防止資本無序擴張：平臺經濟反壟斷規制的體系因應

Preventing Disorderly Expansion of Capital: The Systematic Response to Antitrust Regulation of Platform Economy

大型科技平臺企業深度涉足金融領域，誘發“ 防止資本無序擴張” 的政策動議。資本賦能下的平臺企業擴張，既在市場維度衍生“贏家通吃”風險，又在社會維度引發“大而不倒”隱憂。反壟斷規制能否有效處置資本亂象、防範擴張風險以及發揮威懾功能，決定著新經濟領域“包容審慎” 監管原則的市場競爭底線。通過實體監管與行為規制、競爭政策與產業政策、預防與制止壟斷行為等領域的制度融合，我國平臺經濟反壟斷的資本理路愈發清晰。立足於資本的雙重屬性，反壟斷法的戰略地位提升有助於強化平臺資本優勢主體的法律威懾，“守門人”制度亦可為平臺企業資本擴張設定社會責任邊界，但行政主導下的“互聯互通”與結構性救濟仍應在競爭法治框架內審慎推進。

The deep involvement of large technology platform enterprises in the financial sector triggers the policy initiative of “preventing disorderly expansion of capital”. The expansion of platform enterprises empowered by capital not only generates the risk of “winner-takes-all” from the market dimension, but also raises concerns about “ too big to fail” from the social dimension. Whether antitrust regulation can effectively deal with capital disorder, prevent expansion risk and play a deterrent role determines the bottom line of market competition of “inclusiveness and prudence” supervision principle in new economy. Through the institutional integration of entity supervision and behavior regulation, competition policy and industrial policy, prevention and suppression of monopolistic behavior and other fields, the idea of antitrust capital regulation of platform economy in China is becoming increasingly clear. Based on the dual nature of capital, the promotion of the strategic position of antitrust law helps to strengthen the legal deterrence of the dominant subject of platform capital, and the “gatekeeper” mechanism can also set the boundary of social responsibility for capital expansion of platform enterprises. However, the “interconnection” and structural remedies under the guidance of administration should be prudently carried forward within the framework of the rule of competition.