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

摘要： 中国数字平台头部企业凭借资本和市场优势大量并购初创企业，引起了监管部门和社会公众的普遍担忧。中国数字平台企业是否存在以消除潜在竞争为目的的“杀手并购”？本文以中国三大数字平台巨头百度、阿里巴巴和腾讯（BAT）为研究对象，手工搜集了2012—2021年BAT的146个并购案例，剖析了BAT并购的特征事实、动因与后果。首先，统计分析刻画了BAT并购的6大特征事实：（1）倾向于并购国内初创企业；（2）并购集中于主要收入部门；（3）终止被并购方产品的比例为41%；（4）并购趋势与其他科技公司相反；（5）倾向于通过跨行业并购进入新的领域；（6）并购行业重叠度逐年递增。其次，并购动因分析表明，对于BAT主要收入部门和平台成熟期实施的并购，被并购方产品被终止的概率较低，即已有证据不支持BAT的“杀手并购”动因。最后，并购后果分析表明，BAT并购促进了同行业企业进入数量和并购数量的增长，即未造成“杀伤区”。本文的研究为中国数字平台企业并购政策的构建提供了启示。

关键词: 数字平台企业, 杀手并购, 并购动因, 并购政策