The Research On Efficiency Review System Of Merger Control By Anti-Monopoly Law

Merger Control has been an important part of anti-monopoly law in every jurisdiction. Mergers have the potential to bring about significant efficiency. The efficiency generated through mergers has two sides to the market competition: on one hand, it can enhance the merged company's ability and incentive to compete; on the other hand, it is likely to make the market competition adverse. So it has become a new developing trend in the field of anti-monopoly law for some western jurisdictions to pay more attention to the efficiency review in the past few years.According to study the advance of efficiency review system in US, EU and Canada, the paper analyses the conversion of anti-monopoly authorities'treatment to the efficiency. Then the author summarizes the framework for efficiency review in the western jurisdictions into the following four aspects: that is, how efficiency should be factored into the merger review; which types of efficiency should be counted; what is the cognizable efficiency and how to weight efficiency against anti-competitive effects. The Rules for Merger and Acquisition of Domestic Enterprises by the Foreign Investors and the Anti-monopoly Law of PRC have some provisions on efficiency review, however, they need to be improved on the analysis framework and the specific system. In order to establish an effective efficiency review system in PRC, the author suggests referring to the western jurisdictions'practice to promulgate the merger guidelines.