which shows the flexibility and rationality of the merger control policy.On the basis of the results,it is suggested that the ex-post evaluation mechanism of the merger control enforcement should be established;the transparency of the merger control process should be improved;the institutional supply of the various remedies should be perfected to ensure the proper use of the remedies.
作者
王燕
刘龙花
Yan Wang;Longhua Liu
出处
《产业经济评论（山东）》
2020年第4期97-121,共25页
Review of Industrial Economics
基金
山东省社科规划研究项目
山东社会科学院创新工程项目“推动山东省民营企业高质量发展的制度创新研究”(20CCXJ27)
山东政法学院科研计划项目“反垄断执法效果事后评估:基于山东的反垄断案例”(2019Q02B)
山东政法学院青年教师学术创新团队支持计划资助
关键词
事后评估
横向并购
硬盘行业
救济措施
Ex-Post Evaluation
Horizontal Merger
HDD Industry
Antitrust Remedy
