市场支配地位认定与对冲基金的市场控制力——评《反垄断法》第17、18、19条

《反垄断法》在对市场支配地位的界定中强调了经营者对市场的控制能力,并对具体的参考因素进行了规定.但是,该法对市场支配地位的界定忽略了对经营者"持续地"获取利润的能力的要求,而这一缺失会造成很多仅仅是短期内影响市场的因素也被纳入到反垄断法的规制范围中.对冲基金的运作特点决定了它可以利用金融杠杆撬动百倍于自身的资金,能够在一个较短的时间内控制市场,引起价格的波动,从而获取暴利.但从反垄断法理论上讲,对冲基金并不属于反垄断法需要规制的情况.因此,对于我国所制定的《反垄断法》而言,需要用更为严密的语言界定市场支配地位,确定其规制的范围.

The Definition of Dominant Position and The Price Controlling of Hedge Fund: Review on Article 17, 18, 19 of P. R.China's Anti- Monopoly Law

The definition of Dominant Position in Anti-Monopoly Law stresses on the control power of business operation to marketplace and provides specific factors. However, the definition overlooks the criteria of the capability of continuous profit-gaining. This omission will lead to the consequence that lots of short-term impacting factors to the market will be regulated by Anti-monopoly law, e.g. hedge fund. The feature of hedge fund is that it can utilize hundreds of times of original fund by financial leverage and control a market within a relative short time period to make huge profits; however, this situation of hedge fund does not belong to the domain of Anti-monopoly law. Therefore, as far as the Anti-monopoly concerned, it requires more prudent and rigor wording defining dominant position and confirming its applicable scope.