中国横向并购审查中的安全港规则研究:基于“显示偏好理论”  

Research on the Safe Harbor Rule in China's Horizontal M&A Review:Based on the“Revealed Preference Theory”

作　　者：林平 魏昕 Ping Lin;Xin Wei

机构地区：[1]山东大学经济学院,山东省济南市250100 [2]东北财经大学国际经济贸易学院,辽宁省大连市116025

出　　处：《产业经济评论(山东大学)》2024年第2期1-24,共24页Review of Industrial Economics

基　　金：国家自然科学基金重大项目“数字经济反垄断理论与政策研究”(72192842)资助

摘　　要：横向并购审查安全港规则在提高执法效率、降低企业合规成本和提升监管制度可预见性等方面具有重要作用。《中华人民共和国反垄断法》(以下简称《反垄断法》)自2008年施行以来尚未设置安全港。本文应用显示偏好理论,基于自《反垄断法》颁布以来审查并公布的附加限制性条件和禁止的60余个经营者集中案件,对案件中HHI和△HHI指标的使用情况进行实证分析,反向推断执法机构采用的“隐性安全港”。本文进而考虑数字经济发展特征与“鼓励创新”原则等因素,借鉴美国、欧盟等司法辖区的最新进展及经验,提出中国横向并购安全港方案,为建立企业并购安全港这一反垄断基本制度提供参考。The horizontal M&A review safe harbor rule plays an important role in improving enforcement efficiency,reducing compliance costs and enhancing the predictability of the regulatory system.China'sAnti-Monopoly Law has been in force in 2008,no safe harbor has been set up yet.This article applies the revealed preference theory and conducts an empirical analysis on the use of HHI and AHHI indi-cators in more than 60 cases reviewed and published since the enactment of the Anti-Monopoly Law.It reverse-inferred the“implicit safe harbor”adopted by the enforcement agencies.This paper further considers factors such as the development characteristics of the digital economy and the principle of“encouraging innovation”,draws on the latest progress and experience of jurisdictions such as the United States and the European Union,and puts forward the scheme of China's horizontal M&A safe harbor,providing a reference for establishing the basic antimonopoly system of enterprise M&A Safe harbor.

关 键 词：横向并购 安全港 显示偏好 鼓励创新 

分 类 号：F271[经济管理—企业管理] D922.294[经济管理—国民经济]