数字经济下平台竞争对反垄断规制的挑战

平台经济是数字经济的重要组成部分,作为一种新的经济业态与生产组织方式具有优化资源配置、推动经济多元融合、促进产业升级与跨界融通发展的重要作用。平台企业在高速发展的同时也形成了垄断隐忧,妥善处理数字经济的创新发展与规制平台垄断行为的关系是全球反垄断司法辖区亟待解决的问题。平台的算法行为是企业为实现利润最大化而做出的明智的单方市场应对行为还是竞争者间非法合谋的结果,是数字经济中尤为突出的难题。数字经济的发展使平台的滥用行为既有传统反垄断法所规制的滥用行为的新表现,也有新型滥用行为。同时,大型数字科技公司的零存活区策略以及大型公司对初创企业的收购对竞争的影响亦值得反垄断法关注。从垄断协议、滥用市场支配地位和合并控制等角度看,应加强平台竞争监管,在现有反垄断法分析框架和体系下对平台竞争垄断进行规制,通过对立法、执法、司法的技术完善和更新来适应数字经济的特点和发展变化。在加强对平台竞争监管的同时,更要顺应数字经济的发展规律,创新对平台竞争监管的方式,构建公平有序的竞争环境,促进相关技术的革新与进步,推动平台经济与实体经济的深度融合,从而实现经济效率与社会总福利的提升。此外,应优化竞争分析框架,构建包含消费者福利、用户数据及隐私保护、平台的产品或服务质量等因素的多元分析框架,改进市场调查等竞争政策工具。     

Antecedents of the propensity to learn management practices and their impacts on firm outcomes in emerging markets: A Bayesian Model Averaging approach

This article explores the factors that motivate firms to learn new management practices. The hypotheses are empirically tested using a representative sample of 3676 small, medium and large firms from four South Asian countries and across all main sectors of economic activity. Given that we know little about the antecedents of the propensity to learn management practices in emerging markets, the study employs Bayesian Model Averaging approach to overcome the potential issue of model uncertainty. The results reveal that market competition, resource allocation towards internal and external R&D, good quality mobile network coverage and the use of external certified financial auditors have all positive and significant effects on the propensity to learn management practices. The results also suggest that private intellectual property rights protection in the context of inefficient legal systems can deter firms from learning, perhaps in fear of legal ramifications. Finally, the study shows that firms with a higher propensity of learning management practices are more likely to become profitable while exhibiting higher levels of both potential and actual innovation.     

Cross-Border Mergers & Acquisitions Policy in Service Markets

We provide facts showing that in service markets: (i) restrictions on foreign direct investment (FDI) are under reform, (ii) cross-border Mergers & Acquisitions dominate as the entry mode of FDI, and (iii) there is often a high market concentration. Based on these facts, we present a model for analyzing cross-border merger and acquisition policy in liberalized service markets taking into account efficiency and market power effects. Our findings suggest that a merger policy, but not a discriminatory policy towards foreigners, seems warranted. Moreover, policies ensuring competition for domestic target firms seem warranted. In this vein, harmonization of the EU takeover regulations may particularly benefit assets owners in countries with many target firms.     

Pricing practices and firms' market power in international cellular markets, an empirical study

Previous studies on international marketing have typically asked the question: “how is the demand characterized across countries?” Such analysis is then used to provide guidelines for firms to enter new markets and/or to allocate marketing resources across countries. To provide such normative guidelines, however, one also needs to analyze the supply-side of the problem, i.e., ask: “what is the likely market power that firms will be able to command in different countries?” Building on the New Empirical Industrial Organization (NEIO) framework, recent research in marketing provides marketers with a variety of models to explore competitive interactions among firms in the context of a single market. The goal of this paper is to extend this literature to a multimarket/multinational context to help international marketers assess the likely market power they face when entering new countries. We illustrate the proposed method on the mobile telecommunications industry, using price and quantity data from 10 countries around the world, estimating firms' market power as a function of a number of country characteristics.The results indicate that, while the simple presence of competition diminishes firms' market power, it does not lead to perfect competition. Interestingly, a higher number of competitors in a country does not seem to have significant incremental effect on market power. In contrast, the country's commitment to a severe antitrust policy has a significant negative effect, while the monopolist's lead-time before competition is allowed has a significant positive effect on market power. These findings, together with a change in price elasticities as a result of competition, suggest that market power in different countries may originate from two sources: (i) collusive pricing among cellular operators and (ii) consumers' switching costs across service providers. For international marketers, the findings imply that the attractiveness of wealthier countries (with usually faster diffusion rates and larger market potential) may be mitigated by higher levels of competition (as a result of developed antitrust regulation and more consumer exposure to competitive marketing practices). From a policy point of view, it suggests that (in contrast to the conventional wisdom) simple deregulation may not be enough to reduce prices to competitive levels. In addition, a severe antitrust policy is crucial to achieve this goal.     

The Relationship Between the Intensity of Competition in China’s Real Estate Industry and its Return on Equity

Does the rate of return from the Chinese real estate industry correlate with the intensity of competition among real estate firms? If China’s equity market performs efficiently, the rates of return of real estate firms should vary indirectly with their level of monopoly power. Greater monopoly power reduces earnings risk and leads to lower costs of capital. The authors analyze empirical evidence and indicate no relationship exists between returns and competition. Speculation may induce stock prices to deviate from normal values. Because normal values assume no speculation, Chinese markets are not likely to be economically efficient.     

Extending the international new venture phenomenon to digital platform providers: A longitudinal case study

People increasingly interact with services enabled by digital platforms. This has been a consequence of the digitalization of artifacts, which has transmuted traditional businesses into digital forms. With the increasing digitalization and modularization of services, digital platforms have given many digital service providers possibilities to scale globally, and to rapidly transcend national borders by serving multi-sided markets. However, we still know very little about how digital platform providers actually internationalize their services, or how they make their platforms available for global markets. In this paper, we contribute to the increasing literature on digital-based INVs, examining how firms of this type internationalize their services, and more specifically, how recent technological developments have shaped the firms’ internationalization processes. Drawing on concepts from the network approach to internationalization, resource dependency theory, and INV theory, we extend the scope of INV theory via a model that encompasses the internationalization process of digital platform providers. We report on a longitudinal case study of a digital platform provider (covering the period 2000–2017), which allowed us to gain in-depth insight into the INV phenomenon.     

Gray markets: past,present, and future

This article conducts a literature review on three gray market areas: strategy, legal issues, and consumer behavior. Previous gray market strategy-based articles do not discuss the impact of the Web on gray market activity, limit their analysis to international gray markets, and do not identify situations where gray market activity is profitable for a manufacturer and its authorized resellers. Like the strategy-based articles, the legal issue-based articles confine their discussion to international gray markets. A current US Supreme Court case that expands the potential for gray market activity is discussed. The third research stream focuses on the impact of brand image and brand equity and the relationship of perceived risk and gray market acceptance by consumers. The authors develop an overall strategy for dealing with gray market activity based on balancing positive and negative issues. In some cases, it is prudent for manufacturers and resellers to view gray markets as an alternative strategy to private labels, second-tier brands, or fighting brands. In other instances, firms need to explore supply- and demand-based strategies to deter gray market activity. Alternative organization formats for gray market surveillance and control are discussed. Difficulties associated with conducting gray market research as well as directions for future research in gray markets are covered.     

Bringing product and consumer ecosystems to the strategic forefront

The widespread adoption of technology and electronic media has dramatically altered the set of products consumers compare before making a purchase decision. Online platforms have succeeded at drawing linkages among products by highlighting those that are preferred, evaluated, or purchased together. However, despite the increase in both product and customer inter-connectedness across markets, managers continue to make decisions based largely on the dynamics of competition within narrow product categories. In this article, we raise the call for a migration from a category-focused mindset to an ecosystem-focused strategic mindset that acknowledges and accounts for the network of related or unrelated entities that a specific product resides within. We illustrate the importance of this shift using examples of preference, choice, and customer networks from popular online platforms. We then discuss the impact of the shift in strategic mindset toward ecosystems on competitive structure analysis, market research, brand footprint analysis, intra-band ecosystems, promotion planning, new product development, customer valuation, strategic alliances, and market segmentation.     

互联网平台经济与正在缓解的市场扭曲

改革开放以来,我国区域经济发展取得了令人瞩目的成绩,但是局部地区资源错配现象依然存在。我国互联网平台经济的迅速崛起,引发了人们的思考:作为一种跨部门、跨区域的市场交易机制,互联网平台经济是否有助于缓解局部地区市场扭曲?基于对这一问题的思考,本文采用2009—2017年我国省际面板数据,借助中介效应回归模型,实证分析互联网平台经济对市场扭曲的影响。结果表明,互联网平台经济对金融市场错配和技术市场错配具有显著的改善效应,其关键影响机制在于:一方面,作为一种跨区域营销和贸易机制,互联网平台经济有助于显著加剧区域内市场竞争;另一方面,作为一种跨区域产业分工与协调机制,互联网平台经济有利于显著提升区域产业专业化水平。在价值链作用下,这种发端于产品市场的机制效应会传递至要素市场,使得技术资源、金融资源等要素市场的扭曲局面得以改善。实证结果还显示,互联网平台经济的竞争效应仅在私营企业间产生显著影响,在国有企业间缺乏显著性。本文能够为进一步厘清市场效率变革的原因机制提供一个理论解释视角,为促进市场一体化建设提供政策参考。     

A theory of the currency denomination of international trade

The currency denomination of international trade has significant macroeconomic and policy implications. In this paper we solve for the optimal invoicing choice by integrating this microeconomic decision at the level of the firm into a general equilibrium open economy model. Strategic interactions between firms play a critical role. We find that the less competition firms face in foreign markets, as reflected in market share and product differentiation, the more likely they will price in their own currency. We also show that when a set of countries forms a monetary union, the new currency is likely to be used more extensively in trade than the sum of the currencies it replaces.     

Antecedents and outcomes of digital platform risk for international new ventures’ internationalization

With the growing trend of using digital platforms for internationalization, the management of digital platform risks in international markets has become a critical issue. However, academic research in this area is sparse. This study develops and tests a theoretical framework of the drivers and outcomes of digital platform risk for international new ventures (INVs). Specifically, drawing on transaction cost theory, we identify sets of antecedents of digital platform risk including product specificity, foreign market uncertainty, foreign market competition, and home market institutional voids. We examine the effect of digital platform risk on the internationalization scope of INVs. Based on a unique sample of Chinese INVs, our empirical findings indicate that digital platform risk tends to reduce INVs’ internationalization scope. However, the negative effect is mitigated by INVs’ entrepreneurial orientation. Our proposed drivers of digital platform risk are supported. The paper ultimately discusses the theoretical and managerial implications.     

The emergence of multi-sided platform MNEs: Internalization theory and networks

The rise of the digital economy provides firms across the globe with unique business opportunities. Companies such as Facebook, Alibaba, and Uber are competing in a new multi-sided platform world; the primary focus of these firms, from their inception, is to provide digital infrastructure, information and technology—intangible assets that enable direct interaction or value creation across platforms by linking different user group and complementors, often at the international level. Building on data drawn from multinational multisided Platform corporations (MMPCs) operating in China, we combine insights from internalization theory and network effects in understanding the value creation of such firms. We explore the boundaries of these new “breed” of MNEs in exploiting firm-specific advantages (FSAs) and in creating new knowledge between headquarters and subsidiaries. The findings suggest that internalization theory needs to shift its focus from the ‘boundaries of the firm’ to the ‘boundaries of the local network’. By integrating their internal and external networks of knowledge in adapting their business models in host markets, this new breed of MNEs is more likely than the traditional one to gain a sustainable competitive advantage in the new information age.     

Product Market Reforms and Productivity: A Review of the Theoretical and Empirical Literature on the Transmission Channels

Product market reforms are microeconomic structural reforms that aim to improve the functioning of product markets by increasing competition amongst producers of goods and services. Theoretical models suggest that regulation and reforms which liberalise or improve the functioning of markets can positively affect productivity through three different channels, namely a reallocation of scarce resources (allocative efficiency), an improvement in the utilisation of the production factors by firms (productive efficiency) and an incentive for firms to innovate to move to the modern technology frontier (dynamic efficiency). This paper reviews the theoretical and empirical literature on these three channels and discusses policy implications for the European Union.     

Welfare gains from Foreign Direct Investment through technology transfer to local suppliers

We hypothesize that multinational firms operating in emerging markets transfer technology to local suppliers to increase their productivity and to lower input prices. To avoid hold-up by any single supplier, the foreign firm must make the technology widely available. This technology diffusion induces entry and more competition which lowers prices in the supply market. As a result, not just the foreign-owned firm, but all firms downstream of that supply market obtain lower prices. We test this hypothesis using a panel dataset of Indonesian manufacturing establishments. We find strong evidence of productivity gains, greater competition, and lower prices among local firms in markets that supply foreign entrants. The technology transfer is Pareto improving — output and profits increase for firms in both the supplier and buyer sectors. Further, the technology transfer generates an externality that benefits buyers in other sectors downstream from the supply sector as well. This externality may provide a justification for policy intervention to encourage foreign investment.     

Customer-based execution strategy in a global digital economy

Multinational corporations (MNCs) are continuing to invest more in expanding into new markets around the world. These firms are faced with determining the optimal go-to-market strategy in these heterogeneous new markets to attract and retain profitable customers. This paper provides an organizing framework to help firms develop profitable customer-level strategies across countries in the digital environment. We start by providing a summary of the marketing literature on a customer-based execution strategy. Next, we discuss how the evolving digital landscape is affecting firms’ relationships with customers and describe some of the current digital product and process innovations in the marketplace. We discuss boundary conditions for how these digital product and process innovations might affect profitable customer strategies in a global context. In addition, we discuss implementation challenges that MNCs will likely face in deploying these customer-level strategies and other stakeholders (outside of customers) that will likely play a role in the execution of these customer-level strategies. Finally, we summarize set of research questions to guide future research on customer-level strategies in a global digital context.     

Exploring the Impact of Digital Platforms on SME Internationalization: New Zealand SMEs Use of the Alibaba Platform for Chinese Market Entry

Digital platforms have changed the way in which Asia-Pacific firms operate across borders, however, the impact of digital platforms on entry strategy is under-researched in current International Business literature. This study aims to explore how digital platforms impact New Zealand small and medium-sized (SMEs) companies’ entry into the Chinese market. The results of case study interviews conducted with four SMEs suggest that digital platforms ease entry barriers to some extent, particularly in helping overcome resource constraints and facilitating access to networks. However, the participating firms still required local staff as a key part of successful market entry.     

国际市场进入模式研究:一种网络的观点

国际市场进入模式是企业国际化进程中最重要的课题之一,与其相关的理论可谓是众说纷纭,但它们都是从单个企业的角度进行研究和分析的。然而,当今全球市场的竞争越来越表现为在企业所处的网络之间而非单个企业之间进行。因此,企业在选择国际市场进入模式时,应该考虑自身与目标国市场所具有的网络的关系类型,并根据企业自身在该网络的关系类型中所处的位置来制定适合的进入战略。     

Pioneering strategies in the digital world. Insights from the Axel Springer case

Digital technologies present some distinctive characteristics; they simultaneously enable pervasive connectivity, immediacy of interactions and wide access to data and computing power. Based on a detailed historical analysis of Axel Springer, we suggest that pioneering strategies in new markets created by the diffusion of digital technologies are negatively moderated by the fit between firms’ legacy core capabilities and those required to enter the new market. We then show that pioneering strategies in non-core legacy markets are instrumental in creating the capabilities necessary for the sustainability of first-mover advantages (FMA) in the legacy core markets. Finally, we show the role of managerial cognition as a key individual-level enabler in achieving pioneering advantages.     

R&D Investments in Markets with Network Effects

We consider process R&D investments of firms in markets with network effects and incomplete product compatibility. Our results indicate that network effects increase the firms’ individual investments in R&D. The presence of network effects weakens the positive impact of R&D cooperation on firms’ R&D investments. Further, we show that R&D competition can bring socially optimal level of investment, and this is not possible in markets without network effects. Finally, our results suggest that innovation policy oriented at promoting R&D cooperation between enterprises can be counterproductive in markets with network effects and incomplete product compatibility.

     

Competition in Markets and Competition for Markets

This paper builds on a distinction that is sometimes made between competition in a market and competition for a market. Competition for a market refers to the struggle to create a new market, or to erect a new standard, and it is usually associated with the process of innovation that brings new displacing technologies to market. Competition in a market is the conventional view of competition, and concentrates on the actions of incumbents and imitative entrants in well-established markets. The paper reviews some of the issues that competition for markets raises for anti-trust policy makers, and then asks whether competition for a market is a perfect substitute for competition in a market.