Study On The Substantive Criteria Of The Exemption On Mergers And Acquisitions In China

With the continuous prosperity of the market economy in our country,the phenomenon of mergers and acquisitions has become very common.Mergers and acquisitions do not necessarily result in the formation of monopolies that undermine normal competition order.It can also form economies of scale,improve the economic conditions,and bring benefits to consumers.The anti-monopoly law is based on the positive effect that the mergers and acquisitions may bring,and it exempts some eligible operators.These conditions are the substantive criteria for exemption to be studied in this paper.China's current regulations on mergers and acquisitions' exemptions only provide general guidance in Article 28 of the "Anti-Monopoly Law," and the definition of the relevant concepts involved is not clearly defined,nor does it form a reasonable system of exemptions.Certain operability has caused a certain degree of hindrance to practical application.In addition,in recent years,the phenomenon of mergers and acquisitions has increased,and the phenomenon in the new economic field,especially in the Internet industry,has become more frequent.As a result,the principle regulations can no longer meet the requirements for centralized management of operators.Therefore,China must improve its operations as soon as possible.The mergers and acquisitions of exemption from the provisions of the substantive criteria.This article mainly analyzes the relevant concepts of the operator's centralized exemption system,the status quo and problems of our country's legislative exemption of the operator,the foreign legislation and practical experience,and clarifies the predicament in the application of the substantive criteria for the operator's concentration exemption in China.Some thoughts on improving the substantive criteria of China's mergers and acquisitions exemption are discussed in four parts:The first part is an overview of the mergers and acquisitions exemption system,starting with the concept of mergers and acquisitions and its regulation,analyzing the reasons and significance of the operator's exemption from mergers and acquisitions,and then discussing the development of China's mergers and acquisitions exemption system and summing up the operators in China.The status of mergers and acquisitions exemption legislation.The second part analyzes the problems found in the current substantive criteria for centralized exemption of mergers and acquisitions in China,and analyzes them in detail from four perspectives:no system is formed,the concept is not clearly defined,the criteria lacks operability,and the absence of criteria in the Internet field.The third part is the sorting out of the regulations of the United States,Germany and Japan on the centralization of mergers and acquisitions,and summarizes the enlightenment it brings to our country.The fourth part is about some suggestions and considerations for improving the substantive criteria of the mergers and acquisitions exemption based on the problems existing in China's current regulations and the actual situation.