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

ITirINFORMATIONTECHNO1OGY&INNOVATIONFOUNDATIONSCHUMPETERPROJECTONCOMPETITIONPO1ICYWhyMergerGuide1inesMustDoMoretoSupportProductivity,Innovation,andG1oba1CompetitivenessAURE1IENPORTUESEMAY2023Antitrustauthoritieswanttorevisemergerguide1inesbasedondubioustheoriesofpotentia1harmthatfai1torecognizehowmanymergersfosterinnovation,productivity,andU.S.g1oba1competitiveness.Newmergerguide1inesshou1dbetteraccountfortheseconsiderations.KEYTAKEAWAYS U.S.antitrustpo1icycanno1ongerfocusmyopica11yoncompetitiona1one.Inanerawhentheprimarytech-economiccha11engeistostayaheadofChina,mergerguide1inesmustbetterintegratecompetitivenessconcerns. Marketdefinitionsshou1daccountforforeigncompetition,potentia1entrybyinternationa1competitors,andcompetitiveconstraintsinadjacentmarkets. Studieshavedemonstratedthataggressivemergerpo1iciesdecreasecompetitiveness.Toenhancecompetitiveness,mergerguide1inesshou1dfocusmoreonproductivitygrowth. Mergerguide1inesshou1dinc1udeaframeworkforinteragencycoordinationincritica1areasoftheeconomy.Thereshou1dbeconsensusonsensitivemergerdecisionsinadefinedsetofsectorsthatfaceg1oba1competition. Congressshou1damendtheNationa1CooperativeResearchActtoa11owjointcommercia1izationeffortstoexp1oitU.S.innovation,andtoenab1efirmstoco11aborateontechno1ogy-transferdecisionsinnationssuchasChina.Conceptssuchaspotentia1competitionordynamiccompetitionshou1dnotbepervertedtoimposeeconomicdeconcentration.itif.orgCONTENTSKeyTakeaways1Introduction2TheInventiveness-PersuasivenessTrade-O仟3PurposeofMergerGuide1ines:InformandCodify4Di1emmaofMergerGuide1ines:CreativeTheoriesvs.PersuasiveImpact41essonsFromPastMergerGuide1ines5The1968MergerGuide1ines5The1982and1984MergerGuide1ines6The1992and1997MergerGuide1ines6The2010and2023MergerGuide1ines7Recommendations9MergerGuide1inesMustProvide1ega1Certainty9MergerGuide1inesMustRecognizeG1oba1MarketConditions9MergerGuide1inesShou1dBeSize-Neutra111MergerGuide1inesMustRecognizetheInnovationandProductivityBenefitsofIntegration.11MergerGuide1inesShou1dNotDistorttheNotionofPotentia1Competition12Conc1usion12Endnotes14INTRODUCTIONSoonafterbeingsworninaschairoftheFedera1TradeCommission(FTC)z1inaKhanissuedajointstatementonJu1y9,2023,withRichardA.Powers,thentheactingassistantattorneygenera1oftheJusticeDepartments(DOJ)AntitrustDivision,torevisemergerguide1inesforantitrustenforcers.Theirprimarygoa1wastoimp1ementanaggressivemergerenforcementpo1icydespitethe1ackofevidencethatmergerenforcementhasbeen1axorthatso-ca11ed''ki11eracquisitionsz,arearea1prob1em.1Thetwoantitrustagenciesthenissuedajointrequestforinformation(RFI)in2023thatdec1aredregu1ators'intenttomodernizeantitrustenforcementbyincorporating''new1earningre1atedtofirmandmarketbehavior/7particu1ar1y''aspectsofcompetitiontheguide1inesmayunderemphasizeorneg1ect,suchas1abormarketeffectsandnon-pricee1ementsofcompetition1ikeinnovation,qua1ity,potentia1competition,orany'trendtowardconcentration.w2Butthequestionsthatfo11owedrevea1edtheagencies*intenttochangecurrentmergerguide1inesinwaysthatcou1dstif1einnovationandU.S.competitivenessbybanningmergersthatcou1dbebeneficia1forconsumersandU.S.workersinfirmsthatcompeteg1oba11y.Insteadofrecognizingthat1eadingfirmsoftenoperateing1oba1marketsandaskinghowtobetterreviewcross-bordermergersorhowtoaccountforthenationa1competitivenessimp1icationsofmergersbetweendomesticfirmsoperatingaroundthewor1d,theRFIfocusedanoverwhe1mingmajorityofitsquestionsonpotentia1justificationsforbanningmergers,from1abormarketeffectstonascentcompetitiontheories.Thisrevea1eda1ineofreasoningthatwou1d1eadinexorab1ytoquashingmergersthatcou1dbehigh1ybeneficia1forconsumersandtheeconomybasedondubiousevidencetothecontrary.3Giventheagencies'f1awedapproachtoassessingwhethermergersmightbebeneficia1,futuremergerguide1inesshou1dinsteadp1acegreaterweightoninnovation,productivity,andcompetitivenessdynamics.4Thisreportbeginswiththeinventiveness-persuasivenesstrade-off:thefurtherantitrustauthoritiesdeviatefromtheestab1ishedcase1aw,the1ess1ike1yitisthatfuturemergerguide1ineswi11beconvincingincourts.Currentantitrustauthoritiesmustpaymoreattentiontothisquandarybyseekingtocreatenewmergerru1esratherthancodifythembypassingnewones.Secondzweexaminethemergerguide1inesandshowthatdespitecontinuousimprovements,theyneedamoredynamicapproachtocompetitiontobetteraccountforinnovation.Worse,themergerguide1inesareprimari1ysi1entoninternationa1competitivenessissues,whicharecritica11yimportantastheU.S.economyfaceskeycompetitivenesscha11enges,particu1ar1ywithChina.Wesuggestthatfuturemergerguide1inesaddressinnovationandcompetitivenesscha11engesmoreeffective1y,bothofwhicharecritica1intheageofdisruptiveinnovationandg1oba1competition.Mergerguide1ines,despitecontinuousimprovements,needamoredynamicapproachtocompetitiontobetteraccountforinnovation.Themergerguide1inesareprimari1ysi1entoninternationa1competitivenessissues.TheInventiveness-PersuasivenessTrade-OffMergersandacquisitions(M&A)areparto