数字平台纵向部分交叉所有权并购对竞争的影响——以腾讯收购虎牙、斗鱼部分所有权为例  

The Impact of Mergers and Acquisitions of Vertical Partial Cross Ownership on Competition in Digital Platforms:A Case of Tencent’s Acquisition of Partial Ownership of Huya and Douyu

作　　者：于左[1] 王昊哲 陈听月 YU Zuo;WANG Haozhe;CHEN Tingyue(Center for Industrial and Business Organization,Dongbei University of Finance and Economics,Dalian 116025,China)

机构地区：[1]东北财经大学产业组织与企业组织研究中心,辽宁大连116025

出　　处：《当代经济科学》2023年第1期1-16,共16页Modern Economic Science

摘　　要：通过构建理论模型讨论数字平台纵向部分交叉所有权并购对竞争的影响。对比数字平台纵向持股前后的市场均衡结果发现,上游数字平台持有下游数字平台部分所有权后,持股比例越高,对竞争的损害越大。数字平台有动机通过不涉及控制权变更的部分所有权并购规避反垄断执法。通过对腾讯收购虎牙和斗鱼部分所有权的案例研究发现,此案例在纵向部分交叉所有权并购阶段即已损害了市场竞争。据此提出国家市场监督管理总局应对虎牙和斗鱼并购案向前追溯、否决腾讯对虎牙和斗鱼的部分所有权并购,并加强针对部分所有权并购的反垄断立法和执法等建议。In the last few years,mergers and acquisitions(M&As)of partial cross ownership have gradually become a common form of concentration of undertakings,and they are widely present in the internet industry.Against this background,issues such as the impact of partial cross ownership M&As in digital platforms on competition,and whether the anti-monopoly law enforcement agencies should pursue antitrust enforcement against partial cross ownership M&As in digital platforms,are worthy of in-depth exploration.However,few studies investigate from the perspective of partial cross ownership M&As in digital platforms,especially from the perspective of vertical partial cross ownership M&As in digital platforms.Considering the exclusive dealing of upstream digital platforms and the exclusive dealing of downstream digital platforms,we construct a game theory model of upstream and downstream digital platforms to analyze the impact of M&As of vertical partial cross ownership of digital platforms on the competition by comparing the market equilibrium before and after the vertical shareholding of digital platforms.It is found that after the vertical partial ownership M&As of upstream digital platforms by downstream ones,the profits of digital platforms with partial cross ownership relationships between the upstream and downstream platforms have increased,and the profits of digital platforms without partial cross ownership relationships have decreased.The higher the shareholding ratio of the upstream digital platforms in the downstream digital platforms,the greater the damage to the market competition.In addition,digital platforms have incentives to evade antitrust enforcement through partial ownership M&As that do not involve changes in control.We conduct a typical case study on Tencent’s acquisition of partial ownership of Huya and Douyu,and find that Tencent,Huya and Douyu were suspected of excluding and restricting competition through exclusive dealing and monopolistic agreements during the stage of vertical partial cross ownershi

关 键 词：数字平台 部分交叉所有权 前向持股 竞争损害 反垄断 

分 类 号：F49[经济管理—产业经济] F271