Perfecting Reseach On China's Anti-monopoly Legislation About Cross-border Mergers And Acquisitions

Nowadays with the further deepen integration of global economy, the global market shows the trend of internationalization too. Many multinational companies transform into global companies , at the same time , they establish their own marketing and service network so much so that create a series of global industrial chain covering the procurement of raw materials, manufacture and assembly, R&D, marketing and services, etc , thus they can obtain allocation of all kinds of resources in the world. But the quickest way to achieve this purpose is the cross-border mergers and acquisitions. Since the reform and opening up, especially the entry into the World Trade Organization, China's economy further integrated into the international economy, the resource advantages of various aspects of China will inevitably attract the attention from multinational companies. While deepening the restructuring of China's state-owed enterprise , cross-border mergers and acquisitions can bring the funds needed for the development of our national economy, modern management mature experience and advanced high-tech. It's true that cross-border mergers and acquisitions can have a beneficial factor in China's economic development, however, they are also a double-edged sword that can easily bring about some negative factors. As several "decapitates " of China's original well-known national brands after mergers and acquisitions by multinational corporations, we have to ponder how to better deal with cross-border mergers and acquisitions, the unavoidable reality in the contemporary era. In fact, with strong financial strength, advanced high-tech and management experience, multinational companies are most likely to lead to monopoly on China's domestic relevant market. Although China's "anti-monopoly law" was issued in the last long-awaited eyes and has been brought into effect for more than one year, it's rough requirements and the lack of relevant detailed rules for implementation make it's maneuverability greatly reduced. So there is still a long way to go to make the detailed legislation for China's "anti-monopoly law". Rules and regulations related to cross-border M & As are less and rough, and most of them are embodied in the related market, extraterritorial effect and the setting of anti-monopoly law enforcement agencies. Therefore, this article attempts to briefly introduce cross-border M & As and analyse the shortcoming of regulations in regard to cross-border M & As in China's "anti-monopoly law", and then draw the mature anti-monopoly experiences of developed countries combining China's specific conditions to improve and perfect the relevant regulations of China's "anti-monopoly law" on related market, extraterritorial effect and the setting of anti-monopoly law enforcement agencies. Thus an important role can be played by the cross-border M & A in promoting China's economic development and the negative effects brought by the cross-border M & A can also be reduced or prevented, and thus China's market environment can be regulated.In addition to the introduction and the conclusion, this article is divided into three parts. The first chapter presents a summary of the meaning and the inevitable existence of cross-border mergers and acquisitions, furthermore the monopolistic tendencies of three cross-border M & A types and their current characteristics in China are analyzed in this part. The second chapter provides a brief analysis of the defect of cross-border M & A antitrust in China's "anti-monopoly law". The third chapter reviews the developed countries's experiences of counter-monopoly on the basis of fore-mentioned flaw and then analyse their significance. The last chapter makes recommendations on related market, extraterritorial effect and the setting of anti-monopoly law enforcement agencies in view of our country antimonopoly law's flaw on the transnational merger and acquisition.