On Perfecting The Anti-monopoly Review Process Of Foreign Mergers And Acquisitions

Since the nineteen nineties, along with economic globalization and trade andinvestment liberalization,M&A has become a global common economyphenomenon.Guiding with China’s foreign economic policy,M&A gradually becomethe trend instead of direct foreign investment enterprises.It brings positive andnegative influence to the social and economic development of China.China’santi-monopoly regulations system include “anti-monopoly law”,“regulations about aforeign investor merges a domestic enterprise” and many other laws and regulations.Among the anti-monopoly control method, antitrust review is one of the mosteffective. Many countries control it by asking mergers to give declarations prior orafter its start-up, so then review authority review it and decide whether to approve themergers. This paper selects to discuss the review process of anti-monopoly,it is veryimportant but existing research on it is relatively weak.The first chapter of this paper describes the basic theory of foreign capital mergerand acquisition, including the concept of foreign capital mergers and acquisitions, theeffect of foreign capital merger and acquisition as well as the significance of theanti-monopoly review in foreign capital mergers and acquisitions. The second chapter of this article mainly introduced the current situation onanti-monopoly review process of China’s foreign acquisitions through a China’sforeign acquisitions case. It mainly introduces procedure of anti-monopoly review，censorship, and current legislation.The third chapter of this paper mainly introduces the review process of theAmerica’s anti-monopoly on foreign mergers and acquisitions. This chapter mainlyintroduces the review process framework and characteristics, the enforcementagencies of anti-monopoly review and its authority, current legislation of the reviewprocess of America’s anti-monopoly.The fourth chapter of the paper is to explore the mechanism of designation of theanti-monopoly review procedure of America’s foreign acquisition. The anti-monopolyreview procedure of America’s foreign acquisition comes from the America’s theoryof administrative power control,the guiding role of the legal value of “procedurejustice” and legal value of the protection of property rights.The fifth chapter of this paper mainly elaborates how to perfect the China’santi-monopoly review process of foreign acquisitions. The content is mainly abouthow to make-up the defect of anti-monopoly review process of foreign acquisitions,putting forward my opinion about how to refer to America’s experiencereasonably.Hope to be helpful to improve China’s anti-monopoly review process offoreign acquisitions. Mainly includes: First, formulate a merger guideline whichcommands of foreign and domestic mergers and acquisitions; Second, adhere to ourcountry administrative tradition, continue to implement the system of administrativeexamination and approval; Third, construct the both parties’ stand in the priornotification of and ex post monitoring system; Fourth, refine of hearing procedurerule, guarantee the rights and interests of the parties; Fifth, enhance transparency andsecurity of the review process.