Research On The Rules Of Divestiture In The Control Of Concentration Of Undertakings

With the acceleration of the trend of world economic integration and the popularization of global capital flows,the concentration of business operators represented by mergers and acquisitions has become an important way of enterprise development.Concentration of business operators can produce economies of scale,but it is easy to lead to monopoly and damage market competition.The anti-monopoly law is the "great charter of freedom" for the smooth operation of the economy.As one of the three pillars of the anti-monopoly law,the concentration control of operators can achieve the goal of restoring free competition by controlling the damage to market competition caused by concentration.The asset divestiture rule occupies an irreplaceable position in the concentration control of business operators,and is widely recognized and accepted by the anti-monopoly law circle and anti-monopoly law enforcement agencies of various countries.However,compared with the rich experience of asset divestiture rules outside the region,China’s antimonopoly is at the initial stage,and the legislation and practice of asset divestiture rules are still insufficient.This paper takes the relevant issues involved in the asset divestiture rules under the control of concentration of business operators as the context,such as the entity identification,procedure construction and specific application of the asset divestiture rules,combining with the comparative study of the asset divestiture rules inside and outside the region,finds the existing shortcomings of the asset divestiture rules in China,and puts forward suggestions to improve the asset divestiture rules in order to build the asset divestiture rules that can be better applied to China.The full text analyzes the asset divestiture rules in a relatively complete and orderly manner,including some major factors that may be involved in the operation of the rules.Try to cut in from the perspective of law and economics,and realize the proper combination of law and economy is also a highlight.The first chapter focuses on the definition and basic principles of asset divestiture rules,clarifies the concepts of asset divestiture and asset divestiture rules,expounds the theory of industrial organization and consumer protection contained in the centralized control of business operators and asset divestiture rules,and discusses the minimization of government intervention costs and the maximum value of market efficiency reflected by the asset divestiture rules in the centralized control of business operators.Secondly,taking the content of entities involved in the asset divestiture rules as the context,this paper studies the identification standards of all parties involved in the asset divestiture,such as the divestiture obligor,the divestiture purchaser,the divestiture trustee and the specific subject matter of the asset divestiture.Thirdly,focusing on the procedures of the asset divestiture rules,discuss the disputes in the motion,implementation and correction process of the asset divestiture,and study the problems and preventive measures in the procedures of the asset divestiture rules.In addition,focusing on the application of the asset divestiture rules,we discussed the application principles of the asset divestiture rules,analyzed the application of the asset divestiture rules in the concentration control of operators in China and Europe and the United States,and finally,combined with the practical experience of the application of the asset divestiture rules in the concentration of operators in other countries,we found that the asset divestiture rules in China are still insufficient in the competitiveness of the divested assets,the holders of the asset divestiture,and the prevention of the decline of the asset activity during the waiting period for divestiture,Adhering to the concept that "stones from other mountains can be used to attack jade",we finally further proposed the applicable scheme of asset divestiture rules suitable for the centralized control of Chinese operators,hoping to make a modest contribution to the research of asset divestiture rules in China...