The Enlightenment Of American Antitrust Rules Of M&A To China

Mergers&Acquisition(M&A, for short), is an important method for the optimization of the industrialstructure and the organizational structure. Furthermore, it is an effective method for the enterprises toexpand and improve the economic benefits and the international competitive. However, M&A can alsohave a negative effect on the market competition. It can reduces the number of the competitors, and reducethe competition of the market. It can also makes the competitor do the same thing to strength the market.By this, it has the potential to eliminate or restrict competition, and cause damage to the customers.Therefore, M&A is one of the important contents in the anti-monopoly law in China and all the othercountries in the world.M&A is an important part in modern economic history and market economy. It is also one of the hottopic in economic these years at home and abroad. On this issue, many domestic and foreign experts have alot of comments. Speak of the practice of M&A, the United States has the leading position. This papermainly reviews the five times of M&A in the United States, and analyzes the characteristics and effects onAmerican economic. To analyze the practice of M&A in the United States, There’re four parts in thispaper, and the introduction below:The first part, it introduces M&A briefly, including the concept, the classification and the types. M&A(M&A, for short) refers to the enterprise mergers and acquisitions Based on different standards, there aremany different types of M&A. For example, according to the different industry, M&A can be dividedinto Horizontal merger, Vertical merger and Conglomerate merger. This part also mentions the reason ofM&A, include general motivation and financial aspects.The second part mainly introduces the basic content and features of M&A in American, it alsomentions the Clayton Act and the Federal Trade Commission Act.The third part mainly introduces the M&A practice in the United States. There are five times of M&Ain American history. The first time happened in the late nineteenth century and early twentieth century, ithas helped to promote the legislation and the judicial system of The United States. The second timeoccurred in1920s-1930s, it mainly happened to the large enterprises, they strengthened their own economic and improved the public utility enterprises. When the Second World War ended in1960s, the third timehappened. The big-scale enterprises merger made the production and capital concentrate and extended thefirm size. The fourth time took place from1980s to the beginning of the90’s, the economic started to growin the leading Capitalist countries. After a few years settle down the fifth time set off in the Americanmarket, it greatly influenced the western economy and the world economy. This part also introduces andanalyzes the Boeing McDonnell Douglas merger case as a classic case of M&A. The true story tellspeople that, dealing with the strategic industry, the interest of the nation must always come first, comesover the business interests and the industry interests, even over the law, regardless of the state-owned orprivate, no matter how clear the property rights is, or how the enterprises separate from the governmentmanagement.The last part is also the summary of the paper, and it mainly discusses the enlightenment to ourcountry. Based on the history, this paper aims to the research for now and the prediction for the future, itis not only our responsibility but also an important condition for economic, although the prediction haslarge uncertainties.As long as we study and treat the historical events carefully, no matter it is Chinese or the otherForeign countries, we can find out and learn the lessons of success and failure and then combined themwith our situation objectively.