进入新市场的收购
Acquisitions to Enter New Markets
Journal of Economic Perspectives · 2025 · [{"name": "Carl Shapiro", "affiliation": ["University of California, Berkeley"]}]
中文摘要
反垄断执法机构应如何对待成功企业为进入新市场而进行的收购？一家拥有广泛销售和分销网络的大型制药公司，是否应被允许收购一种与其现有药物均不构成竞争的热门药物？纵观美国经济史，成功企业向新市场的扩张，在促进竞争和推动经济增长方面发挥了至关重要的作用。然而，进入新市场的收购也可能使垄断者得以扩张其帝国，从而损害竞争。2023年《合并指南》开创性地宣布，美国反垄断机构将挑战那些“可能使合并后的企业将其在一个市场的支配地位延伸至相关市场”的并购交易，但对于此类收购将如何被评估，指南着墨甚少。本文阐释了反垄断执法机构如何运用经济证据与理论，区分有害与有益的进入新市场收购。
Abstract
How should antitrust enforcers treat acquisitions by successful firms to enter new markets? Should a major pharmaceutical company with an extensive sales and distribution network be permitted to acquire a popular drug that does not compete against any of the drugs it already owns? Throughout American economic history, expansion by successful firms into new markets has played a vital role in promoting competition and spurring economic growth. However, acquisitions to enter new markets also can harm competition by enabling monopolists to enlarge their empires. The 2023 Merger Guidelines break new ground by announcing that the US antitrust agencies will challenge mergers and acquisitions that “could enable the merged firm to extend a dominant position from one market into a related market,” but they say very little about how such acquisitions will be evaluated. This article explains how antitrust enforcers can use economic evidence and theory to distinguish between acquisitions to enter new markets that are harmful and those that are beneficial.