Study On Anti-monopoly Law Regulation In Foreign Capital Merger And Acquisition

In recent years, as the reform and opening up keep deepening in China, especially the changes in the securities industry, a convenient channel has been provided for foreign capital into Chinese enterprises. Foreign capital into Chinese enterprises can bring directly abundant capital, advanced technology and managerial experience. However, in view of the nature of benefit pursuit, foreign capital into Chinese enterprises may eliminate brands, dominate the market, suppress competition and cause other disadvantages, even endanger the national economic security.With the deepening of Chinese reform and opening up, the participation in World Trade Organization and other global or regional economic organizations, China is required subjectively or objectively to engage in the international market continuously, and thus the introduction of foreign capital is an important link. However, the mere reliance on the regulation function of market is inadequate to solve the various non-economic behaviors resulted from foreign capital merger and acquisition. The general survey of the experience of developed countries shows that the anti-monopoly laws play an important role in regulating the behaviors of foreign capital merger and acquisition. Therefore, the immediate priority is to learn from the foreign experience in anti-monopoly legislation to improve our anti-monopoly legislation system.In this paper, a comparative analysis method is used to study the foreign legislation regulating merger and acquisition mainly from the perspective of foreign capital merger and acquisition. Based on this study, the existing problems in Chinese standardization of anti-monopoly legislation of foreign capital merger and acquisition are discussed. It is hoped that an anti-monopoly law system suitable to the actual situation of China can be found by learning from the foreign experience in legislation. The author has put forward recommendation for the improvement of the problems existing in the Chinese regulation of anti-monopoly merger and acquisition. For instance, China should learn from Germany and Japan to establish an independent, unified and authoritative anti-monopoly law enforcement agency; Should improve the reporting system and formulate different reporting criteria according to different industries instead of a uniform criterion; Should perfect the national safety inspection standards and work out detailed regulations to define the inspect subject, the inspect object, the inspect procedures, etc. to enhance the operability of the national safety inspection; Should improve the legal liability system of anti-monopoly law by introducing the American punitive damages mechanism into its anti-monopoly legislation to enhance deterrent force of law as well as extending the subject of bearing legal liability to the senior executives of enterprises, and finally should improve the exemption system of its anti-monopoly law and define the specific situations applicable to exemption.