Cross-border Mergers And Acquisitions Of U.s. Companies, Anti-trust Research

Transnational Mergers & Acquisitions (M&A) is the core of Antitrust Law whose destination is to protect workable competition of the market, which is due to the native possibility impairing competition of the mergers that is lying on the economic fundamentals. Our studies on the Enterprise's Transnational M&A in Antitrust Regulations are only on the early phase. The author tries to work on that of the most developed countries to provide with constructive suggestions to our legislation and advices to our enterprises.Accordingly, the paper, beginning with the concept, nature and form of Transnational M&A, further studies theoretic fundamentals of the Transnational M&A in Antitrust Regulations, mainly adopts the analytical method of law and economics as well as other methods of comparative analysis and positive analysis to deal with the substantial test standards in E.U. and U.S. Antitrust Regulations, including market definition and substantial test standards, which are also the two phases every Transnational M&A case needs to weather. On account of different background and objective for antitrust legislation, E.U. and U.S. develop their test standards respectively. Meanwhile, since the mergers have the function of realizing the scale economy, many states give consideration to the efficiency factor to the full in the legislation and judicature of Antitrust Law. So it indicates that the analytical method of law and economics is very important for the Antitrust Regulations to protect the workable competition efficiently. The paper particularly studies the efficiency problem to follow the newly development on the Transnational M&A in E.U. and U.S. Antitrust Regulation.