并购审查中相关市场界定的方法研究——临界损失分析的框架、拓展和新思路
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摘要
相关市场界定是并购审查的关键环节,临界损失分析是目前世界上界定相关市场的主流方法。本文通过放松在价格上涨区间内需求曲线平滑和边际成本不变这两个假设条件,拓展了临界损失分析,并提出基于推测变分技术的临界损失分析方法,在此基础上,为解决备选市场有多种差异化产品时标准的临界损失分析失效的问题,提出了新的临界损失分析思路。本文对有关各方准确地理解和应用临界损失分析,完善《关于相关市场界定的指南》具有重要的理论和现实意义。
Relevant market definition is one key step in merger review and critical loss analysis is a popular method for relevant market definition. This paper tries to generalize critical loss analysis by relaxing the two assumptions that the demand curve is smooth and that marginal cost is constant in the range of SSNIP. It puts forward a new variant of critical loss analysis based on conjecture technology. In order to solve the invalidity of standard critical loss analysis when a candidate market has a variety of differentiated products,the paper proposes a new way to implement critical loss analysis. The paper is intended to facilitate better understanding and proper use of the critical loss analysis by all related parties,and also to help improve Guidelines on Relevant Market Definition.
Relevant market definition is one key step in merger review and critical loss analysis is a popular method for relevant market definition. This paper tries to generalize critical loss analysis by relaxing the two assumptions that the demand curve is smooth and that marginal cost is constant in the range of SSNIP. It puts forward a new variant of critical loss analysis based on conjecture technology. In order to solve the invalidity of standard critical loss analysis when a candidate market has a variety of differentiated products,the paper proposes a new way to implement critical loss analysis. The paper is intended to facilitate better understanding and proper use of the critical loss analysis by all related parties,and also to help improve Guidelines on Relevant Market Definition.
引文
[1]Baker,J.B.Market definition:An analytical overview[J].Antitrust Law Journal,2007,74(1),pp.129-173.
[2]Harris,B.C.,J.J.Simons.Focusing market definition:How much substitution is necessary?[J].Research in Law and Economics,1989,(12),pp.207-226.
[3]黄坤.企业并购中的相关市场界定:理论与案例[M].北京:社会科学文献出版社,2013.
[4]黄坤,张昕竹.“可以获利”与“将会获利”:基于情景分析比较相关市场界定结果[J].中国工业经济,2013,(3):137-149.
[5]Baumann,M.G.and P.E.Godek.Could and would understood:Critical elasticities and the merger guidelines[J].Antitrust Bulletin,1995,40(4),pp.885-899.
[6]Werden,G.J.Demand elasticities in antitrust analysis[J].Antitrust Law Journal,1998,66(2),pp.363-414.
1在一些简单的案例中,由于它们的相关市场边界比较清楚,有时会跳过相关市场界定这一个环节。
1隐含假设是从现有文献上下文内容反推出来的。
2对称的含义是指两种产品具有对称的需求曲线,即相同的初始价格、初始销量和初始毛利润率。
3每种产品由1家企业提供的假设与每种产品由n家对称企业提供的假设是等同的,只不过后者每家企业的供应量是前者的1/n。
1在现实操作中,边际成本曲线大多数情形下是逐渐变大或逐渐变小的。为了简化分析,这里只考察这两种极端的情形。
1目前绝大多数学者都没有或没有很好地意识到这一点。他们在研究差异化产品市场的相关市场界定时,在推导临界损失公式的过程中自觉或不自觉地添加了额外的、不现实的假设条件,比如假设维持利润不变的转移率等于实际转移率。
[2]Harris,B.C.,J.J.Simons.Focusing market definition:How much substitution is necessary?[J].Research in Law and Economics,1989,(12),pp.207-226.
[3]黄坤.企业并购中的相关市场界定:理论与案例[M].北京:社会科学文献出版社,2013.
[4]黄坤,张昕竹.“可以获利”与“将会获利”:基于情景分析比较相关市场界定结果[J].中国工业经济,2013,(3):137-149.
[5]Baumann,M.G.and P.E.Godek.Could and would understood:Critical elasticities and the merger guidelines[J].Antitrust Bulletin,1995,40(4),pp.885-899.
[6]Werden,G.J.Demand elasticities in antitrust analysis[J].Antitrust Law Journal,1998,66(2),pp.363-414.
1在一些简单的案例中,由于它们的相关市场边界比较清楚,有时会跳过相关市场界定这一个环节。
1隐含假设是从现有文献上下文内容反推出来的。
2对称的含义是指两种产品具有对称的需求曲线,即相同的初始价格、初始销量和初始毛利润率。
3每种产品由1家企业提供的假设与每种产品由n家对称企业提供的假设是等同的,只不过后者每家企业的供应量是前者的1/n。
1在现实操作中,边际成本曲线大多数情形下是逐渐变大或逐渐变小的。为了简化分析,这里只考察这两种极端的情形。
1目前绝大多数学者都没有或没有很好地意识到这一点。他们在研究差异化产品市场的相关市场界定时,在推导临界损失公式的过程中自觉或不自觉地添加了额外的、不现实的假设条件,比如假设维持利润不变的转移率等于实际转移率。