行业报告ITIF为什么合并指导方针必须更多地支持生产力创新和全球竞争力英20235_.docx

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1、ITirINFORMATIONTECHNO1OGY&INNOVATIONFOUNDATIONSCHUMPETERPROJECTONCOMPETITIONPO1ICYWhyMergerGuide1inesMustDoMoretoSupportProductivity,Innovation,andG1oba1CompetitivenessAURE1IENPORTUESEMAY2023Antitrustauthoritieswanttorevisemergerguide1inesbasedondubioustheoriesofpotentia1harmthatfai1torecognizehowma

2、nymergersfosterinnovation,productivity,andU.S.g1oba1competitiveness.Newmergerguide1inesshou1dbetteraccountfortheseconsiderations.KEYTAKEAWAYS U.S.antitrustpo1icycanno1ongerfocusmyopica11yoncompetitiona1one.Inanerawhentheprimarytech-economiccha11engeistostayaheadofChina,mergerguide1inesmustbetterinte

3、gratecompetitivenessconcerns. Marketdefinitionsshou1daccountforforeigncompetition,potentia1entrybyinternationa1competitors,andcompetitiveconstraintsinadjacentmarkets. Studieshavedemonstratedthataggressivemergerpo1iciesdecreasecompetitiveness.Toenhancecompetitiveness,mergerguide1inesshou1dfocusmoreon

4、productivitygrowth. Mergerguide1inesshou1dinc1udeaframeworkforinteragencycoordinationincritica1areasoftheeconomy.Thereshou1dbeconsensusonsensitivemergerdecisionsinadefinedsetofsectorsthatfaceg1oba1competition. Congressshou1damendtheNationa1CooperativeResearchActtoa11owjointcommercia1izationeffortsto

5、exp1oitU.S.innovation,andtoenab1efirmstoco11aborateontechno1ogy-transferdecisionsinnationssuchasChina.Conceptssuchaspotentia1competitionordynamiccompetitionshou1dnotbepervertedtoimposeeconomicdeconcentration.itif.orgCONTENTSKeyTakeaways1Introduction2TheInventiveness-PersuasivenessTrade-O仟3PurposeofM

6、ergerGuide1ines:InformandCodify4Di1emmaofMergerGuide1ines:CreativeTheoriesvs.PersuasiveImpact41essonsFromPastMergerGuide1ines5The1968MergerGuide1ines5The1982and1984MergerGuide1ines6The1992and1997MergerGuide1ines6The2010and2023MergerGuide1ines7Recommendations9MergerGuide1inesMustProvide1ega1Certainty

7、9MergerGuide1inesMustRecognizeG1oba1MarketConditions9MergerGuide1inesShou1dBeSize-Neutra111MergerGuide1inesMustRecognizetheInnovationandProductivityBenefitsofIntegration.11MergerGuide1inesShou1dNotDistorttheNotionofPotentia1Competition12Conc1usion12Endnotes14INTRODUCTIONSoonafterbeingsworninaschairo

8、ftheFedera1TradeCommission(FTC)z1inaKhanissuedajointstatementonJu1y9,2023,withRichardA.Powers,thentheactingassistantattorneygenera1oftheJusticeDepartments(DOJ)AntitrustDivision,torevisemergerguide1inesforantitrustenforcers.Theirprimarygoa1wastoimp1ementanaggressivemergerenforcementpo1icydespitethe1a

9、ckofevidencethatmergerenforcementhasbeen1axorthatso-ca11edki11eracquisitionsz,arearea1prob1em.1Thetwoantitrustagenciesthenissuedajointrequestforinformation(RFI)in2023thatdec1aredregu1atorsintenttomodernizeantitrustenforcementbyincorporatingnew1earningre1atedtofirmandmarketbehavior/7particu1ar1yaspec

10、tsofcompetitiontheguide1inesmayunderemphasizeorneg1ect,suchas1abormarketeffectsandnon-pricee1ementsofcompetition1ikeinnovation,qua1ity,potentia1competition,oranytrendtowardconcentration.w2Butthequestionsthatfo11owedrevea1edtheagencies*intenttochangecurrentmergerguide1inesinwaysthatcou1dstif1einnovat

11、ionandU.S.competitivenessbybanningmergersthatcou1dbebeneficia1forconsumersandU.S.workersinfirmsthatcompeteg1oba11y.Insteadofrecognizingthat1eadingfirmsoftenoperateing1oba1marketsandaskinghowtobetterreviewcross-bordermergersorhowtoaccountforthenationa1competitivenessimp1icationsofmergersbetweendomest

12、icfirmsoperatingaroundthewor1d,theRFIfocusedanoverwhe1mingmajorityofitsquestionsonpotentia1justificationsforbanningmergers,from1abormarketeffectstonascentcompetitiontheories.Thisrevea1eda1ineofreasoningthatwou1d1eadinexorab1ytoquashingmergersthatcou1dbehigh1ybeneficia1forconsumersandtheeconomybasedo

13、ndubiousevidencetothecontrary.3Giventheagenciesf1awedapproachtoassessingwhethermergersmightbebeneficia1,futuremergerguide1inesshou1dinsteadp1acegreaterweightoninnovation,productivity,andcompetitivenessdynamics.4Thisreportbeginswiththeinventiveness-persuasivenesstrade-off:thefurtherantitrustauthoriti

14、esdeviatefromtheestab1ishedcase1aw,the1ess1ike1yitisthatfuturemergerguide1ineswi11beconvincingincourts.Currentantitrustauthoritiesmustpaymoreattentiontothisquandarybyseekingtocreatenewmergerru1esratherthancodifythembypassingnewones.Secondzweexaminethemergerguide1inesandshowthatdespitecontinuousimpro

15、vements,theyneedamoredynamicapproachtocompetitiontobetteraccountforinnovation.Worse,themergerguide1inesareprimari1ysi1entoninternationa1competitivenessissues,whicharecritica11yimportantastheU.S.economyfaceskeycompetitivenesscha11enges,particu1ar1ywithChina.Wesuggestthatfuturemergerguide1inesaddressi

16、nnovationandcompetitivenesscha11engesmoreeffective1y,bothofwhicharecritica1intheageofdisruptiveinnovationandg1oba1competition.Mergerguide1ines,despitecontinuousimprovements,needamoredynamicapproachtocompetitiontobetteraccountforinnovation.Themergerguide1inesareprimari1ysi1entoninternationa1competitivenessissues.TheInventiveness-PersuasivenessTrade-OffMergersandacquisitions(M&A)areparto