摘要
企业并购是企业兼并和企业收购的统称。跨国并购的概念是由企业国内并购的概念引申扩展而来的,是企业国内并购在经济全球化进程中的跨国延伸。经济学基础决定了跨国并购天然存在着损害有效竞争的可能性,对跨国并购的反垄断规制也因此成为以维护有效竞争为目的的反垄断法的核心内容。欧盟和美国对跨国并购的反垄断规制已经经历了相当长的发展而渐趋成熟,而国内现有的对企业跨国并购的反垄断规制的研究基本上还处于早期阶段,因此笔者试图对欧美的跨国并购反垄断规制实体标准进行比较研究,以期对我国跨国并购反垄断立法提出建设性建议,为我国企业跨国并购反垄断规制提供可行的研究结果。
除引言和结论外,本文分为四章:
第一章——跨国并购及其反垄断规制之一般原理。在本章中,笔者从介绍跨国并购的概念及类型入手,进一步揭示了跨国并购与垄断的关系以说明对跨国并购进行反垄断规制的必要性,最后从经济学的角度阐述了跨国并购反垄断规制的理论基础。
第二章——欧美跨国并购反垄断规制简介。在本章中,笔者分别简要介绍了美国的跨国并购反垄断规制和欧盟的跨国并购反垄断规制,并在此基础上对欧美跨国并购反垄断规制的发展趋势进行了归纳。
第三章——欧美跨国并购反垄断规制实体标准的比较分析。欧盟并购反垄断规制的实体标准经历了三个发展阶段,目前为“严重妨碍有效竞争(SIEC)标准”,而美国的并购反垄断规制实体标准则为“实质减少竞争(SLC)标准”。欧盟的“SIEC”标准与美国的“SLC”标准之间既存在着区别,也存在着趋同的趋势。
第四章——欧美实体标准对中国跨国并购反垄断规制的借鉴意义。在本章中笔者介绍了跨国并购的中国现状以及我国并购控制立法和实体标准的现状,在此基础上指出我国的跨国并购反垄断规制需要向欧美学习先进的立法经验,由此得出本文结论,即欧美跨国并购反垄断规制实体标准对我国的借鉴意义。
Cross-border Merger & Acquisition is the core of Antitrust Law whose destination is to protect workable competition of the market, which is due to the native possibility of impairing competition of the mergers that is lying in the economics fundamentals. The studies on the Antitrust Regulation of Cross-border M&A in China are still on the early phase. The author tries to compare the substantial standards of the Antitrust Regulation of Cross-border M&A in the United States and the European Union as the most developed countries in the world, so as to provide constructive suggestions to our legislation.
There are four chapters in this thesis, except the introduction and the conclusion: Chapter One——Fundamental Theories on Cross-border M&A and Antitrust Regulation, the contents are as follows: the definition and classifications of Cross-border M&A, the relationship between Cross-border M & A and monopoly, and the theoretical basis of antitrust regulation of Cross-border M&A.
Chapter Two——Introduction of Antitrust Regulation of Cross-border M&A in the United States and the European Union, the contents are as follows: the introduction of antitrust regulation of Cross-border M&A in the United States, the introduction of antitrust regulation of Cross-border M&A in the European Union, and the trend of the antitrust regulation of Cross-border M&A in the United States and the European Union.
Chapter Three——Comparison between Substantial Standards of Antitrust Regulation of Cross-border M&A in the United States and the European Union, the contents are as follows: the standard of“Significantly Impedes Effective Competition(SIEC)”in the European Union, the standard of“Substantial Lessening of Competition(SLC)”in the United States, and the comparison between them.
Chapter Four——References to Antitrust Regulation of Cross-border M&A in China, which are concluded from the substantial standards of the antitrust regulation of Cross-border M&A in the United States and the European Union, the contents are as follows: the present situations of Cross-border M&A in China, the existing antitrust regulation and substantial standards of the antitrust regulation in China, and the references to antitrust regulation of Cross-border M&A in China.
引文
① UNCTAD Investment Brief Number 1 @ 2006. Sharp Rise in FDI Driven by M&A in 2005[EB/OL]. http://www.unctad.org/en/docs/webiteiia20061_en.pdf, 2006-01-25.
① 孔祥俊.反垄断法原理[M].北京:中国法制出版社,2001.592.
② 王为农.企业集中规则基本法理——美国、日本及欧盟的反垄断比较研究[M].北京:法律出版社,2001.63.
① 史建三.跨国并购论[M].上海:立信会计出版社,1999.22.
② WORLD TRADE ORGANIZATION Document: WT/WGTI/W/103, 7 June 2001[EB/OL]. http://www.wtocenter.org.tw/SmartKMS/do/www/readDoc?document_id=12841&action=content, 2001-06-07.
③ 《外国投资者并购境内企业暂行规定》已由中华人民共和国商务部第 7 次部务会议修订通过,修订后的《关于外国投资者并购境内企业的规定》已于 2006 年 8 月 8 日公布,自 2006 年 9 月 8 日起施行。
① 段克兢,王玮.兼并浪潮与中国对策[M].北京:世界知识出版社,1999.98-99.
① 曹士兵.反垄断法研究[M].北京:法律出版社,1996.190.
② 王晓晔.企业合并中的反垄断问题[M].北京:法律出版社,1996.16.
① [美]萨尔坦·科马里.信息时代的经济学[M].姚坤、何卫红译,南京:江苏人民出版社,2000.135-136..
② 杨国亮.从西方竞争理论的演变看马克思竞争理论的历史地位[J].当代经济研究,2005(10)17-18.
① 正如萨缪尔森指出的,“一切经济生活都是竞争成分与垄断成分的混合物,通行的方式是不完全竞争(垄断竞争),而不是完全竞争,社会所能争取的仅仅是最将近完全竞争的状态。”[美]保罗·A·萨缪尔森.经济学(上册)[M].高鸿业译,北京:商务印书馆,1979.69.
② KHEMANI, R. S. & SHAPIRO, D. M.. Glossary of Industrial Organization Economics and Competition Law[EB/OL]. http://www.oecd.org/dataoecd/8/61/2376087.pdf, 2004-12-26.
③ CLARK, M. John. Toward a Concept of Workable Competition[J]. American Economic Review, 1940(6).241-256.
④ EC Competition Policy Newsletter[EB/OL]. http://ec.europa.eu/comm/competition/publications/cpn/, 2003-06-05.
⑤ BARNES,W.DAVID & STOUT,A.LYNN.Economic Foundations of Regulation and Antitrust Law[M]. St.Paul,Minn.:West Pub.Co.,1992.65-67.
① 王忠宏.哈佛学派、芝加哥学派竞争理论比较及其对我国反垄断的启示[EB/OL]. http://www.ccper.org/new/list.asp?no=691&sort=%E7%90%86%E8%AE%BA, 2001-03-07.
① BAGCHI,ADITI.The Political Economy of Merger Regulation[J].American Journal of Comparative Law Winter,2005,(9).89-90.
②王晓晔.企业并购中的反垄断问题[M].北京:中国法制出版社,1999.23.
③ 张乃根.经济学分析法学[M].上海:上海三联书店,1995.228.
② 王忠宏.哈佛学派、芝加哥学派竞争理论比较及其对我国反垄断的启示[EB/OL]. http://www.ccper.org/new/list.asp?no=691&sort=%E7%90%86%E8%AE%BA, 2001-03-07.
③ BAGCHI,ADITI.The Political Economy of Merger Regulation[J].American Journal of Comparative Law Winter, 2005,(9).95-96.
② IMMENGA,ULRICH. Competition Policy and Economic Development[J]. Washington University Global Studies Law Review,2004(12).36-38.
① 李奕,黄峥.当代美国控制企业并购法律的发展[J].政治与法律,2001(3):78.
② 在美国反垄断法律制度被称为反托拉斯法律制度。
③ Sherman Antitrust Act of 1890[EB/OL]. http://www.ourdocuments.gov/doc.php?flash=true&doc=51, 2001-06-21.
④ 联邦贸易委员会法[EB/OL]. http://search.hunan.gov.cn/hnwwsearch/hnww_search_flfgsearch_xl.jsp?channelid=75136&record=46, 2005-04-26.
① IMMENGA,ULRICH. Competition Policy and Economic Development[J].Washington University Global Studies Law Review,2004(12).85-86.
① 邢才.美国的反垄断法:百年经验与总结[J].唯实,2000(7):11-13.
② KOLASKY,J.WILLIAM & DICK,R.ANDREW. The Merger Guidelines and the Integration of Efficiencies into Antitrust Review of Horizontal Mergers[J].Antitrust Law Journal,2003,(2).12-13.
③ 钟明钊.竞争法[M].北京:法律出版社,1997.34-36.
① HUSER,HENRY & DEPOORTERE,FREDERIC. Substantive Enforcement Standards in Horizontal Mergers Under the EC Merger Regulation[J].Antitrust Fall,2005,(3).23-24.
② 后来被欧盟委员会和欧盟法院用来规制并购的《欧共体条约》第 81、82 条本身并不是直接针对企业并购做出的规定,而是欧盟委员会和欧盟法院在实践发展中对法条做出的一种扩充解释适用。
③ 该条约第 81 条第 1 款规定:“凡企业间的协议、企业集团的决议以及行为的相互协调(以下简称卡特尔)是以阻碍、限制或者妨碍竞争为目的,或者实际上能够起到这种作用,从而损害成员国间贸易活动,则得予以禁止。”第 82 条规定:“禁止一个或者几个企业在共同体市场或者其重大领域通过滥用市场支配地位限制或者妨碍成员国间的贸易活动。”
④ HOWARD,C.MARSHALL. Antitrust and Trade Regulation: Selected Issues and Case Studies[M].Englewood Cliffs,N.J.:Prentice-Hall,1983.
⑤ Id., p.26.
⑥ 王晓晔.欧共体竞争法[M].中国法制出版社,2001.303.
① HUSER,HENRY & DEPOORTERE,FREDERIC. Substantive Enforcement Standards in Horizontal Mergers Under the EC Merger Regulation[J].Antitrust Fall,2005,(3).56-57.
② VERLOOP,PETER. Merger Control in Europe: EU, Member States and Accession States[M].The Hague: Kluwer Law International,2005.84-86.
③ [美]M.C.霍华德.美国反垄断法与贸易规则[M].孙南申译,北京:中国社会科学出版社,1991.34. 转引自林新.企业并购与竞争规制[M].北京:社会科学出社,2001.130.
① GREANEY,L.THOMAS. Not for Import: Why the EU Should not Adopt the American Efficiency Defense for Analyzing Mergers and Joint Ventures[J]. Saint Louis University Law Journal,2005,(5).138-139.
② 王晓哗.巨型跨国合并对反垄断法的挑战[J].法学研究,1999(5):55—58.
① HOWARD,C.MARSHALL. Antitrust and Trade Regulation: Selected Issues and Case Studies[M].Englewood Cliffs,N.J.:Prentice-Hall,2004.66-67.
② 何之迈.欧盟企业结合立法之研究[M].北京:中国政法大学出版社,2004.15-16.
① 阮方民.欧盟竞争法[M].北京:中国政法大学出版社,1998.236-237.
② WEASELING,REIN. The Modernization of EC Antitrust Law[M].Oxford: Portland,Or.:Hart Pub.,2000.156-158.
① HAMNER,J.KENNETH. The Globalization of Law: International Merger Control and Competition Law in the United States, the European Union, Latin America and China[J].Journal of Transnational Law and Policy Spring,2002,(9).189-190.
②王晓晔.欧共体竞争法[M].北京:中国法制出版社,2001.327.
③ FACEY,A.BRIAN & HUSER,HENRY. Convergence in International Merger Control: A Comparison of Horizontal Merger Guidelines in Canada. The European Union, and the United States[J].Antitrust Fall,2004,(2).154-155.
④ 在美国 1992 年横向并购指南中,集体支配地位称为协同效应(Coordinated Effect)。
⑤ HOWARD,C.MARSHALL. Antitrust and Trade Regulation: Selected Issues and Case Studies[M].Englewood Cliffs,N.J.:Prentice-Hall,2004.142-143.
⑥ Id., pp.185-187.
① Recitals 2 of the Council Regulation[EB/OL]. http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:C:2006:028:0066:0067:EN:PDF, 2006-05-15.
② KIRKWOOD,B.JAMES. Antitrust Law and Economics[M].Oxford: Elsevier JAI,2004.36-37.
② CR4: Four-firm Concentration Ratio
③ KIRKWOOD,B.JAMES. Antitrust Law and Economics[M].Oxford: Elsevier JAI,2004.56-58.
④ JONES,A.CLIFFORD. Private Enforcement of Antitrust Law in the EU,UK and USA[M].New York: Oxford University Press,1999.98-99.
① HAMNER,J.KENNETH. The Globalization of Law: International Merger Control and Competition Law in the United States, the European Union, Latin America and China[J].Journal of Transnational Law and Policy Spring,2002,(9).187-189.
② TREXLER,T.JONATHAN. Conglomerating Antitrust Policy by Comparative Example: A Conceptual Analysis of Merger Regulation in the United States, Japan, and the European Union[J].International Law & Management Review,2005,(1).82-83.
① GREANEY, L.THOMAS. Not for Import: Why the EU Should not Adopt the American Efficiency Defense for Analyzing Mergers and Joint Ventures[J]. Saint Louis University Law Journal,2005(5):893.
① KARACAN,PINAR. Differences in Merger Analysis Between the United States and the European Union, Highlighted in the Context of the BOEING/MCDONNELL DOUGLAS and GE/HONEYWELL Mergers[J].Transnational Lawter,2004,(8).36-37.
② SCHMITZ,STEFAN. How Dare They? European Merger Control and the European Commission’s Blocking of the GENERAL ELECTRIC/HONEYWELL Merger[J].University of Pennsylvania Journal of International Economic Law Summer,2002,(4).22-23.
[1] 陈丽洁.公司合并法律问题研究[M].北京:法律出版社,2000.
[2] 曹士兵.反垄断法研究[M].北京:法律出版社,1996.
[3] 段爱群.跨国并购原理与实证分析[M].北京:法律出版社,1999.
[4] 段克兢,王玮.兼并浪潮与中国对策[M].北京:世界知识出版社,1999.
[5] 顾功耘.全球化背景下的经济法制建设[M].北京:人民法院出版社,2002.
[6] 辜海笑.美国反托拉斯理论与政策[M].北京:中国经济出版社,2005.
[7] 胡光志.欧盟竞争法前沿研究[M].北京:法律出版社,2005.
[8] 黄勇,董灵.反垄断法经典判例解析[M].北京:人民法院出版社,2002.
[9] 何之迈.欧盟企业结合立法之研究[M].北京:中国政法大学出版社,2004.
[10] 季晓南.中国反垄断法研究[M].北京:人民法院出版社,2002.
[11] 蒋泽中.企业兼并与反垄断问题[M].北京:中国法制出版社,2001.
[12] 孔祥俊.反垄断法原理[M].北京:中国法制出版社,2001.
[13] 林新.企业并购与竞争规制[M].北京:社会科学出社,2001.
[14] 刘元宁,司平平,林燕平.国际反垄断法[M].上海:上海人民出版社,2002.
[15] 阮方民.欧盟竞争法[M].北京:中国政法大学出版社,1998.
[16] 史建三.跨国并购论[M].上海:立信会计出版社,1999.
[17] 王为农.企业集中规则基本法理——美国、日本及欧盟的反垄断比较研究[M].北京:法律出版社,2001.
[18] 王晓晔.欧共体竞争法[M].中国法制出版社,2001.
[19] 王晓晔.企业合并中的反垄断问题[M].北京:法律出版社,1996.
[20] 钟明钊.竞争法[M].北京:法律出版社,1997.
[21] 张乃根.经济学分析法学[M].上海:上海三联书店,1995.
[22] [美]奥利弗·威廉姆森.反托拉斯经济学[M].张群群,黄涛译,北京:经济科学出版社,1999.
[23] [美]保罗·A·萨缪尔森.经济学(上册)[M].高鸿业译,北京:商务印书馆,1979.
[24] [美]理查德·A·波斯纳.反托拉斯法[M].孙秋宁译,北京:中国政法大学出版社,2002.
[25] [美]理查德·A·波斯纳.法律的经济分析[M].蒋兆康译,北京:中国大百科全书出版社,1997.
[26] [美]M.C.霍华德.美国反垄断法与贸易规则[M].孙南申译,北京:中国社会科学出版社,1991.
[27] [美]萨尔坦·科马里.信息时代的经济学[M].姚坤、何卫红译,南京:江苏人民出版社,2000.
[28] BARNES,W.DAVID & STOUT,A.LYNN. Economic Foundations of Regulation and Antitrust Law[M].St.Paul,Minn.: West Pub.Co.,1992.
[29] COOK,J.C. & KERSE,S.C..E.C.Merger Control[M].London:Sweet&Maxwell,1996.
[30] EHLERMANN,CLAUS-DIETER & ATANSIU,ISABELLA. European Competition Law Annual 2001: Effective Private Enforcement of EC Antitrust Law[M],Oxford:Hart,2003.
[31] FURSE,MARK. Competition Law of the UK and EC[M].London: Blackstone Press,1999.
[32] HOWARD,C.MARSHALL.Antitrust and Trade Regulation: Selected Issues and Cases Studies[M].Eaglewood Cliffs,N.J.:Prentice-Hall,2004.
[33] JONES,A.CLIFFORD. Private Enforcement of Antitrust Law in the EU,UK and USA[M].New York: Oxford University Press,1999.
[34] KIRKWOOD,B.JAMES. Antitrust Law and Economics[M].Oxford: Elsevier JAI,2004.
[35] SCHACHTER,OSCAR. Competition in International Business: Law and Policy on Restrictive Practices[M].New York: Columbia University Press,1981.
[36] VERLOOP,PETER. Merger Control in Europe: EU, Member States and Accession States[M].The Hague: Kluwer Law International,2005.
[37] WEASELING,REIN. The Modernization of EC Antitrust Law[M].Oxford:
Portland,Or.:Hart Pub.,2000.
[1] 崔林林.美国和德国反垄断法若干问题比较研究[J].河北法学,2002(5).
[2] 吕明瑜.欧洲共同体竞争法的研究与借鉴[J].郑州大学学报,1997(3).
[3] 吕薇.从企业并购准则看美国反垄断法的实施[J].改革,2002(3).
[4] 吕薇.反垄断法的国际比较与借鉴[J].经济法学、劳动法学,2002(1).
[5] 李奕,黄峥.当代美国控制企业并购法律的发展[J].政治与法律,2001(3).
[6] 王晓晔.紧盯国际卡特尔——美国反托拉斯及其新发展[J].国际贸易,2002(3).
[7] 王晓晔.巨型跨国合并对反垄断法的挑战[J].法学研究,1999(5).
[8] 吴振国.我国反垄断法对企业兼并的规制[J].中国工业经济,2000(2).
[9] 邢才.美国的反垄断法:百年经验与总结[J].唯实,2000(7).
[10] 杨国亮.从西方竞争理论的演变看马克思竞争理论的历史地位[J].当代经济研究,2005(10).
[11] 朱宏文.现代反垄断法的发展与我国的反垄断立法——以企业合并控制为中心[J].社会科学研究,2001(3).
[12] BAGCHI,ADITI.The Political Economy of Merger Regulation[J].American Journal of Comparative Law Winter,2005,(9).
[13] CLARK,M.John. Toward a Concept of Workable Competition[J]. American Economic Review, 1940,(6).
[14] FACEY,A.BRIAN & HUSER,HENRY. Convergence in International Merger Control: A Comparison of Horizontal Merger Guidelines in Canada. The European Union, and the United States[J].Antitrust Fall,2004,(2).
[15] GREANEY,L.THOMAS. Not for Import: Why the EU Should not Adopt the American Efficiency Defense for Analyzing Mergers and Joint Ventures[J]. Saint Louis University Law Journal,2005,(5).
[16] HAMNER,J.KENNETH. The Globalization of Law: International Merger Control and Competition Law in the United States, the European Union, LatinAmerica and China[J].Journal of Transnational Law and Policy Spring,2002,(9).
[17] HOVHSTADT,S.ERIC. The Brown Shoe of European Union Competition Law[J].Cardozo Law Review,2002,(12).
[18] HUSER,HENRY & DEPOORTERE,FREDERIC. Substantive Enforcement Standards in Horizontal Mergers Under the EC Merger Regulation[J].Antitrust Fall,2005,(3).
[19] IMMENGA,ULRICH. Competition Policy and Economic Development[J]. Washington University Global Studies Law Review,2004(12).
[20] KARACAN,PINAR. Differences in Merger Analysis Between the United States and the European Union, Highlighted in the Context of the BOEING/MCDONNELL DOUGLAS and GE/HONEYWELL Mergers[J].Transnational Lawter,2004,(8).
[21] KOLASKY,J.WILLIAM & DICK,R.ANDREW. The Merger Guidelines and the Integration of Efficiencies into Antitrust Review of Horizontal Mergers[J].Antitrust Law Journal,2003,(2).
[22] LANE,ROBERT. Competition Law[J].International & Comparative Law Quarterly,2004,(1).
[23] ROSS,W.THOMAS & WINTER,A.RALPH. The Efficiency Defense in Merger Law: Economic Foundations and Recent Canadian Developments[J].Antitrust Law Journal,2005,(6).
[24] SCHMITZ,STEFAN. How Dare They? European Merger Control and the European Commission’s Blocking of the GENERAL ELECTRIC/HONEYWELL Merger[J].University of Pennsylvania Journal of International Economic Law Summer,2002,(4).
[25] TREXLER,T.JONATHAN. Conglomerating Antitrust Policy by Comparative Example: A Conceptual Analysis of Merger Regulation in the United States, Japan, and the European Union[J].International Law & Management Review,2005,(1).
[1] 王忠宏.哈佛学派、芝加哥学派竞争理论比较及其对我国反垄断的启示[EB/OL]. http://www.ccper.org/new/list.asp?no=691&sort=%E7%90%86%E8%AE%BA.
[2] 联邦贸易委员会法[EB/OL]. http://search.hunan.gov.cn/hnwwsearch/hnww_search_flfgsearch_xl.jsp?channelid=75136&record=46.
[3] 《反垄断法》通过第一次审议,有望年内出台[EB/OL]. http://www.singtaoweb.com/china/t20060829_312525.html.
[4] UNCTAD Investment Brief Number 1 @ 2006. Sharp Rise in FDI Driven by M&A in 2005[EB/OL]. http://www.unctad.org/en/docs/webiteiia20061_en.pdf.
[5] WORLD TRADE ORGANIZATION Document: WT/WGTI/W/103, 7 June 2001[EB/OL]. http://www.wtocenter.org.tw/SmartKMS/do/www/readDoc?document_id=12841&action=content.
[6] R. S. KHEMANI,D. M. SHAPIRO. Glossary of Industrial Organisation Economics and Competition Law[EB/OL]. http://www.oecd.org/dataoecd/8/61/2376087.pdf.
[7] EC Competition Policy Newsletter[EB/OL]. http://ec.europa.eu/comm/competition/publications/cpn/.
[8] Sherman Antitrust Act of 1890[EB/OL]. http://www.ourdocuments.gov/doc.php?flash=true&doc=51.
[9] The Clayton Antitrust Act of 1914[EB/OL]. http://www.competitionlaw.cn/show.aspx?id=64&cid=31.
[10] Celler-Kefauver Antitrust of 1950[EB/OL]. http://www.mgyj.com/american_studies/1992/fourth/199204.pdf.
[11] Recitals 2 of the Council Regulation[EB/OL]. http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:C:2006:028:0066:0067:EN:PDF.
[12] The New Merger Regulation: Will It Helps Business to Merger with Greater Certainty or Has it Raised the Regulatory Hurdle? [EB/OL]. http://www.cliffordchance.com/home/default.aspx.
[13] Guidelines on the Assessment of Horizontal Mergers under the Council Regulation on the Control of Concentrations between Undertakings[EB/OL]. http://www.hanselawreview.org/pdf3/Vol2No1Art03.pdf.
[14] Commission Decision of 30 July 1997 Declaring a Concentration Compatible with the Common Market and the Functioning of the EEA Agreement (Case No. IV/M. 877- Boeing/McDonnell Douglas )[EB/OL]. http://ec.europa.eu/comm/competition/mergers/cases/decisions/m877_19970730_600_en.pdf.
[1] 《关于外国投资者并购境内企业的规定》.
[2] 《反垄断法》草案.
[3] 《联邦贸易委员会法》.
[4] Sherman Antitrust Act of 1890.
[5] The Clayton Antitrust Act of 1914.
[6] Celler-Kefauver Antitrust of 1950.