浅议我国企业并购的反垄断法规制的缺陷

竞争是市场经济生机与活力的来源,竞争所导致的优胜劣汰在一定程度上实现了资源的优化配置。而并购是市场竞争的结果之一,并购是市场竞争的必然产物,并购实现了市场经济优胜劣汰的内在要求,同时也实现了规模经济。但是,并购在增强生产的集中度,增强企业市场竞争力的同时,其负面影响也是显而易见的,无序的并购可能形成垄断,损害市场的有序竞争,最终威胁到市场经济的正常运转。正因为如此,各国一般把并购作为本国反垄断法的规制对象之一。本文认为,我国2007年8月20日公布实施的《中华人民共和国反垄断法》中关于经营者集中的规定,实质上就是对市场上并购行为的规制。本文即以此为基础,深入分析了我国现行《反垄断法》对经营者集中行为即并购规定的不足之处,试图为我国《反垄断法》的进一步完善提供理论上的参考。     

我国的反垄断进程

在经济全球化的当下,各种生产要素在世界范围内流动,顺应时代的发展,跨国公司林立。而在这其中不少跨国公司凭借其强大的资本,在某方面的技术优势,占据的市场份额,在一个产业或者市场上形成垄断。这时国家政府或国际组织会颁布《反垄断法》对企业垄断行为的干预措施。我国在2008年8月才正式施行《中华人民共和国反垄断法》。2014年我国的反垄断执法正处在6年以来的高峰期,多个行业开展反垄断调查。     

我国的反垄断进程

在经济全球化的当下,各种生产要素在世界范围内流动,顺应时代的发展,跨国公司林立.而在这其中不少跨国公司凭借其强大的资本,在某方面的技术优势,占据的市场份额,在一个产业或者市场上形成垄断.这时国家政府或国际组织会颁布《反垄断法》对企业垄断行为的干预措施.我国在2008年8月才正式施行《中华人民共和国反垄断法》.2014年我国的反垄断执法正处在6年以来的高峰期,多个行业开展反垄断调查.     

论外资并购的反垄断法律规制

外资并购形成市场力量的集中,在达到一定的市场集中度后,就产生了垄断的危险,因此,对外资并购境内企业有必要进行反垄断审查规制,明确具体的反垄断执法机构及其职责,确定具体的反垄断审查实质标准,在统一的反垄断法基础上,通过制定实施细则,规范外资并购的反垄断法律规制问题.     

中美《反垄断法》“垄断行为”比较研究

《中华人民共和国反垄断法》在十届全国人大常委会第二十九次会议上表决通过,将于2008年8月1日正式实施。在历经了十多年的研究、修订之后,终于尘埃落定,与广大的民众见面。《反垄断法》有着经济宪法之称,对于保护公平竞争,维护市场经济秩序,营造公平有序的市场环境,具有重大意义。我国《反垄断法》的出台,标志着规制垄断行为从此有法可循,反垄断不再是一句口号或者空中楼阁,甚至有人评价此举为经济立宪。我国反垄断立法起步较晚,加之国情与体制上的差异,与其他国家的反垄断法律在立法目的、规制对象以及一些关键表述上都有很大差异。本文尝试对中国与美国关于垄断行为的内容加以比较,以求进一步理解《反垄断法》之立法目的与任务,从而更好地在实践中适用这部法律。     

外资并购中的反垄断问题研究——以维护国家经济安全为视角

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。于是,关于外资并购反垄断审查与国家安全审查的讨论日益激烈。本文通过对外资并购的现状、发展趋势及反垄断规制进行剖析,总结外资并购反垄断工作对维护国家经济安全的重要意义,进而提出完善我国外资并购制度的对策。     

外资并购中的反垄断问题研究

外资并购作为国际直接投资的主要方式，一方面推动了我国经济的发展，另一方面却带来垄断问题。如何在反垄断规制中更好地运用国民待遇原则和维护国家利益原则是个值得研究的问题。本文从实质标准、程序要求、制裁与执行等方面论述了规制外资并购反垄断的基本策略，并结合入世后的现状，提出了我国现行对外资并购的反垄断规定中所存在的不足及完善建议。     

浅析我国外资并购反垄断法律规制

随着我国经济的快速发展,以及国家为适应经济全球化的发展大趋势。大量的外资涌入国内市场,并且以并购作为其投资的主要方式,出现了一系列需要以法律的形式来加以规制的现象。本文立足外资并购在我国引发的市场垄断的现状,剖析现行的外资并购反垄断法律制度的主要缺陷,针对此提出相应对策,以期待对我国外资并购反垄断立法制度的完善有所裨益。     

知识产权的反垄断规制

对知识产权的反垄断规制应该限制在反垄断法的框架内,依据反垄断法自身体系和特点,对涉及知识产权的反竞争行为适用反垄断法的一般规则。     

外资并购中的反垄断问题研究

在经济全球化的背景之下，国际投资多元化和资本市场国际化趋势不可逆转，外资并购已经成为国际直接投资的主要途径。由美国次贷危机引发的金融危机使得全球经济一蹶不振，大量的企业面临严重的经营困难和破产危机。与此同时，实力雄厚的跨国公司乘机加速在全球范同内的并购步伐，以便完成在全球市场的战略布局。外资并购反垄断规制逐渐成为了世界各国特别是发展中国家关注的焦点。     

Risk Management and the Cost of Capital for Operating Assets

This article attempts to clarify the effect of risk management on a company's cost of capital in the spirit of the traditional M&M/CAPM model. The traditional cost of capital model can and should be used to find the hurdle rate for a company's operating assets, since it can be applied regardless of the composition of the firm's non‐operating assets or its risk management policy. The author's main message is that if a firm manages idiosyncratic risk, the correct cost of capital for the operating investment is not the firm's enterprise WACC, but rather the required return on the assets being funded. Using the case of a company with a single line of business that is evaluating an investment opportunity, the author demonstrates how to adjust the firm's overall WACC to find the cost of capital for the operating assets to be acquired.     

Litigation risk: Measurement and impact on M&A transaction terms

The purpose of the paper is to propose an original proprietary proxy of a firm's litigation risk. We extend the scope of litigation risk outside of the conflicts with shareholders and the domain of security litigation. We demonstrate that the source of the risk of litigation can be found in the firm's policies and in its management's operational or strategic decisions, even if a sector conditioning effect exists. Based on a sample of 465 US M&A transactions between 2000 and 2014, we provide evidence that the level of litigation risk, at the acquirer's level, has a positive and significant impact on the takeover premium. We also provide evidence that a significant relationship exists between the acquirer's litigation risk and the means of payment. An extension of the sample to international transactions is used as a robustness check; it confirms the previous results.     

Cross‐Border Bank M&As and Risk: Evidence from the Bond Market

The impact of cross‐border bank M&As on bank risk remains an open question. Though geographically diversifying bank M&As have the potential to reduce the risk of bank insolvency, they also have the potential to increase that risk due to the increase in risk‐taking incentives by bank managers and stockholders following these transactions. This paper empirically investigates whether cross‐border bank M&As increase or decrease the risk of acquiring banks as captured by changes in acquirers' yield spreads. This paper also investigates how differences in the institutional environments between bidder and target countries affect changes in yield spreads following M&A announcements. The study finds that bondholders, in general, perceive cross‐border bank M&As as risk‐increasing activities, unlike domestic bank mergers. Specifically, on average, yield spreads increase by 4.13 basis points following the announcement of cross‐border M&As. This study also finds that these yield spreads are significantly affected by the differences in investor‐protection and deposit insurance environments between the transacting countries. However, the study does not find that the regulatory and supervisory environment in the home countries of the transacting parties significantly affects the changes in yield spreads. The overall evidence suggests that regulators should judge the relative environment in both the home and the host countries in evaluating the associated risks of an active multinational financial institution and in setting the sufficiency of the banks' reserve positions.     

论反倾销中的替代国制度及我国的法律对策

替代国制度作为反倾销调查中针对“非市场经济”国家出口产品计算“正常价值”的一种特殊方法，其合法性被WTO规则所确认。该制度存在理论基础界定不明，实践中被进口国滥用等缺陷，宜从明确非市场经济国家标准、限制替代国适用等方面进行完善。中国作为替代国制度滥用的最大受害国之一，在国际层面，应正确解读《中国入世议定书》第15条、运用WTO争端解决机制、积极签署多边或双边协定、警惕“特殊市场状况”条款、采取适度合理的贸易保护反制措施等，在国内层面，应进一步推动市场化改革、完善反倾销法、建立反倾销调查预警机制、主动提供替代国等，统筹考量、综合权衡、精准对策，充分依据既有国际贸易规则，以期切实维护国家和企业在国际贸易中的合法权益。     

基于面板数据的不同产业并购对公司劳动力需求影响实证研究

以2002～2008年沪深两市发生并购的不同产业上市公司平衡面板数据集为研究总样本,通过构造固定效应变截距面板数据中模型,探究不同产业公司并购对公司劳动力需求影响.发现:不同产业公司并购对公司劳动力需求有差异影响.第一产业所发生公司并购对公司劳动力需求有正向影响,即并购发生导致公司劳动力需求增加2.4%左右,但结果不显著;第二产业、第三产业所发生公司并购对公司劳动力需求有显著负向影响,第二产业发生公司并购导致公司劳动力需求减少1.3%左右、第三产业发生公司并购导致公司劳动力需求减少2.6%左右.通过此研究,不但从理论上丰富并购研究内容,拓展并购研究范围,而且在并购对公司劳动力需求有影响前提下,为政府制定关于社会就业合理政策提供重要参考.     

论刑法拟制的本质、正当性及应有类型

刑法拟制的本质是对法律效果的拟制，是对A类型的事实适用A罪的构成要件进行评价，但适用B罪的罪名和法定刑定罪量刑——既不是对事实要素的假定而将A类型的事实认定为B类型的事实，也不是为B罪创设一种新的犯罪构成。除了窝藏赃物型抢劫罪等少数条款具有拟制的正当性之外，其他拟制条款均不具有正当性，应当尽快废除。根据条文规定的明确程度以及可解释为注意规定的余地大小，可以将刑法学界通常所认为的刑法拟制划分为明文规定的拟制、比较明显的拟制、形似的拟制、解释的拟制四种类型，由于大多数“拟制”条款都存在违背罪刑法定、实质正义和责任主义等问题，因而应当将形似的拟制和解释的拟制解释为注意规定，以尽量缩小刑法拟制的条款范围。     

Reconsidering the Shareholder's Role in Corporate Reorganisations under Insolvency Law

A corporate reorganisation under insolvency law is commonly achieved by virtue of a reorganisation plan that provides for the distribution and sacrifice of value among all stakeholders in an insolvent company. Although the creditors' right to vote on such plans and to participate in the wealth distribution according to such plans is universally accepted, the role of old equity in a corporate reorganisation remains a topic that jurisdictions all over the world define very differently. This article first explores possible approaches to shareholders' treatment under insolvency law and supports their inclusion in insolvency proceedings that pursue corporate reorganisations. It then argues that equity interest should not solely be treated according to its economic value and consequently that no absolute priority rule should be applied against them as such treatment would ignore the fundamental difference between liquidation and reorganisation. Finally, it proposes a new cram‐down rule for a class of equity holders. Copyright © 2013 INSOL International and John Wiley & Sons, Ltd.     

The Impact of Past Syndicate Alliances on the Consolidation of Financial Institutions

The impact of past syndicate alliances on the consolidation of financial institutions is examined. The odds of two lenders combining increases with the intensity and exclusivity of their prior syndicated loan alliances. The impact is higher for international mergers and acquisitions (M&As) and for prior syndicate co-relationships where the acquirer and target were participant and lead, respectively. The odds of a particular lender being a target decreases as its return on equity (ROE) and earnings/price (E/P) ratios increase and as its size and growth opportunities decrease. The intensity and exclusivity of the syndicated loan alliances leading up to M&A announcements are significantly higher for non-US versus US M&As. The significantly lower short- and long-term performances for both acquirers and targets with prior syndicate co-involvements disappear in the presence of control variables that account for the less frequent use of cash payments, the greater incidence of divestitures, and the higher percentage of shares acquired through their M&As. Acquirers with versus those without past syndicate target co-involvements exhibit greater outperformance for control-firm benchmarked ROEs and lower underperformance for control-firm and prior-to-M&A benchmarked ROEs.     

在进一步解放思想中深化改革

纵观世界历史，人类社会的进步总是由思想解放引领的。从思想的形成过程和人类自身的认知规律来看，人的思想总是会受到“内因”和“外因”的束缚，因此，需要打破阻碍或束缚人们准确认识客观现实的各种藩篱，使思想和实际相符合,使主观和客观相一致。中国四十年的改革开放史就是一部思想解放史。因为实现了“三个确立”，并且正在冲破“三个思维定势”，我们得以为中国经济起飞和持续发展提供不竭动力。进入新时代，解放思想必须实实在在地落到解决深层次问题上，需重点关注三个方面：一是推动中国理论体系发挥重大作用，二是完善符合中国实践的公平正义保障体系，三是发展构建命运共同体需要的新国际交往思维。     

Waves and Determinants in Mergers and Acquisitions: The Case of Latin America

This article contributes to the current literature on mergers and acquisitions (M&As) by identifying the existence of waves and the determinants of M&A activity in the economies of Argentina, Brazil, Chile, Colombia, Mexico, and Peru. From a sample of 2,391 M&A announcements reported by Thomson One on these countries, applying the methodology proposed by Harford (2005), evidence of M&A waves is found for the periods 1995–2002 and 2003–2010, as reported for other regions in various international studies. After controlling for economic and business environment variables, as well as for profitability and book-to-market variables at the industry level, we find evidence that supports neoclassical theory as a main explanation for M&A activity but not for the misvaluation effect.