A Study On Substantive Law Of Anti-monopoly Regulation On Enterprises'non-horizontal Mergers

As an important means of profit maximization, Combination of enterprises is one of the inevitable outcome of market economy, and its existence is important and reasonable. Horizontal mergers and business combinations are two types of mergers, but the legislative practice of States often focus on horizontal mergers, who has always been held on tolerant attitude to non-horizontal merger. The influnce of non-horizontal mergers to the market become increasingly prominent, people began focus their anti-competitive effects and how to study and discuss regulatory issues.Throughout the legislative developments in the word, in November 2007, the European Council released the "assessments of non-horizontal merger guidelines", The United States since 2004 launched modernization program, especially after the financial crisis, US strengthen non-horizontal merger on antitrust regulation to large enterprise groups, this shows that the strengthening of non-horizontal merger intensity of anti-monopoly regulation has become a development trend of global anti-monopoly law. China's "anti-monopoly law" have been introduced, but these regulations do not clearly distinguish between non-horizontal mergers and horizontal mergers, and China anti-monopoly law enforcement agencies to regulate non-horizontal merger in the lack of clear and proven practices. I analyze U.S. and EU legislation on non-horizontal mergers and practice, and explore the physical non-horizontal merger regulation system, I think that we should build the system to enterprises combination.This article is divided into four parts:The first part, on the basis of corporate concepts of non-horizontal mergers, it introduces a clear concept of mergers and the effect of non-horizontal mergers; It analyzes business combination and concentration of business operators, introducing non-horizontal merger between the concepts of horizontal mergers and differences between non-horizontal mergers type, the characteristics of non-horizontal merger, based on these characteristics, so I think non-horizontal merger should be regulate.The second part, It described the theoretical basis of regulation. The main contents include:It describes the major economic theories of non-horizontal merger regulation is the post chicago school which is the mainstream economic theory; then it introduces the non-horizontal mergers beneficial effects on the economy and unfavorable impact analysis of the pros and cons. Finally I think that non-horizontal merger is need for regulation.The third part, It focuses on the physical evaluation of non-horizontal mergers. Firstly it introduced the principle of non-horizontal merger evaluation criteria, and some common standards and comparative analysis; secondly it focuses the entity of non-horizontal merger analysis framework, it discussed the U.S. and EU combined entity of non-horizontal frame expansion, and its detailed comparison; Also it introduced the indispensable asset stripping system.The fourth part, It analyzes non-horizontal legislative situation, and discusses the establishment and improvement of non-horizontal merger of the need for regulation system, Finally I think we should build a regulation system of non-horizontal merger.