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欧美是较早制定和实施并购规制政策的国家,经过长期司法实践和多次修改完善,已经形成了较为完整的企业并购法律规制体系。从欧美近百年并购规制政策的演进历程可以看出,效率作为并购竞争效果评估的肯定性因素日益受到重视,并购规制政策中效率条款的地位不断得到提升。只要并购带来的效率能够强化并购企业采取有利于竞争和有益于消费者的行动能力和动力,从而抵消并购可能给竞争带来的负面影响,反垄断当局就不会宣布并购与有效竞争不相容。中国是处于转型经济中的发展中大国,并购规制政策中需要考虑效率因素,经营者集中竞争评估指南中也应设立效率条款,以体现并购规制政策的价值取向,协调竞争政策与产业政策的关系,促进社会主义市场经济健康发展。
The United States and Europe were the early countries that formulated and implemented M & A regulatory policies. After a long period of judicial practice and many times of revision and perfection, they have formed a relatively complete system of M & A legal regulation. As can be seen from the evolution of M & A regulation policies in Europe and the United States in the past century, the positive factor of efficiency as an evaluation of the M & A competition effect has been paid more and more attention. The efficiency clauses in M & A regulatory policies have been continuously improved. As long as the efficiency brought by M & A can strengthen the ability and motivation of M & A companies to take actions conducive to competition and benefit consumers so as to offset the negative impact that mergers and acquisitions may have on them, antitrust authorities will not declare the mergers and acquisitions to compete effectively Rong China is a large developing country in the transitional economy. Efficiency considerations should be considered in M & A regulatory policies. Efficiency guidelines should also be established in the guidelines for the evaluation of centralized competitions in order to reflect the value orientation of M & A regulation policies and to coordinate the relationship between competition policies and industrial policies , Promote the healthy development of the socialist market economy.