Study On Substantive Standard Of Anti-monopoly Review On Mergers And Acquistions

World economy has seen the biggest merger and acquisition (M & A) wave in the history since the mid of 1990's, The M & A wave also influenced the countries' economic development deeply over the whole world. In this process, how to improve anti-monopoly policy to develop the utmost positive effectiveness of M & A and diminish its unfavorable effects to market competition and economic development at the same time has become a very important topic facing the governments. As the most active areas of M & A, The European Union and the United States have developed comprehensive systems concerning the anti-monopoly regulations for the M & A, and the substantive standard undoubtedly has been the concentration of the regulations. Therefore, studying substantive standard of anti-monopoly review on M & A is not only a hot problem in the reality, but also an important theoretical topic.This thesis will elaborate some typical substantive standards of Anti-monopoly reviews and their essential factors by using comparative analysis and other methods, and propose author's own tentative idea to improve our nation's substantive standard starting from our current condition of legal supervision on M & A.Besides introduction and conclusion, this thesis is comprised of three chapters:The first chapter is the overview of anti-monopoly review on M & A. Firstly, the thesis illustrated the necessity of anti-monopoly review on M & A from two aspects: the effect of M & A and the significance of review. Then author educed a conclusion that most countries'standards are tending to unanimous through introducing and comparing some different substantive standards of anti-monopoly review. All of above analysis are in order to lead the discussion of the substantive system in the following text.In the second chapter, author discussed the essential factors of the substantive standards of anti-monopoly review on M & A of some typical countries and areas. The factors included relevant market, market share, market concentration and defense situation of anti-monopoly regulations. Next, author tried to find the successful experiences of other countries'legislation and practice, such as some scientific economics analytic procedure:SSNIP and HHI.The third chapter is the most important part of this thesis, Author studied our nation's substantive system of Anti-monopoly review on M & A deliberately. First, author analyzed our country's legal system of anti-monopoly review on M & A, elaborated our own substantive standard and discussed the advantages and disadvantages of the essential factors of our substantive standard. Finally, based on our nation's economic situation, some own proposals and suggestions are put forward to improve the substantive standard in the future.