论我国转售价格维持反垄断法规制的困境及化解

由于我国对转售价格维持反垄断法规制背后蕴涵的基本原理把握不够透彻,以至于无论是我国反垄断立法还是具体执法,对转售价格维持的违法性认定标准与豁免抗辩认定标准存在着诸多分歧与缺陷,这显然不利于我国全面、准确地评估其对竞争的实际效果.因此,一方面我国要完善\"转售价格维持规制的基本框架与步骤\";另一方面也要完善\"转售价格维持正反竞争效果的认定标准\",从而最终形成完整、有效的规制方法与标准.     

涨价型竞争损害的误读与澄清——以转售价格维持为视角

推定转售价格维持（RPM）竞争损害的一项重要理论支撑是,RPM导致涨价。论者得出这一结论时使用了多种价格基准。以完全竞争价格为基准,实质是要求生产商以边际成本定价。以个别经销商收取的实际市场价格为基准,实质是禁止生产商维护正当利益。以假如不实施RPM原本会出现的价格为基准,不具有任何意义,因为此种涨价是RPM的本质所在和必然结果。以有效竞争状态下的价格为基准,要求在计算垄断涨价的过程中排除其他因素的影响,不具有可操作性。由于福利要素具有多样性,涨价本身并不能证明福利损害;由于涨价既不是竞争损害的必要条件也非充分条件,涨价也不能证明竞争损害。在美国公平贸易法实践提供的自然实验中,虽然观察到RPM导致涨价的表象,实质却是碎片化的实施体制导致的扭曲效应。论者论证RPM涨价时使用的相关数量或者使用数据的方式经常具有误导性。因此,RPM导致涨价不足以支持RPM推定损害竞争。同样,直接以价格效应证明其他竞争损害的做法也值得怀疑。     

法经济学视野下的转售价格维持行为之合法性

转售价格维持的反垄断分析框架经过一个多世纪的演变,正在经历着从\"本身违法\"向\"合理原则\"的转变。日本在2015年修订《流通交易习惯指南》的过程中顺应了这一国际潮流,并确立了转售价格维持应当适用\"合理原则\"进行分析的原则。不过该《指南》仅仅将避免搭便车作为转售价格维持的唯一合理事由,而未对其他的合理事由进行明确。本文认为转售价格维持涉及企业之间的合作,大多具有促进竞争的效果,因此应当对于其合理事由的范围进行扩张。从经济效应的角度而言,其他合理事由应当包含特许经营中的转售价格维持,以及为了降低销售风险而实施的转售价格维持。此外,限定最高转售价格的行为也应当在原则上被认定为具有促进竞争的效果。     

论反垄断法的域外适用

随着经济全球化的发展,国际性的垄断行为不断增多,国际上缺乏统一法的管制,许多垄断和限制竞争行为既不能认为是合法,也不能认定为非法,它处于一种法律真空之中。我国《反垄断法》于2008年8月1日开始实施,该法确立了建立在效果原则基础上的反垄断法域外适用制度。效果原则确立了国家管辖权行使的法律前提,但容易带来法律冲突。本文对反垄断法域外适用的相关法理进行分析,在考查国际范围内反垄断法域外适用制度的基础上对我国反垄断法域外适用制度提出了一些建议。以期对反垄断法域外适用的冲突解决有所帮助,进一步完善我国反垄断法域外适用制度。     

反垄断法的适用除外制度研究

反垄断法适用除外制度是反垄断法的重要组成部分,不仅是反垄断法的修正与补充,更是反垄断法得以良好实施的保障与动力。本文分析了我国适用除外制度的立法现状及存在的问题,并针对以上问题提出完善适用除外制度的建议。     

自然垄断行业的反垄断法适用除外效力考

自然垄断行业豁免适用反垄断法是各国的传统,但是科技的进步和经济的发展导致传统垄断行业的系列变迁,自然垄断行业也出现了许多弊端,开始引入竞争机制,要求把自然垄断行业从反垄断法的适用除外领域摒弃出去的呼声也很高。通过多角度论证,宜维护自然垄断行业的适用除外地位,但应对自然垄断行业的范围进行动态性分析,并对自然垄断行业的行为应有限地受到反垄断法的豁免进行分析。     

试论我国反垄断法域外适用制度的冲突与协调

我国《反垄断法》于2008年8月1日开始实施,该法确立了以效果原则为基础的反垄断法域外适用制度。效果原则的确立明确了国家管辖权行使的法律前提,但容易招致法律冲突。就此,我国应将效果原则与合理原则配合使用,不断完善反垄断执法程序,积极与其他国家和地区开展反垄断执法合作,并不断深化反垄断法域外适用制度的理论研究。     

服务对图书固定转售价格福利损失的抵消

针对新出台的《图书公平交易规则》,笔者认为中国的图书市场可以实施固定转售价格。本文在用传统经济学理论阐述图书市场固定转售价格造成的消费者剩余损失的同时,利用经济学经典模型探究影响消费者需求的服务对消费者福利损失的抵消作用得出结论:图书市场固定转售价格并非一定造成消费者剩余减少,由此引起的书店服务的增加能够抵消部分甚至全部转售价格维持带来的消费者福利损失。     

公允价值的悖论——基于价格与价值的视角

2008年爆发全球性金融危机,凸显出公允价值计量的弊端,即产生顺周期性,对资本市场助涨助跌的作用,违背了会计计量的谨慎性、稳健性原则。本文在此背景下从资产价值与价格关系的视角,分析现行公允价值理论的悖论：公允价值理论反映交换价值,但实践中既反映资产市场价格又反映资产的内在价值,存在逻辑上矛盾。因此采用公允价值计量必须明确计量资产价值还是价格,二者必选其一。反映资产的价格必然采用单一的现行市价计量,反映资产的价值应该采用现值计量,因此相应地排斥其他计量方法的替代。     

美国反垄断的经济学思考

众所周知,国际上垄断的主要形式是托拉斯,而美国这个崇尚自由竞争的经济大国,其垄断行为更为普遍。美国反垄断法的出台及实施,引起了我们更多的经济学思考,研究借鉴美国反垄断法的构成体系、主要内容以及典型的实施案例,对我国反垄断理论的研究和实践将有所裨益。     

我国保险业反垄断法豁免制度建设研究

探索建立保险业的反垄断法豁免制度,对完善我国竞争法律体系、促进行业稳健发展具有重要意义。本文从回顾保险业适用反垄断豁免的经济和法学依据出发,讨论了欧美等立法区保险业豁免制度的特征和发展趋势,结合我国实际提出了建立保险业反垄断豁免制度的模式选择和政策建议。主要结论是：我国保险业应实施分类豁免制度,对保险公司在保费计算、共...     

Individual Investors' Sentiment and Temporary Stock Price Pressure

Using data for the Hong Kong stock market, where individual investors' sentiment is likely to be influential, this study finds that the publication of individual investors' sentiment temporarily affects stock prices regardless of the publication's incompetence in predicting stock returns. Specifically, when the publication reports that more and more investors are optimistic, the return on the day just after the publication is higher and the return several days later is lower. Furthermore, the results are strongest for small stocks, and weakest for large stocks. It seems that some individual investors buy (sell) stocks when others, as reported by the publication, are optimistic (pessimistic), and that the trading causes temporary buying (selling) pressure initially and price reversals afterwards.     

China’s Antitrust Policy: Recent Developments and Decision Patterns

Abstract:

In this paper, we review recent antitrust policy developments in China. First, we use a sample of all merger cases reviewed by the Ministry of Commerce (MOFCOM) from August 2008 to September 2012 to provide an econometric analysis of merger review patterns. We find that MOFCOM tends to impose restrictions on mergers involving large corporations and does not distinguish between horizontal mergers and vertical and conglomerate mergers. In addition, European firms and U.S. firms face higher chances of restrictions than do firms from other countries. Finally, we provide a qualitative analysis of the investigations against price agreements.     

Does the Presence of Big Banks Influence Competition in Local Markets?

This paper examines whether the biggest organizations in the banking industry influence competition differently than their smaller rivals. Big bank financial strength, multimarket links, diversified operations, status as too big to fail, economies of scale and scope, and in some cases, weak incentives to be aggressive may result in big banks affecting competition in a given local market differently than would be suggested by market shares and other structural measures. Understanding the influence of big banks on competition has important implications for antitrust policy toward bank mergers. Empirical results reveal that, in rural markets where big banks operate, competition may be reduced, thereby enabling all banks in those markets to earn greater returns. The presence of a big bank is associated with an approximately 0.09 percentage point effect on a bank's return on assets, which represents about a 7.7% performance advantage for firms that face big banks over firms that do not. The relationship between big banks and profitability holds only when banks are classified as big if they are both very large and regionally prominent. The presence of banks that possess only one of these characteristics does not appear to substantially influence competition. Finally, no clear and consistent patterns of variation are found in the relationship between the profitability of small banks and the presence of big banks. The number of big banks, the market shares of big banks, and the level of concentration in markets with big banks do not strongly influence the relationship.     

美国私募发行证券的转售问题研究——兼论我国非公开发行证券转售制度的构建

私募发行的核心问题是注册豁免及转售规范。美国法从认购人资格、转售数量、信息披露、报告等各个方面对私募转售问题进行了规范。我国法律对非公开发行证券的转售规定过于简单，存在很大漏洞，建议借鉴美国私募的规定，完善我国非公开发行证券转售制度。     

The Geographic Scope of Retail Deposit Markets

In analyzing the competitive effects of proposed bank mergers and acquisitions, United States antitrust authorities rely on two important assumptions: (1) that markets for at least some types of banking products are local in scope, and (2) that market concentration measures can serve as effective proxies for banks' abilities to extract monopoly rents. This paper uses balance sheet data from most banks operating in the United States in 1988, 1992, 1996, and 1999 to test these assumptions.     

公共财政框架下的消费税改革

近一段时期,国家领导人多次强调要建立公共财政体制,特别指出,税收体制改革是建立公共财政体制的重点之一。公共财政的职能范围是以满足社会公共需要为口径界定的,它以追求公共利益为已任,“拿众人之钱办众人之事”是公共财政的出发点和归宿。公共财政的基本原则是公正、规范、透明。而我国现行的消费税实行的价内税,违背了公共财政的基本原则,必须进行改革。     

Understanding Post‐Euro Law‐of‐One‐Price Deviations

We put together a unique panel of thousands of good‐level prices before and after the euro to compare the determinants and understand the evolution of goods price dispersion across Europe over time. We find that tradeability and nontraded inputs play a significantly smaller role for cross‐country price dispersion after the adoption of the euro, and for Eurozone economies as compared to European Union ones. We then compare the distributions of law‐of‐one‐price (LOP) deviations over time to understand how the degree of integration across European economies changed after the euro. Our tests reveal that the distributions after the euro are typically significantly different from those before, consistent with a greater degree of integration. Utilizing our unique panel data set to trace the location of individual goods in the distribution of LOP deviations, we ask how the price advantage or disadvantage evident in these price distributions evolves over time, and whether goods characteristics play a role for the persistence of these LOP deviations. LOP deviations for these goods are highly correlated over 5‐ or 10‐ year horizons, and correlations remain significantly high over longer horizons. These correlations are greater for homogeneous as compared to differentiated goods and vary across countries. Finally, for most of these European economies and goods, price advantage is typically revealed to be more persistent than price disadvantage.