美国《合并指南》的最新修订及评价
罗智科 周围 韩伟
摘 要:美国于2023年12月18日出台新版《合并指南》,正式取代2010年《横向合并指南》和2020年《纵向合并指南》。2023年《合并指南》主要由11项分析合并反竞争效果的准则,反驳证据以及分析、经济和证据工具等三部分组成。与旧指南相比,本次修订的亮点主要集中于分析合并竞争效果的准则部分,既包括对诸如潜在竞争等传统竞争损害理论的调整,也包括为回应现实需要,新增对行业集中趋势和系列收购、多边平台、劳动力市场等特殊情况的考察。2023年《合并指南》体现了反垄断理论与实践的最新发展,但同时也提高了合并审查的不确定性,故其实施效果仍有待进一步的观察。
关键词:合并指南 合并审查 经营者集中 系列收购 多边平台 劳动力市场
U.S. Merger Guidelines: Revision and Evaluation
Zhike Luo Wei Zhou Wei Han
Abstract: The United States introduced a new version of the Merger Guidelines on December 18, 2023, officially replacing the 2010 Horizontal Merger Guidelines and the 2020 Vertical Merger Guidelines. The 2023 Merger Guidelines consist of 11 guidelines for analyzing the anti-competitive effects of a merger, rebuttal evidence, as well as analytical, economic and evidentiary tools. Compared with the old guidelines, the highlights of this revision mainly focus on the part of the guidelines for analyzing the anti-competitive effects of mergers, including both adjustments to traditional theories of competitive harm, such as potential competition, and new additions in response to the real needs to look at industry concentration trends and special circumstances such as series acquisitions, multi-sided platform, labor markets, etc. The 2023 Merger Guidelines reflect the latest developments in antitrust theory and practice, but it also raises the uncertainty of merger review, so the effect of its implementation remains to be further observed.
Keywords: Merger Guidelines Merger Review Operator Concentration Series Acquisition Multi-sided Platform Labor Markets
JEL Classification: K21 L44
在线劳动平台算法控制劳动过程机制与应对选择研究
高庆祝 高良谋
摘 要:数字技术与按需平台经济的深度融合促进在线劳动平台的迅猛发展。在线劳动平台以算法为底层技术逻辑,既构建出连接劳动服务供需间在线撮合、交付与验收的新商业模式,也创新出由算法虚拟化监管平台工作者的数字化劳动管理实践。算法控制下的劳动过程引起了学术界和实践界的广泛关注,但是关于算法控制的劳动过程运行机制及平台工作者的应对选择尚缺乏系统的梳理和总结。鉴于此,结合劳动过程理论,本文首先阐述了在线劳动平台和算法控制的概念内涵,并归纳了在线劳动平台的具化形态和算法控制的实践表现。然后,从匹配阶段、监控阶段、激励阶段和反馈阶段出发,剖析了算法控制劳动过程的具体运作机制和内在逻辑,提炼了劳动过程各阶段算法控制的微观特点。最后,梳理了平台工作者应对算法控制的主体选择与策略。本文深化了对算法控制劳动过程的规律性认识,推进了算法控制劳动过程的理论研究,并为平台企业劳动关系的规范,算法系统的科学开发、设计和应用提供实践启示。
关键词:在线劳动平台 算法控制 劳动过程 主体策略
Research on the Mechanism and Response Options of Algorithmic Control of Labor Process in Online Labor Platforms
Qingzhu Gao Liangmou Gao
Abstract: The deep integration of digital technology and on-demand platform economy promotes the rapid development of online labor platform. With algorithms as the underlying technological logic, online labor platforms have not only constructed a new business model connecting online matching, delivery and acceptance between supply and demand of labor services, but also innovated the digital labor management practice of virtualized supervision of platform workers by algorithms. The labor process under algorithmic control has attracted extensive attention from both academia and practice, but there is a lack of systematic sorting out and summarizing of the operation mechanism of algorithmic-controlled labor process and the response options of platform workers. In view of this, combined with the labor process theory, this paper first clarifies the conceptual connotation of online labor platform and algorithmic control, and summarizes the embodied form of online labor platform and the practical performance of algorithmic control. Then, from the matching stage, monitoring stage, incentive stage and feedback stage, it analyzes the specific operation mechanism and internal logic of algorithmic control of the labor process, and refines the micro features of algorithmic control in each stage of the labor process. Finally, the main choices and strategies for platform workers to cope with algorithmic control are sorted out. This paper deepens the regular understanding of the algorithmic control labor process, advances the theoretical study of the algorithmic control labor process, and provides practical insights into the specification of the labor relations of the platform enterprise, and the scientific development, design and application of the algorithmic system.
Keywords: Online Labor Platform Algorithmic Control Labor Process Subject Strategy
JEL Classification: J21 J61 J81
算法默示合谋垄断行为的规制困境与出路
袁嘉 张婉秋
摘 要:随着数字经济的发展,人工智能算法的广泛应用在提高市场竞争效率与市场活力的同时,也带来了算法合谋引致的垄断问题。算法明示合谋可以通过传统的垄断协议规制制度直接认定,而算法默示合谋则呈现出隐蔽性、稳定性、多元性的特征,强人工智能技术的运用为反垄断执法提出新挑战,其在客观上使得垄断行为的识别与调查难以开展,在主观上使得经营者的主观合谋目的难以认定,在归责上也使得责任主体与责任分担难以确定。基于对算法默示合谋行为的规范性涵摄和经济分析,建议通过增强间接证据认定效力的方式完善垄断协同行为的认定标准,并适当引入滥用共同市场支配地位制度,构建双重认定路径,完善算法默示合谋的垄断行为认定与归责制度。
关键词:算法默示合谋 垄断协议 协同行为 滥用共同市场支配地位
The Regulation Dilemma of Algorithm Tacit Collusion
and The Path of It’s Cracking
Jia Yuan Wanqiu Zhang
Abstract: With the development of digital economy, the extensive application of artificial intelligence algorithms has not only improved the efficiency of market competition and market vitality, but also brought about the monopoly problem caused by algorithmic collusion. The algorithmic express collusion can be directly identified through the traditional monopoly agreement regulation system, while the algorithmic tacit collusion shows the characteristics of concealment and stability. It is not only difficult to carry out the identification and investigation of monopoly behavior, but also difficult to identify the subjective collusion purpose of operators. Meanwhile,it will bring problems in determining the responsible subjects and the appointment of liability. Based on the normative subsumtion and economic analysis of the algorithmic tacit collusion behavior, it is suggested to improve the identification standard of monopoly concerted action by enhancing the effectiveness of indirect evidence, and appropriately introduce the system of abuse of collective market dominance , building a dual identification path and improving the identification and accountability system of algorithmic tacit collusion monopoly behavior.
Key words: Algorithmic tacit collusion Monopoly agreement Concerted action Abuse of collective market dominance
JEL Classification:K21 L41
绿色金融对能源企业可持续发展绩效的驱动效应研究
程肖君 叶锦鸿
摘 要:在“双碳”背景下,绿色金融为能源企业的绿色转型提供了资金支持,对能源企业的可持续发展产生了重要的影响。本文基于2012-2020年中国能源上市企业的面板数据,选取绿色信贷、绿色债券、绿色投资和碳金融四个维度测算了每个能源企业的绿色金融融资水平,并从环境绩效和经济绩效两个方面衡量企业可持续发展绩效,实证检验了绿色金融对能源企业可持续发展绩效的动态影响效应及其影响机制。研究发现:(1)绿色金融显著提高了能源企业的可持续发展绩效。绿色金融对环境绩效的影响在获得绿色金融资金后的一至三年先减弱后增强,对经济绩效的影响逐年增强。(2)绿色金融通过促进绿色创新、缓解企业融资约束和提高企业的绿色全要素生产率,有效地提升了能源企业的可持续发展绩效。(3)绿色金融对国有能源企业和下游能源企业的可持续发展绩效的正向影响更为显著,对参与可再生能源开发与利用的企业的环境绩效以及不参与可再生能源企业的经济绩效更显著。(4)四种不同的绿色金融工具中,绿色信贷对能源企业可持续发展绩效的影响最大,绿色债券和绿色投资次之,碳金融没有显著影响。基于研究结论,本文对中国绿色金融政策的完善以及能源企业的绿色转型提出了相应的政策建议。
关键词:绿色金融 可持续发展绩效 绿色创新 融资约束 绿色全要素生产率
Research on the Driving Effects of Green Finance on the Sustainable Development Performance of Energy Enterprises
Xiaojun Cheng Jinhong Ye
Abstract:In the context of the "dual carbon" framework, green finance provides financial support for the green transformation of energy enterprises, significantly influencing their sustainable development. Based on panel data from Chinese energy-listed companies between 2012 and 2020, this paper measures the green finance funding levels for each energy enterprise across four dimensions: green credit, green bonds, green investment, and carbon finance. The study evaluates the sustainable development performance of companies from both environmental and economic perspectives, empirically examining the dynamic impact and mechanisms of green finance on the sustainable development performance of energy enterprises. The findings are as follows: (1) Green finance significantly enhances the sustainable development performance of energy enterprises. The impact of green finance on environmental performance weakens in the first three years after obtaining green finance funds, followed by a strengthening trend, while the impact on economic performance increases year by year. (2) Green finance primarily enhances the sustainable development performance of energy enterprises by promoting green innovation, alleviating financial constraints, and improving GTFP. (3) The positive impact of green finance on the sustainable development performance is more pronounced for state-owned energy enterprises and downstream energy enterprises. It is also more significant for the environmental performance of enterprises involved in renewable energy development and utilization, as well as for the economic performance of those not engaged in renewable energy enterprises. (4) Among the four different green finance instruments, green credit has the greatest impact on the sustainable development performance of energy enterprises, followed by green bonds and green investment, while carbon finance has no significant impact. Based on the research conclusions, this paper provides corresponding policy suggestions for improving China's green finance policies and facilitating the green transformation of energy enterprises.
Keywords: Green Finance Sustainable Development Performance Green Innovation Financing Constraints Green Total Factor Productivity
JEL Classification:D22 G32 L52 Q48
经济政策不确定性与垂直专业化分工——来自中国制造业企业的微观证据
聂爱云 江春云 沈立锦
摘 要:近年来,不确定性冲击成为中国企业面临的重大挑战。本文理论分析表明,经济政策不确定性会增加企业的交易成本并加剧融资约束,进而对企业分工水平产生重要影响。基于中国制造业企业数据和不确定性指数,实证研究发现:(1)经济政策不确定性上升显著降低了中国制造业企业的专业化分工水平,这一结论在一系列稳健性检验下依然成立。(2)机制检验表明,增加外部交易成本和加剧融资约束是经济政策不确定性降低专业化分工水平的两大主要途径。(3)在资产专用性更高的企业、小规模企业以及市场规模较小的企业,不确定性对分工的抑制作用更加显著。(4)进一步分析表明,经济政策不确定性不利于企业专业化生产,并最终降低了企业生产率。本文为认识不确定性冲击与企业边界调整提供了经验证据,也为政府更好地平抑不确定性冲击的负面影响提供了重要的政策启示。
关键词:经济政策不确定性 专业化分工 交易成本 融资约束
Uncertainty of Economic Policy and Vertical Specialization
—— Micro Evidence from Chinese Manufacturing Enterprises
Aiyun Nie Chunyun Jiang Lijin Shen
Abstract: In recent years, the impact of uncertainty has become a major challenge for Chinese enterprises. We shows that the uncertainty of economic policy will increase the internal and external transaction costs of enterprises and aggravate the financing constraints, which will have an important impact on the level of specialization of enterprises. Based on the data and uncertainty index of Chinese manufacturing enterprises, the empirical study shows that: (1) The rise of economic policy uncertainty significantly reduces the level of specialization of Chinese manufacturing enterprises, which is still true under a series of robustness tests. (2) The mechanism test shows that increasing external transaction costs and intensifying financing constraints are the two main ways for economic policy uncertainty to reduce the level of specialization. (3) In enterprises with higher asset specificity, small-scale and smaller market size, uncertainty has a more significant inhibitory effect on division of labor; (4) Further analysis shows that the uncertainty of economic policy is not conducive to the specialized production of enterprises, and ultimately reduces the productivity of enterprises. This paper provides empirical evidence for understanding the impact of uncertainty and the adjustment of enterprise boundaries, and also provides important policy enlightenment for the government to better suppress the negative impact of uncertainty shocks.
Keywords: Economic policy uncertainty Specialization Transaction cost Financing constraints
JEL Classification: L11 L22
“碳中和”背景下日本输配电价水平与结构规制改革研究
——以2023年输配电收入上限规制为核心
李宏舟 高梦慧 王惠贤
摘 要:日本于2023年导入了基于相对绩效比较分析的输配电业务收入上限规制,对与导入可再生能源相关的项目实施非对称奖惩机制;将于2024年改革输配电成本分摊机制,对符合条件的可再生能源发电商实施输配电价折扣制度。本文重点分析了日本输配电成本监审的效果和发电侧分摊输配电成本的制度设计,探讨了我国输配电规制改革的重大进展和优化方向,思考了日本的制度改革对我国可能的政策启示。
关键词:输配电价水平与结构 日本 收入上限 成本监审 相对绩效比较分析
Background of "Carbon Neutrality"- with 2023 Version Revenue Cap Regulation as the Core
Hongzhou Li Menghui Gao Huixian Wang
Abstract: Japan introduced benchmark-based revenue cap regulation in 2023 and implement an asymmetric reward and punishment mechanism for projects related to the introduction of renewable energy. a power grid networks cost-sharing mechanism will be introduced in 2024 and a discount tariff will be implemented for eligible renewable energy generators. This paper focuses on the effect analysis of the cost assessment in revenue cap reguation and the institution design of cost-sharing on the generation side, discusses the major progress and further optimization direction of China's power grid sector regulation reform, and considers the possible policy implications of Japan's reform for China.
Keywords: T&D Price Level and Structure Japan Revenue Cap Regulation Cost Assessment Benchmarking
JEL Classification: L50 L51 L52
城市电商化转型促进了创业么?
——来自新注册企业数据的经验证据
郭郡郡
摘 要:进入电商时代,我国迎来新一轮创业浪潮。将国家电子商务示范城市建设视为城市电商化转型的准自然实验,采用新注册企业数对城市创新水平进行测度,实证检验城市电商化转型对创业的影响及其异质性,并验证了影响的机制和空间溢出性。研究发现,城市电商化转型对创业具有积极影响,且其影响表现出动态可持续性;城市电商化转型的创业效应因行业、企业规模和城市特征而异;电商化转型可能通过数字普惠金融发展和创新水平提升两项机制,对城市创业产生积极影响;城市电商化转型对创业的促进作用具有正向空间溢出效应。文章的研究结论为地方政府借力电商提升城市创业活力提供了经验证据和政策启示。
关键词:电商化转型 创业 国家电子商务示范城市 新注册企业数
Has Urban E-Commerce Transformation Promoted Entrepreneurship?
——Evidence from Newly Registered Enterprise Data
Junjun Guo
Abstract: Entering the era of e-commerce, our country has witnessed a new wave of entrepreneurship. Viewing the construction of national e-commerce demonstration cities as quasi-natural experiments for urban e-commerce transformation, this study employs the number of newly registered businesses as a metric for urban innovation levels. It empirically examines the impact of urban e-commerce transformation on entrepreneurship and its heterogeneity and verifies the mechanism and spatial spillover effects of this impact. The findings indicate that, overall, urban e-commerce transformation has a positive impact on entrepreneurship, and this impact demonstrates dynamic sustainability. The entrepreneurial effects of urban e-commerce transformation vary depending on industry, firm size, and urban characteristics. E-commerce transformation may positively impact urban entrepreneurship through two mechanisms: the development of digital inclusive finance and the enhancement of innovation levels. Promoting entrepreneurship through urban e-commerce transformation exhibits a positive spatial spillover effect. The research conclusions of this article provide empirical evidence and policy insights for local governments to leverage e-commerce to boost urban entrepreneurial vitality.
Keywords: E-Commerce Transformation Entrepreneurship National E-Commerce Demonstration City Number of Newly Registered Enterprises
JEL Classification: L01 L81