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Cross-border Mergers And Acquisitions And Antitrust Law Equitable Research

Posted on:2004-04-13Degree:MasterType:Thesis
Country:ChinaCandidate:J LiuFull Text:PDF
GTID:2206360122985552Subject:International law
Abstract/Summary:PDF Full Text Request
Significant international mergers and acquisitions("M&A") transactions are reshuffling the global manufacturing system. The direct investments taking the form of M&A have become an increasingly important source for developing countries to obtain international capital, the amount of funds raised from which has been more than that from either government donations or loans provided by international financial agencies. As the biggest developing country, China is facing great challenges. Firms taking international M&A transactions may share the common goal with the host country, but may also have conflicting interest against the host country. On the one hand, international M&A can stimulate the economic development of host country. On the other hand, the monopoly triggered by excess M&A can result in the economic loss of host country. To prevent the occurrence of such adverse implications of international M&A, the overall economic environment of host country, especially its legal system, can be a crucial factor.The thesis studies the legal tradeoff between international M&A and antitrust from several aspects, the purpose of which is to help realize the steady and continuous economic development of China to strengthen Chinese international competitive advantage, and to resolve the contingent conflicts between international M&A and the existing monopoly of some industries in China.The thesis first describes the definition as well as the underlying characteristics of international M&A, and analyzes the juristic fact that international M&A is a sub-sector of international private direct investment. Next, it introduces the history of international M&A and compares both positive and negative influence of international M&A. The thesis then explains the conceptions and impacts of horizontal M&A, vertical M&A, and conglomerate M&A respectively, the three kinds of transactions most critical to the international M&A.Chapter two of the thesis defines monopoly and antitrust, describes the basic content of the antitrust law, and analyzes the international M&A transactions subject to the law. The chapter also presents the big pictures of Chinese market condition and the status quo of Chinese legislation on M&A and antitrust, and summarizes the related problems and reasons of legislating the antitrust law in China.Chapter three of the thesis studies the tradeoff ideally. First it clarifies what kinds of transactions are subject to the law of international M&A and the law of antitrust. It then figures out the necessity of legal tradeoff between international M&A and antitrust through an analysis of the relationship among M&A., antitrust and competition. The chapter introduces the existing principles and viewpoints regarding the tradeoff between M&A and antitrust, based on which it comes up with a set of tailor-made standards suitable to China.The chapter four then suggests on the possible approaches to achieve the tradeoff, the establishment of hearing system to supplement the legal procedure, and the problem of overseas effect and its solutions. Finally the chapter sets forth the administrative functions of government agencies in regulating international M&A transactions, the synergy of governmental agencies in charge of both M&A sector and antitrust sector, as well as the relieving methods to be implemented when the international M&A injures competition.
Keywords/Search Tags:International Merger& Acquisition, Antitrust, Legal tradeoff
PDF Full Text Request
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