A Study On The Selection System Of Asset Buyers In Divestiture Remedy

In the process of implementing the divestiture remedy,whether the divested assets can be successfully sold to the appropriate purchaser according to the corresponding plan directly determines the effects of the divestiture.Only by selling to the appropriate buyer can the divested assets become the main force to restore effective competition in the relevant market.This thesis starts from the perspective of the subject,standard and procedure of selecting the appropriate buyer for divested assets,analyzes the basic theory,compares the legal system,and finally returns to the reality of our country,and evaluates the current situation of legislation and law enforcement in order to put forward reasonable suggestions.In addition to the introduction and conclusion,this thesis is divided into four parts to study and analyze the buyer selection system of divested assets in merger remedy.The first part focuses on the basic theory of the buyer selection system of divested assets in the merger remedy.First of all,starting from the "double-edged" effect of divestiture remedy,this thesis discusses the necessity of merger remedy and divested asset buyer selection system,and introduces its concept definition,basic characteristics and other issues.Secondly,this thesis discusses the efficiency game,reconciliation win-win,public-private balance theory connotation embodied in the buyer selection system.Finally,this thesis analyzes the value and advantages of the selection of divested asset buyers.Generally speaking,the two most prominent advantages are the maximum maintenance of market individual efficiency and theminimum burden of government supervision cost.The second part mainly studies subjects of the selection.First of all,by examining divestiture obligors' motives and benefits of the selection,this thesis expounds the positioning of the main selection subjects in the selection system of divested assets buyers;by studying the uniqueness of divestiture trustee in the selection system,this thesis shows divestiture trustees' special nature in the selection process;by discussing the boundary between the government and the market,the relationship between anti-monopoly law enforcement agencies and divested assets buyers,this thesis explores the role of the anti-monopoly law enforcement agency in the selection system.Secondly,this thesis studies the difficulties and problems of the three selection subjects in their objection expression channels,independence guarantee,authority distribution and so on.Finally,suggestions are put forward to solve the different problems faced by the three selection subjects.The third part focuses on the criteria for the selection of divestiture buyers.First of all,through the introduction of the objective criteria of the appropriate buyer of divested assets,the basic requirements of the appropriate buyer are clarified.Secondly,combined with the practice of law enforcement,this thesis investigates the evaluation and application of the five standards,and summarizes the corresponding deficiencies.Finally,in view of the deficiencies in the standard evaluation,the thesis puts forward feasible suggestions to improve the standard and its evaluation methods.The fourth part mainly studies the procedure of selecting the buyer of divested assets.First of all,the thesis studies the three main requirements of the period of divestiture: Fix it first,Up front buyer,and Fixed time limit after the decision.Then the thesis analyzes the specific application of the selection procedure through the choice of the transmission path of divestiture information,the choice of the buyer's bargaining method,and the disclosure of the selection information.Secondly,the thesis systematically combs the current relevant laws and 43 cases of merger remedy and 17 cases of divestiture remedy accepted by the anti-monopoly law enforcement agencies,which lays a practical foundation for the evaluation and analysis of the buyer selection process of divested assets in China.Finally,the thesis analyzes theselection procedure of divested assets buyers in China,and puts forward some suggestions on the selection period,democratic expression and improvement of information disclosure mechanism.