On The Substantive Criteria Of Anti—monopoly Review On Merger And Acquisition Of Enterprises

After entering the21st century, with the rapid development of international and domestic business investment, mergers and acquisitions often happens in China. Under the conditions of market economy, market players driven by the interests of competition as a means to maximize profits, in order to achieve economies of scale through mergers and acquisitions, market players continue to expand the enterprise scale. However, everything has its positive and negative aspects. Mergers and acquisitions is undoubtedly good, however it will inevitably exclude and limit market competition and harm consumer welfare, and to endanger the economic democracy of a society as a whole. This is proposed and was later known as the Marshall conflict (neoclassical economists) to investigate the reasons of economies of scale, in1890, in his famous book "Principles of Economics" contradiction, which is the conflict between economies of scale and market competition, efficiency. According to the experiences of the developed countries, to maintain the market competition and avoid excessive economic concentration, almost countries implement the combination control rules. But the antitrust laws are not to prohibit all mergers and acquisitions,but only prohibits mergers and acquisitions that may have a significant adverse impact on market competition. Therefore, the substantive criteria of anti—monopoly review on merger and acquisition of enterprises is the basis and core of the control of mergers and acquisitions, M&A control competition assessment and the overall analytical framework are built on the basis of the substantive criteria.The United States is the first country that implements anti-monopoly laws, its M&A regulatory system has experienced the baptism of one hundred Practices, in the long-term law enforcement practice, M&A regulatory system get constant perfection and development on the legislative concept and legislative technology. In2004European promulgated a new merger control legislation, since that time the European Union merger control legal system in some aspects even surpassing the United States, and therefore it worth our learning.This dissertation steps into the study by tightly focusing on the mainline of substantive criteria of anti-monopoly review on merger and acquisition. The structure is divided into the following sections: The first part, Introduction, introduces the research background of the article, domestic M&A Research of the substantive criteria of antitrust review, research priorities and research significance.The second part of the antitrust review of the substantive criteria related to the study of corporate mergers and acquisitions of several basic problems, including mergers and acquisitions in the anti-monopoly law classification of the economics of mergers and acquisitions, the relationship between different types of mergers and acquisitions and their effect on market competition, international substantive criteria of anti-monopoly review on merger and acquisition, the above analysis to establish the basis of the discussed later.The third part discusses in detail the history of evolution on U.S. and EU substantive criteria of anti-monopoly review on merger and acquisition. Its purpose is to explore, at different times, the substantive standards of the United States and the European Union reflects the characteristics and the mainstream of economic thought between the delicate relationship. After the author of the three criteria commonly used in international comparative research with a view to the improvement of China’s de facto standard reference.Part IV, start with a typical case of the United States, introduces a comprehensive evaluation of the operation of anti-competitive in Europe and the United States merger regulation process. It includes market share and market concentration, potential anti-competitive effects of mergers and acquisitions analysis to predict the concentration efficiency and evaluation.The last part of the control laws and regulations on the basis of points to improve China’s anti-monopoly law enforcement agencies should pay attention to develop and apply the substantive standard of review process and related recommendations in the analysis of the existing corporate mergers and acquisitions.