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

摘要： 以消除潜在竞争约束为目标的扼杀式并购已成为影响全球数字经济未来发展格局的竞争策略。作为博弈机制的扼杀式并购可能固化市场结构、抑制颠覆性创新并损害消费者福利。然而，现有的经营者集中制度缺乏健全的潜在竞争损害分析机制，存在主动要求申报程序缺乏操作性、实质审查工具亟须改进和智慧监管体系发展相对滞后等问题，无法有效地规制具有全新特征的扼杀式并购行为。需围绕维护鼓励创新与竞争秩序的制度目标，通过回应性机制优化申报程序框架。同时，革新与潜在竞争关系相适应的相关市场认定工具，调整潜在损害事实的证明标准和分析手段，并从全球化视野推动监管制度的智慧化转型，健全完善的回应型经营者集中制度，提高对数字科技平台扼杀式并购的规制效能。

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