金融机构并购的法律支持路径

并购是当前解决我国金融机构市场退出难题的最为实际有效的办法。然而好的制度设计才能使金融机构的并购真正富有成效,金融机构并购的相关立法必须体现谁受益谁承担成本的原则,只有真正减少行政干预,让金融机构立足市场,引入民营金融机构参与竞争,并尽早出台针对金融机构切实可行的并购实施细则,金融领域的市场退出机制方能得以建立。     

合并控制中的向上定价压力测试法

向上定价压力测试法简称UPP测试法,是近年理论界提出的一种评估差异性产品供应商之间横向合并能否导致单边效应的新方法。UPP测试法基于对合并企业产品之间转移率的判断,通过量化合并企业之间竞争约束的减少程度,分析合并交易带来的涨价激励,从而评估合并导致单边效应的可能性。虽然目前中国还缺乏UPP测试法的适用环境,但随着立法的完善与执法的发展,该方法在中国日后肯定有适用的空间。     

也谈中国电影工业全球化

90年代以来,世界电影工业进入以好莱坞为主导的全球化时代,中国电影工业要想融入这个圈子,就必须具备全球化思维,从市场和资源配置一体化的高度思量它的机会和选择,力求在世界电影工业的市场一体化与区域专业化过程中迎接好莱坞的电影产业转移;把握好莱坞创意动力机制全球布局的机会,为中国电影工业提供源源不断的创新和开发能力的体系。     

公司并购中的职工权益保护

公司并购是一种市场交易行为,在这种市场行为过程中,公司往往以追求经济利益最大化为目的而易于忽视或侵害公司职工权益。职工权益是公司整体利益的组成部分,切实维护职工权益,处理好公司与职工的关系是顺利开展公司并购活动、实现并购预期的重要环节。     

外资并购的法律规制分析

在我国现有的外资并购监管方面的法律还存在诸多不足和遗憾,借鉴国际经验,立足我国实际,构建完善的外资并购监管法律体系是规范外资并购的理性选择,该体系主要应包括《外资并购法》、《外商投资企业法》、《产业法》和《反垄断法》。     

Eu merger control and the compatibility test:a review of recent developments

The compatibility test contained in Article 2 of the Merger Control Regulation (MCR) is at the very heart of EU merger control, for it determines whether a concentration with a community dimension is deemed compatible or incompatible with the common market. Incompatibility can lead to prohibition of a concentration, although this is rare. The paper reviews the recent developments to the conditions of the test itself as well as the analytical methods employed to determine compatibility. Concerning the former, the new foreseeable dominance interpretation, put forward by the European Commission and made law by the Court of First Instance (CFI), is explored. This new variant of the dominance condition is important on its own right but it is also of major interest because of the explicit legal requirement placed on the Commission to assess the future likelihood of abusive behaviour by the merging parties in its prospective analysis. This is not the case with the original dominance compatibility condition. The unexpected but important clarification by the CFI of the notion of substantial part of the common market, as contained in the express wording of the compatibility test, is also commented upon. Concerning the determination of compatibility, the Commission's controversial employment in certain conglomerate concentrations of the range effects of competitive harm theory is examined, as is the need to take cognisance of merger specific efficiencies when determining if a merger increases societal welfare. The EU is making progress toward such an efficiencies assessment as part of the compatibility determination. EU merger control – and hence the compatibility test – do not exist in a vacuum. The EU has played a major role in shaping the new multilateral architecture and its goal of increasing international convergence in competition matters. This in turn has led the EU to rethink the nature of the compatibility test. For example, it has sought to evaluate the dominance condition of the compatibility test with the substantial lessening of competition (SLC) approach used by some other regulators, like the US. The paper concludes by looking at a fundamental issue that has arisen from recent CFI judgements and the GE/Honeywell merger: the competence of the Commission, or more accurately the Merger Task Force (MTF), to carry out the compatibility determination. Proposals are outlined so as to ensure that the Commission's prospective analysis in a concentration case meets the requisite legal standard. It is essential for this standard to be met if EU merger control is to remain credible. This revised version was published online in July 2006 with corrections to the Cover Date.     

欧盟法对企业合并的规制

企业合并是当今各国优化产业结构和企业组织结构的重要手段,也是企业迅速扩张、提高规模经济效益和国际竞争力的有效手段.然而,经济力量的集中和由此导致的市场结构的改变,容易产生或加强市场支配力量,从而起到排除或限制竞争的作用.为了防止企业通过并购实现或加强市场支配地位,维护市场上的竞争秩序,对一定规模以上的企业并购交易进行反垄断审查,已成为市场经济国家设计和实施反垄断法的通行做法.目前,已有七十多个国家建立了企业并购控制机制.其中十分引人注目的是,欧盟于上世纪90年代初建立了企业合并控制机制,并于2004年进行了改革.到目前为止,欧盟竞争总司作出的并购审查决定已达两千多件,在此过程中积累了丰富的经验.拟对欧盟企业合并控制制度的建立、理论、程序及实体规则进行研究,并就中国企业合并控制制度的现状及发展提出自己的看法.     

试论投资银行在企业并购中的作用

在世界企业并购浪潮一浪高过一浪之时 ,我国的企业并购仍在蹒跚学步 ,对投资银行在企业并购中的认识微乎其微。鉴于此 ,我们从投资银行业务入手 ,说明并购业务是投资银行的核心业务 ,重点论述投资银行在企业并购中的作用 ,并通过对中国宏观、微观经济环境的分析 ,提出相应的政策建议。     

欧盟合并控制法的根本变革

在全球经济一体化、欧盟实施货币一体化、成员增加之际 ,欧盟开始了对欧盟合并控制制度的进一步完善。 2 0 0 4年初 ,欧盟理事会通过了新的合并控制条例 ,欧盟委员会通过了与之配套的欧盟历史上第一个合并评估准则 ,代表着欧盟的合并控制制度发生了根本性的变化。欧盟新合并条例 ,实体上采取了新的合并控制标准 ,由支配地位标准改为重大阻碍有效竞争标准 ;程序上在坚持单一程序原则的基础上 ,实行欧盟委员会与成员国双向移交的模式。合并评估准则建立了合并效果评估的法律框架和评估因素 ,在合并评估中正式认可了效率的积极作用。     

外资并购的反垄断法规制探讨

近年来,外资并购中国企业成为外商在华投资的主要方式.外资并购产生了垄断的倾向并且对我国造成了一定的危害.通过对当前外资并购中存在的突出问题予以剖析,提出我国在外资并购的反垄断法规制方面的内容应予以完善.