The stock beggar gang refers to

Recently, a new sect has appeared in the investment Jianghu, that is, almost help and homophonic beggars' gangs, which generally refer to investors who buy China-almost the Internet. In recent weeks, they have suffered a relatively serious blow in the shadow of anti-monopoly.

Let's think about two questions:

1. How to treat the antitrust game between supervision and large enterprises?

2. In the shadow of anti-monopoly, do China Stock Exchange still have investment value?

Let's look at a typical case: in 20 15, the French Competition Authority and the German Federal Antimonopoly Office both recognized Booking as an online hotel reservation platform suspected of monopoly.

Reservation requires the hotel to provide a series of price terms on his platform, such as the most favorable price, the most favorable cancellation conditions, the most favorable membership points and benefits. In this case, he did not use his market position to raise the price to "cut leeks", but offered the lowest price to consumers. How did this trigger antitrust?

This involves a key question, how does supervision treat monopoly?

First of all, the classical theory looks at the problem from the perspective of social welfare as a whole. Overall social welfare includes consumers, suppliers of goods and services in the middle of ecology and competitors. That is, does the behavior of large enterprises harm the welfare of the whole society? (The data problem of China Stock Exchange this time involves this aspect. )

Secondly, the further question is, can our social welfare become better? Booking through the most favorable price terms, coercing the hotel to provide the best price with him, so the new platform can't compete with him. It stifles the possibility that social welfare will become better. (From this starting point, it is not difficult to understand that the merger of Betta and Huya was rejected and the exclusive copyright of Tencent Music was banned. )

Therefore, from the perspective of foreign anti-monopoly cases, it does not mean that a large enterprise involves anti-monopoly, and a large business scale involves anti-monopoly.

The starting point of supervision is to protect social welfare, and competition and innovation are very important. In order to maintain this possibility of becoming better, it is necessary to protect the possibility of competition and the possibility of continuous innovation.