价格检验在相关市场界定中的实证运用 : 对茅台、五粮液垄断案的再思考

<Chi>相关市场界定是反垄断执法工作的重要步骤。《反垄断法》实施6年多来，执法部门在其执法案例中，一直面临市场界定的难题。价格检验法是相关市场界定的重要方法之一，它对数据要求低、操作简单，可以作为相关市场界定的最佳初步分析方法，而且能够为其他方法提供有效补充。本文使用2010年1月到2013年8月七个知名白酒品牌城市价格面板数据，对2013年初茅台、五粮液垄断案所涉及的相关产品市场和相关地域市场界定进行了定量分析。在分析中本文使用了多种价格检验法，从不同角度深度挖掘数据所含信息，以避免依赖单一检验所导致的错误市场界定。综合比较各种方法的结果之后，本文发现，53度茅台和52度五粮液等一线品牌白酒构成一个反垄断相关市场，其地域市场为是全国性市场；其他品牌则需根据地方市场特性来界定各自的产品相关市场。本文的结论不仅对茅台五粮液反垄断案提供（事后）支持，对中国白酒行业将来可能出现的垄断行为，也提供反垄断执法基础工作的支持。本文所采用的研究方法为使用价格检验法在其他领域的相关市场界定提供了有益参考。<Chi>
<Eng>Defining relevant market is an important step in anti-monopoly enforcement. During the six years enforcement of China’s Anti-Monopoly Law, the enforcement agencies have encountered difficulties in defining relevant market. Price test based on law of one price is an important method in defining relevant market. Although being criticized, price test serves as a good starting point and often provides useful information when combined with other methods such as SSNIP tests for antitrust analysis, because it requires very small amount of data and is easy to implement. In this study we apply price tests to a monthly price panel data of seven China’s branded domestic liquors from four cities between 2010 and 2013, and to delineate both the relevant product market and the relevant geographic market.We employ a range of test methods such as price correlation test, Grange-causality test, unit root test, cointegration test and natural experiment and take into account the panel features of the data. By aggregating all test results throughout a quantitative analytical framework, we reach a conclusion that the highend branded liquors should be considered as one relevant market, and for these topline branded liquors its geographic market can be nationwide whereas for other brands the geographic market is narrower. Our study also provides some empirical evidence in support of a recent antitrust case launched by Chinese antitrust regulators against Maotai and Wuliangye, two topline branded liquor makers in China.<Eng>