欧美并购控制法实体标准比较研究

实体标准是整个并购控制体系的核心 ,也是反垄断法的重要内容之一。欧盟最新并购控制立法确立的“严重妨碍有效竞争”实体标准与美国奉行的“实质性减少竞争”标准一样都反映着并购控制的本质。欧美采取大同小异的并购实体标准有利于推动国际跨国并购审查结果的一致性 ,促进并购活动的发展。我国应确立“严重妨害正当竞争”实体标准并配套颁布并购评估指南 ,注重并购审查的经济分析

A Comparative Study on the Substantive Test of M & A in US and Europe

The substantive test of merger control, one of the central parts of antimonopoly law, plays the key role in the regulation of M & A. The substantive test of "significant impediment on effective competition" introduced into the most recent edition EU Merger Regulation reflects the nature of the merger control regulation, so does the test of "substantial reduction on competition" adhered by US. The similar substantive test adopted by US and EU would help prompt the international cooperation on the review of mergers and facilitate the related activities. In China, the substantive test of "significant impediment on fair competition" should be established, accompanied by appraisal guidelines on mergers and leaving more eyes on economic analysis.