Anti-monopoly Study About Enterprise's Cross-border M&A

With the economic globalization and integration trends, Chinese enterprise has entered a stage of rapid development in mergers and acquisitions(M&A), the form of Cross-border M&A is very outstanding. In fact, the Cross-border M&A obviously aroused public and academic concerns that the Cross-border M&A may result high market concentration and the effect of excluding or restricting competition, such as the cases as"CIMC M&A Netherlands Borg"and"Coca-Cola M&A HuiYuan Juice".In terms of China's present legislation, the"Anti-Monopoly-Law"has come into effect less than a year, it as a basic law of the market economy, outstanding by the status of"economic constitution", but its content about Cross-border M&A is just on principle. China Anti-monopoly law and practice are weak, China haven't M&A laws system and the Cross-Border M&A just budding, therefore, as an emerging important subject, the study of anti-trust regulation in Cross-Border M&A is still on the beginning stage. Through the study of Chinese anti-monopoly regulation in Cross-border M&A, this paper attempts to present that China should establish a legal system for the domestic M&A foreign-funded M&A equally.Empirical analysis, historical analysis, comparative law analysis and dialectics have been used in this paper, Researching on a great lot data and cases, the writer constructs the effect of Cross-border M&A on economy, the basement and the value of to regulate the Cross-border M&A in anti-monopoly law, expatiates the main contents of anti-monopoly law on Cross-border M&A, outlines the practice of international cooperation, analysis Chinese situation and improving ideas in the field. It was found that as a"economic constitution", the"Anti-Monopoly law"is very general and brush, there is no systemic provisions on Cross-border M&A and clear standard for the Anti-Monopoly Agency too。For example: the substantive review factors are not much specific; the deadline for application and additional conditions to deal are not much clear; the conditions of exemption to forbid are much more non-uniform, and so on.Therefore, this article concludes the necessity to found and perfect the anti-monopoly regulations on control Cross-border M&A, works out some strategies and measures, and verifys that these measures are feasible and scientific. Such as, we need to establish the substantive review factors or norms; improve the supervision system, relief system and service system, so as to promote the establishment of anti-monopoly regulations or guidelines on M&A, for providing reliable anti-monopoly legal basis to regulate Cross-border M&A, and as well as to create a good anti-monopoly law environment for the Cross-border M&A.