关键词: 数字平台企业, 杀手并购, 并购动因, 并购政策

Abstract: In recent years，Chinas digital platform companies have experienced rapid growth，spurred by a supportive regulatory environment However，the market has become highly concentrated，with leading platforms such as Baidu，Alibaba，and Tencent (collectively known as BAT) undertaking numerous acquisitions This trend has sparked worries among regulators and the public，specifically “killer acquisitions”，where established companies acquire emerging competitors to eliminate future competition This study aims to investigate the presence of such acquisitions among Chinas digital platform giants，analyze their motives，and assess the consequences，providing insights for antitrust policy formulation
The study has the following conclusions First，this paper identifies six distinctive features of BATs acquisition strategies：1 A strong preference for acquiring domestic startups；2 A concentration of acquisitions in their main revenuegenerating sectors；3 A significant 41% of acquired companies products are terminated postacquisition 4 A divergence in acquisition trends compared to other technology companies 5 A strategic approach to crossindustry acquisitions aimed at entering new fields 6 An increasing overlap in the industries they target over time Second，acquisitions occurring in BATs primary revenue sectors and during their growth phases have a lower probability of resulting in product termination This suggests that the primary motive behind these acquisitions is not to eliminate potential competition Finally，BATs acquisitions have led to an increase in both the number of new entrants and the volume of subsequent M&A activities within the same industry This indicates BATs acquisition activities have had a stimulating effect on market competition and have attracted more players to enter the industry
This paper makes several significant contributions Firstly，this study fills a crucial gap in understanding the competitive strategies of digital platforms and their broader economic implications Secondly，the study moves beyond theoretical discourse to provide robust quantitative analysis，offering new insights into the actual practices and impacts of platform acquisitions Lastly，the findings have direct policy implications，the conclusions underscore the need for balanced and informed policymaking

Key words: digital platform, killer acquisition, M&, A motivation, M&, A policy