并购反垄断执法中相关市场界定——基于商务部反垄断局审查案例的研究

相关市场界定是现阶段中国反垄断执法的基础.本文以《反垄断法》实施以来的并购案件公告为基础,对中国反垄断执法中相关市场界定问题进行剖析,并对不同类型并购案件的相关市场界定方法进行比较.案例分析结果显示:中国反垄断执法仍处在探索、渐进发展阶段,理论研究和实践都具有较大的改善空间;非横向并购案件的常态化暴露出当前的相关市场界定方法存在缺陷;与欧美国家相比,中国相关市场界定以定性分析为主,较少使用定量分析.     

数字经济背景下平台企业相关市场界定的量化研究——以阿里巴巴"二选一"案为例

随着数字经济逐速发展,平台企业相关市场界定遇到了理论和实践的诸多挑战。本文以阿里巴巴"二选一"案为例,对平台反垄断案件相关市场界定进行了分析。平台反垄断案件的相关市场界定需要进一步细化和量化,特别是针对品类众多的平台业务,非主流产品与主流产品在市场界定方面存在重大差异,不可一概而论。本文以平台市场上常见的酸奶这一非主流产品为例,结合上海市的酸奶消费数据,使用随机系数Logit模型和临界弹性法对相关市场进行界定,研究发现:针对非主流品类,线上零售平台不足以划分独立的相关市场,零售平台的相关市场界定工作需要分品类进行量化分析,才能更准确地界定相关市场的范围。     

浅析网络经济反垄断中相关产品市场界定理论面临的困境

网络技术的发展延伸出了一种新的经济模式——网络经济,网络经济具有着与实体的传统经济不同的特征。也正是网络经济的新特征,给网络经济的反垄断带来了难题。因为其高度的渗透性、用户锁定性等特征,给网络经济反垄断中的首要工作相关市场的界定带来了难题。相关市场的界定直接影响着一个垄断案件的结果,可以直接确定了一个企业是否具有垄断地位。传统的相关市场理论都是建立在单边市场的基础之上,而网络经济是一个双边市场,甚至可以说是一个多边市场,还存在着传统市场都不具备的各种特征。传统的相关市场理论无疑在网络经济中相关市场界定面临着各种困境。     

差异产品市场横向兼并单边效应的Logit模拟——以中国服务器产业为例

自1994年沃登和豪斯曼等人率先用模拟方法预测差异产品市场的兼并效应以来,兼并的单边效应模拟方法得到了快速发展,并且为美国和欧盟的反垄断执行当局和法院所接受.就差异产品产业的兼并评价而言,模拟方法优于传统的结构分析方法.本文以在兼并分析中被广为应用的logit模型为基础,通过一个虚构的中国国内服务器产业兼并的例子,探讨了如何用兼并模拟方法评价差异产品产业横向兼并单边效应的问题.     

数字平台反垄断相关市场界定

相关市场界定是中国数字经济反垄断的重要政策难题.在进行多边平台相关市场界定时,基于平台盈利模式和依据交易型与非交易型平台的类型化界定方法非常武断,市场界定应主要基于不同平台的交叉网络效应分析来进行确定.数字平台反垄断相关市场界定应摒弃固守市场界定作为必要前置程序和采用数量分析工具的束缚,回归市场界定理论的本源——竞争性约束,应根据个案灵活地选用市场界定方法,重点突出采用以竞争损害为核心的反垄断审查逻辑,并基于个案的商业经济现实来分析特定行为对不同用户群的整体竞争影响,从而进行相关市场的界定.     

论网络环境下相关市场的界定

2012年4月18日,广东省高级人民法院公开开庭审理北京奇虎科技有限公司诉腾讯科技(深圳)有限公司、深圳市腾讯计算机系统有限公司垄断侵权纠纷一案。并于2013年3月28日对该案作出一审判决。该案引起了热烈讨论。所以,以该案为例,对案件中的争议焦点之一相关市场的界定进行研究探讨。首先明确了相关市场界定的一般方法,然后结合网络环境下相关市场的新特征分析了本案中相关市场的界定,最后提出几点启示。     

依临界损失分析法界定相关市场的理论与司法实践研究

界定相关市场是反垄断三大制度的前提性和基础性问题。目前包括我国在内的大多数国家均采用假定垄断者测试作为界定相关市场的主要方法,但在司法实践中,该方法对数据的高要求、复杂的测试过程、基准价格和价格涨幅确定难以及适用范围的局限,使其在许多领域的反垄断执法中遭遇重重困境。临界损失分析法作为假定垄断者测试的实施方法和衍生品,有利于克服后者对数据要求高、计算复杂、无法直接判断涨价成功等缺点,解决相关市场界定的司法困境,增强反垄断审查的科学性、客观性和合理性。目前,美国已通过美国联邦贸易委员会诉西方石油公司合并案等判例将临界损失分析法用于司法实践中,对我国也有借鉴意义。     

互联网产品和SSNIP测试的适用性——3Q案的相关市场界定问题研究

3Q案被誉为中国互联网反垄断第一案。最高人民法院将该案的争议归纳为22个问题,其中9个问题与相关市场有关。该案的独特性在于即时通讯软件、微博和社交网络等涉案的互联网产品不同于普通产品。因此,本文分析了互联网产品的技术经济特征,考察了SSNIP测试这一主流的相关市场界定范式是否适用于3Q案,采用假定垄断行为测试界定3Q案的相关市场。本文对有关各方在涉及互联网产品的反垄断案件中更准确地界定相关市场具有重要的现实意义。     

自愿环境协议的经济学分析——一个企业单边联合供给模型

环境政策领域使用较为普遍的管制方法是命令-控制工具和市场类工具,但现实中涌现越来越多的自愿性环境保护协议。通过建立私人企业单边联合供给模型,对该现象进行经济学分析,为由大量企业自发合作和形成自愿环境协议的不可能性提供理论支持,并模拟给出自愿环境协议的最优规模和大小。     

美国反垄断分析方法研究

美国不同时期的经济竞争理论及观点存在分歧。其先后颁布施行的《谢尔曼法》、《克莱顿法》及《美国联邦贸易委员会法》确立了反垄断分析的基本标准、方法和程序,并先后通过判例,明确了＂本身违法原则＂、＂合理原则＂,成立了联邦贸易委员会;同时,对于＂相关产品市场＂及＂同一地理市场＂的界定确定了标准和方法。至此,从方法论角度美国建立了其反垄断分析的基本框架。     

西部数据收购日立存储经营者集中反垄断审查述评

2012年3月,商务部附加限制性条件批准了西部数据收购日立存储的经营者集中案件。与以美国联邦贸易委员会为代表的国外反垄断执法机构的实践相比,商务部对该案的审查过程更为曲折,并且在界定相关市场、选取救济方式等问题上采用了独特的处理方式。本案反映出企业自身经济效率的提升和促进国民经济的整体发展已成为我国经营者集中案件反垄断审查过程中的重要考量因素。     

ISO 14001 Environmental Certification: A Sign Valued by the Market?

The main purpose of this work is to analyse whether ISO 14001 certification is interpreted by the capital market as a sign of environmental responsibility, modifying long-term efficiency expectations and the profitability of firms. Under competing assumptions that ISO 14001 certification is adopted by firms either proactively or reactively, we test competing hypotheses about how this certification affects the market value of firms. The analysis is based on a sample of 80 environmental certifications of the plant systems or processes of large Spanish firms which traded on the continuous market of the Madrid Stock Exchange from 1996 to 2002. Using event study methodology, we found that ISO 14001 certification has a negative effect on the market value of certain firms. Specifically, the results obtained seem to show that the market negatively views the allocation of resources to ISO 14001 certification in the case of less polluting and less internationalised firms. On the other hand, the results obtained do not suggest clear evidence that the economic impact of ISO 14001 certification is negative for more polluting and more internationalised firms.     

THE ACCOUNTING PRICES OF THE FACTORS OF PRODUCTION: AN ESTIMATION OF THEIR PARAMETERS IN THE CASE OF GREECE

It is widely acknowledged that when accounting prices are used instead of market prices in project analysis they provide more adequate indicators of the social acceptability of the alternative investment projects. The first objective of this paper is the formulation of the methodology required for the determination of the accounting prices of the factors of production capital and labour in the case of Greece. The second is the estimation of the parameters needed for their valuation and the third is the derivation, under certain assumptions, of the actual accounting prices of capital and labour and their comparison with market prices in the case of Greece.     

The Effects of Trade Liberalization On Cost-Reducing Horizontal Mergers*

This paper analyzes the effects of tariff reductions on horizontal mergers in a Cournot oligopoly in a two-country world. It is shown that for mergers between two domestic firms and for cross-border mergers which supply both markets from a foreign plant, unilateral tariff reduction encourages mergers which concentrate market power at the expense of mergers which reduce cost, while bilateral tariff reductions have the opposite effect, encouraging mergers which significantly reduce cost. Cross-border mergers which continue to supply each market from a local plant are discouraged by both unilateral and bilateral tariff reduction.     

信用制度的微观基础——信用行为分析

信用制度的微观基础是经济活动主体的信用行为。由信用行为而产生的信用关系可归结为三种基本形式：单方面的信用关系、双方相互信用关系和中介的信用关系。对这三种形式下的信用行为的分析表明，竞争性市场并不会自发地形成可靠的信用关系；每一种信用关系都需要一个完善的社会信用制度来支撑。     

Regulatory Entry Barriers,Rent Shifting and the Home Market Effect

This paper introduces regulatory entry barriers in a model of the home market effect. The entry barriers generate local rents that have unexpected but significant implications. First, the home market effect is magnified. Second, when countries are sufficiently unequal in size and rents are sufficiently large, symmetric reductions in trade costs reduce welfare in the small country. Third, entry barriers increase the large country's market size and, surprisingly, can increase its welfare. Fourth, a unilateral increase in trade protection shifts foreign rents to the home country. This rent‐shifting effect amplifies the standard production relocation motive for trade policy intervention.     

A Study of Longterm Memory in Stock Market Prices Using Rescaled Range Analysis

Most of the studies on the behaviourof the Indian stock market using the autocorrelation function have revealed that the stock market is weakly efficient and the time series of stock prices and stock indices are random walks. The autocorrelation function assumes Gaussian or near-Gaussian properties in the underlying distribution. The distribution function is assumed to have the normal bellshaped curve. Mandelbrot [1972] has proved that the autocorrelation function works well in determining short-term dependence only. But it tends to underestimate long-run correlation for non-Gaussian series. Alternatively the Rescaled Range Analysis is used to study the long-term dépendance in the time series. The Rescaled Range Analysis (R/S Analysis) is a nonparametric methodology developed by H. E. Hurst, a British hydrologist in 1951. Originally this methodology was applied to study the long-term storage capacity of reservoirs and later it was extended to study many natural systems. This statistical methodology is used for distinguishing random time series from biased random time series (Fractal time series) and to study the persistence of trends and also the presence of periodic and nonperiodic cycles in a time series. In this paper a study of the Indian stock market is carried out using the method of Rescaled Range Analysis and Hurst Coefficient. We conclude that the series of stock prices have persistent behaviour. Nearly 18% of the stock prices are influenced by the past. This ‘memory effect’ in the case of stock indices is found to be 23%. The stock market has shown persistent trends and that the series of prices and indices are biased random walks. The present prices are influenced by the past prices and this influence goes across time scales, one period influencing all the subsequent periods.

     

低端市场破坏：关于山寨手机的案例分析

破坏性创新是创新理论的一个流派,许多创新案例都可以由破坏性创新解释。我国山寨手机的迅速崛起,引起了手机产业的重新洗牌,引起了世界的关注。研究者们从多个方面进行分析评价,褒贬不一。本文仅从技术创新的角度,运用破坏性创新理论及案例研究方法,对山寨手机的市场与技术的破坏性特征进行了分析。得出以下结论：山寨手机的出现,是对原有市场结构的一个破坏,整体产业被迫变革;技术的突破是破坏性创新发生的原因之一,山寨手机对市场的破坏源于手机芯片技术的破坏性创新：依附于某项核心技术的大规模、高回报的渐进性创新,会降低从业企业的创新能力,当山寨手机生产模式成为主流之后,普通厂商的创新能力将会下降;在Christensen的理论框架内,维持性创新和破坏性创新具有不相容特征,而山寨手机手机的案例倾向于维持性创新与破坏性创新的融合。     

China's liberalizing stock market,crude oil,and safe-haven assets: A linkage study based on a novel multivariate wavelet-vine copula approach

China is the world's largest oil importer, and therefore the correlations between stock indices and highly volatile oil prices deserve close examination when investing in China's gradually liberalizing stock market. Another concern for international investors is whether safe-haven assets can reduce portfolio risks for investment in China. The paper makes two main contributions. First, we develop a novel method of examining a multivariate dependence structure by combining wavelet analysis with the vine copula model. Second, we apply the proposed methodology to study the correlations between China's liberalizing stock market, petroleum, and safe-haven assets at different frequencies. We find that the multidimensional dependence of these assets has been altered as a result of the 2008 global financial crisis. Moreover, the vine structures exhibit dependence patterns that vary over time horizons, indicating that the multidimensional dependence is sensitive to time scales.     

The minimum wage and the Lithuanian labour market

This paper presents a comprehensive and non‐standard labour market analysis based on univariate and multivariate models for wages. The novelty of this paper lies in the use of non‐normalized cointegrating vectors for labour market analysis. Wages are the basis of labour market models, as well as the key factor for employees and employers; therefore, the central analytical axis is a classical wage bargaining process, where one side requires and the other side proposes a certain level of wages. Analysis is divided into two parts: foremost, a careful analysis of Lithuanian wages is conducted and a univariate model for the investigation of interactions between the minimum wage and the rest of the wages is proposed; only after the minimum wage model is drafted can the multivarate model for the whole economy be built up. Briefly, the methodology used in this article can be annotated as a synthesis of sequential theoretical and empirical considerations that combine the results of theoretical macroeconomics with data‐generating patterns and stylized facts. The model is considered as the final one only if macro‐theory preconditions, statistical prerequisites, and stylized real‐world requirements are met and fulfilled. In addition, this article gives an example and a quantitatively, as well as qualitatively, motivated suggestion as to how to incorporate minimum wages into econometric models and puts forward an explanation for why it is necessary to include minimum wage dynamics into labour market analysis. The article is nothing but an empirical case study that demonstrates how many minor details have to be taken into account until a realistic labour market model is built up. Although the paper deals with the labour market, the suitable application of time series methods is the main subject of the analysis.