The Comparative Research On The Legislation Of The Antimonopoly Review Of China And Australia

Enterprise merger and acquisition performance in the modern economic society iscomplex and diverse, the antitrust merger and acquisition of enterprise is divided intotwo parts based on the antitrust law: including substantial examination and formalexamination. The systems are almost the same both in China and Australia in terms ofthe substantial examination or the concrete regulation in the aspect of review process.China and Australia need to take the following aspects into consideration includinganti-monopoly substantive examination standard, the definition of relevant market,market share and the market concentration degree，anticompetitive effects, defense etcfrom the perspective of anti-monopoly substantive review. With regard to the antitrustmerger review procedures, the regulations should be made in association with thereview process, review period, issuing review decision and the role of the third party.Australia enacts statutes about antitrust merger review in a more rigorous, rational,objective way, using the Geffen Dahl-Hirshman index (HHI) index of marketconcentration degree to analyze would make full consideration of the interests ofsmaller competitors in the competitive market, and put forward the legal concepts ofUnilateral effects and Synergistic effect when consider the antitrust effect. Thecontent of the results about antitrust merger review is very specific, and the Australiapays more attention to the participation of stakeholders. We will get a betterunderstanding when compare the legislation between China and Australia in the termsof antitrust merger review and analyze the distinctive quality and features. The CR4analysis method used in evaluating the market concentration degree has some defectsin substantive examination, because it is difficult to meet the interests of smallenterprises, not introducing the legal concepts of unilateral effects and synergisticeffects in considering the concentrated anti-competitive effects, and administrativemonopoly is the main obstacle for China to enter the market. Merger review processlacks the clarity, the detailed information about the merger enterprises is not availableto the public, and the third party also did not play its due role during the process ofcensorship. Research on such issues will benefit the legislation of Antitrust mergerreview and judicial practice in China...