| More than ten years ago,the competition damage theory of hybrid merger was written into the history of merger control in the European Union and the United States.However,with the emergence of large platforms operating a huge digital ecosystem,they suddenly re-enter people’s attention.Especially in recent years,the development of digital technology has greatly driven the development of the Internet industry.Many large Internet platforms tend to break ground in adjacent markets and expand their product range through various forms of investment,equity acquisition and business merger.The combination power generated by various products gradually helps them form a large-scale closed platform ecosystem.The regulation of mixed merger is based on the combination effect theory brought by the formation of product ecosystem after merger.Under the combination effect,a variety of complementary products can produce coordination effect,so that the market power of product group can far exceed the market power composed of the sum of single products.However,at present,China’s anti-monopoly law enforcement agencies obviously have not realized the potential harm of restricting competition brought by the aggregation of such products after reaching a certain scale,and relevant reviews are rarely seen in the anti-monopoly review.Based on this,in order to prevent potential restrictions or eliminate the threat of competition,it is necessary for China to re-examine the anti-monopoly legislation and regulation mechanism of mixed merger of platforms,and bring the mixed merger of Internet platforms into the regulatory vision from the above two aspects,so as to avoid the formation of monopoly power of super platforms.This paper is mainly divided into four parts:The first part is the definition and problems of hybrid merger of Internet platforms.Firstly,it expounds the definition standard of mixed merger and defines the specific connotation of adjacent markets.Then through the comparative analysis of adjacent markets and related markets,mixed mergers and horizontal and vertical mergers,this paper defines the meaning of different concepts,and further clarifies the differences between mixed mergers and traditional mergers.Secondly,under the background of Internet,hybrid merger has obvious characteristics different from traditional industry hybrid merger.By analyzing the characteristics of Internet platform hybrid merger,we realize that the potential competitive threat of hybrid merger can not be ignored.On this basis,through the analysis of the impact of mixed merger of Internet platforms on competition,this paper investigates the form of action and harmful consequences of mixed merger restricting competition.The second part is the current situation of mixed Merger Regulation of Internet platforms.This part discusses the regulatory attitudes and solutions of various countries on the mixed merger of platforms by combing the cases of mixed merger of relevant internet platforms at home and abroad.Secondly,taking the EU as an example,this paper combs its beneficial experience in the legislation and regulation of mixed merger,hoping to provide experience and reference for the regulation of mixed merger of Internet platforms in China.The third part is the shortcomings of the regulation of mixed merger of Internet platforms in China.Combined with the above cases and relevant EU legislation,starting from the two levels of China’s current anti-monopoly legislation and law enforcement,this paper analyzes the problems and defects existing in the current legal and regulatory system and practical operation in regulating the hybrid merger of Internet platforms.Furthermore,it tries to find a solution suitable for China’s national conditions to solve the defects of China’s Internet platform hybrid Merger Regulation.The fourth part is the suggestions on the regulation of mixed merger of Internet platforms in China.On the basis of the first three chapters,this paper discusses from two aspects: the construction of legal system and antitrust review and operation.This paper puts forward some suggestions on the regulation of mixed merger of Internet platforms in China. |
