The Research of Anti-monopoly Law Regulation on Enterprise M&A
|Keywords||Mergers and Acquisitions Reporting system censorship Antimonopoly Law regulation|
With the generalization of global capital flow and the acceleration of the trend of world economic integration, the enterprise merger is becoming an important capital-operating method.It is enterprise merger that gives a profound impact on the world economy and the changing of the competitive situation.Meanwhile, optimizing industrial structure,adjusting the industrial layout, allocating the resources,and promoting enterprise scale expanding etc. On the one hand, it embodies increasing economies of scale and efficiency enhancement, on the other hand, they also result in the reduction of the number of enterprises that disorder the markets.Once the market power of merging side enhanced,then it is possible to increase the safety of its abuse of dominant market position. Meanwhile,The decreasing of competitors is easy to cause the collusion among competitors and do harm to the market competition. And it becomes evident that the enterprise merger has two sides. As a result,USA, UN Japan and other developed countries integrate enterprise merger as the core content and main instruction of the anti-monopoly law system.The People’s Republic of China Antimonopoly Law was implemented on date of1th,August,2008. It regulates Mergers and Acquisitions (m&a) behavior,but strong principle and lack of practical operation. This Paper from the comparative analysis of mergers and acquisitions in developed countries on the basis of antitrust regulatory regime makes fully use of economic analysis, comparative analysis and other methods of mergers and acquisitions at home and abroad to analyze legislative and institutional and, points out that China’s current mergers and acquisitions of existing problems in existing legislative system, and actively absorbs and learns from foreign legislative experience on the basis of ideas, improving our mergers and acquisitions Antitrust Regulation LegislationThe first part discusses an overview of mergers and acquisitions, said its content, including the definition of corporate mergers and acquisitions and type, the merge and acquisitions reasons for Antimonopoly Law,and methods etc. The second part is making the analysis of antitrust regulations of foreign mergers and acquisitions,seriously studying the process on Antitrust Regulation in U.S., EU, Japan, mergers, and making contrast with substantive regulation,systematic regulation as well as the inspirations that the developed country brings in to us.The third part display the status quo of mergers and acquisitions antitrust regulation in terms of the physical and procedural aspects like reporting standards, review standards, process standards, reporting procedures, review procedures etc. Meanwhile pointing out the existing questions and making the illustration such as Reporting system, censorship, exemption etc.The last part is coming up with the suggestion correspondingly toward the raised questions, and perfect mergers and acquisitions antitrust regulations respectively.