关键词: 数字经济；扼杀式并购；回应型制度；主动调查权；智慧监管

Abstract: Killer acquisitions, aiming at eliminating potential competitive constraints, have become a competitive strategy shaping the future development pattern of the global digital economy. As strategic maneuver, such acquisitions may solidify market structures, inhibit disruptive innovations, and harm consumer welfare. Meanwhile, killer acquisition behaviors with entirely new characteristics have triggered a series of institutional issues, including the lack of operability in proactive reporting procedures, the urgent need to improve substantive review tools, and the relatively slow development of smart regulatory systems. Accordingly, it is necessary to focus on the institutional goal of safeguarding innovation encouragement and competitive order: optimize the framework of reporting procedures through responsive mechanisms; innovate tools for defining relevant markets that are compatible with potential competitive relationships; adjust the standards of proof and analytical methods for facts of potential harm; and promote the intelligent transformation of regulatory systems from a global perspective. By doing so, a more improved responsive merger control system can enhance the regulatory effectiveness over killer acquisitions by digital technology platforms.

Key words: digital economy; killer acquisitions; responsive regulation; proactive investigation power; smart supervision