并购法中的效率抗辩:经济学基础和加拿大近期的发展  

The Efficiency Defense in Merger Law:Economic Foundations and Recent Canadian Developments

作　　者：托马斯.W.罗斯 拉尔夫.A.温特 袁金华[2] 

机构地区：[1]加拿大英属哥伦比亚大学尚德商学院 [2]中国人民大学法学院

出　　处：《内蒙古师范大学学报（哲学社会科学版）》2017年第5期51-65,共15页Journal of Inner Mongolia Normal University：Philosophy and Social Sciences Edition

基　　金：中国人民大学"统筹推进世界一流大学和一流学科建设"专项经费的支持(16XNL002)

摘　　要：本文提供了一个基于在加拿大出现的问题而产生的关于效率争论的视角。当其他主要反垄断司法体系正在走向使效率在合并政策中发挥更大作用的道路上时,加拿大法律在这方面走在了前列。为了回答与合并评估根本的方法论有关的两个问题:效率收益应当如何与合并的反竞争影响相平衡?在并购前市场和关联市场的市场力量如何影响合并标准执行?本文依次讨论了合并标准的经济基础和总剩余标准的实施,并在每种情况下对奥利弗·威廉姆森传统的分析进行了扩展。之后,在这些经济学基础之上分析了苏必利尔丙烷案并简短回顾了其他司法管辖区的经验,由此得出两个核心结论:被加拿大法庭用于重新判决苏必利尔丙烷案的方法是有理有据的,其实践意义是合并标准接近于总剩余标准,而且这同样适用于其他反垄断司法体系。This article offers a perspective on the efficiencies debate informed by the issues that have e- merged in Canada.While other major antitrust jurisdictions are moving towards a greater role for efficien- cies in merger policy, the Canadian law is ahead of the wave in this respect.In order to answer the two ques- tions related to the underlying methodology of merger assessment ： How should efficiency gains be balanced with the anticompetitive impact of a merger;and,how is the implementation of a merger criterion affected by market power in the premerger market and related markets？ The present article discusses the economic foundations of choosing a merger criterion and implementing the total surplus standard in turn and in each case extending the traditional Williamsonian analysis, Building on these economic foundations, the article also analyzes the Superior Propane case and reviews the experience of a number of other jurisdictions,then the two central conclusions-that the approach taken by the Canadian tribunal in its re-determination deci- sion in Superior Propane is well-founded and that the practical implication is merger criteria that are close to the total surplus standard-apply equally to these other jurisdictions.

关 键 词：效率抗辩 合并标准 总剩余标准 苏必利尔丙烷案 

分 类 号：F231.5[经济管理—会计学]