Perfect The Anti-Monopoly Review Process Of M&A

Since the nineteen nineties,as economic globalization and investment liberalization,M&A has become a global common economy phenomenon. M&A as a selection mechanism under the condition of market economy, has good role to adjust production, optimize the allocation of resources, enhance strength and competitiveness of company. For many countries in the world, M&A has been a rapid expansion of enterprises, also an useful way to improve the scale of economies and international competitiveness.At the same time, M&A may be also form monopoly due to facilitate economic concentration and, inevitably restrict market competition, damage consumer benefits, and economic democracy. Therefore, countries around the world act to control and supervision from the anti-monopoly law for M&A. China’s anti-monopoly regulations system include “anti-monopoly law”, and the concentration is a main content of anti-monopoly regulation.Many countries control it by asking mergers to give declarations prior or after its start-up,so then review authority review it and decide whether to approve the mergers.In this paper, by studying the problems that exist in the antitrust review program to promote the fair value of the review process. Perfect procedural rules can be used to guide the law enforcement, not only reduce the uncertainty of law enforcement, but strengthen the transparency of law enforcement, arbitrary, also can make the entity has a stronger operational rules, provide enterprises with the determination of reasonable expectations.In order to make up for the disadvantages of entity rules, many countries’ entity rules of anti-monopoly law are relatively simple and has a tendency to continue to simplify, but the rules of procedure is very perfect.The European Union(EU) and the United States(US) have already developed comprehensive law systems about regulation on concentration of enterprises.And our country to M&A antitrust regulatory legislation also has many disadvantages.This paper selects to discuss the review of anti-monopoly,it is really workable but exsiting research on it is relatively weak. Through the comparative study on EU and US in enterprise M&A antitrust review procedural rules, finding common advanced experience of EU and US legislation, the author tries to draw some advanced experience to improve the legislation of antimonopoly in China.There are 4 chapters in the paper totally.Chapter one is some introductions about M&A,including the concept of M&A,and the role of the anti-monopoly review M&A.Chapter two mainly about the review process of the EU and America’s anti-monopoly on M&A.This chapter mainly introduces the United States and the European Union antitrust review of the procedural rules, law enforcement agencies, etc., and via the contrast, autor try to find out the similarities and differences of the USA and EU antitrust merger review process.Chapter three mainly introduces the current situation on anti-monopoly review process of China’s M&A by a China’s M&A case.It mainly introduce procedure of anti-monopoly review, law enforcement agencies,and the current legislation.Chapter four mainly point out the deficiency existing in our country M&A antitrust review process and alaborates how to perfect the China’s anti-monopoly review process of M&A.The content is mainly about how to make-up the defect of anti-monopoly review process of M&A,putting forward my opinion about how to refer to America and the EU’s experience reasonably.Hope to be helpful to improve China’s anti-monopoly review process of M&A.The measures are:First, improve the system of antitrust law and set up a separate guideline of M&A;Second,improve the settings of anti-monopoly agency;Third, refine of hearing procedure, and ensure the justice and neutral of the review process;Fourth, increase the openness and transparency of review process.