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企业并购申报制度诞生至今已经三十多年,但是关于其政策效应和制度设计的研究还非常缺乏。运用对53个国家或地区并购申报制度的调查数据,本文首次采用实证方法研究了并购申报制度的政策效应和机制选择问题。我们发现,并购申报制度的存在的确有助于促进市场竞争和提高经济绩效。而从不同申报机制的对比看,本文的一个重要发现是,目前采取自愿申报机制的国家或地区无论是从竞争效应还是经济效应来说,都优于采用强制申报机制的国家或地区。制度设计层面,无论是一国或地区的经济发展特征,还是政府执政效率,以及并购申报制度结构,都会影响到不同申报机制的选择概率。最后,综合实证研究结论,借鉴国际经验,我们提出了中国企业并购申报标准的设计方案,该方案已被国务院法制办采纳,成为《国务院关于经营者集中申报的规定(征求意见稿)》第三条对申报标准规定的主要内容。
The system of declaration of mergers and acquisitions has been in existence for more than thirty years, but research on its policy effect and system design is still scarce. Using the survey data of the M & A reporting system in 53 countries or regions, this paper first adopts the empirical method to study the policy effect and mechanism choice of M & A reporting system. We find that the existence of M & A reporting system does help to promote market competition and improve economic performance. From the comparison of different reporting mechanisms, an important finding of this paper is that the current countries or regions that adopt voluntary reporting mechanisms are superior to countries or regions that adopt compulsory reporting mechanisms, both in terms of competition effect and economic effect. System design level, whether it is the economic development characteristics of a country or region, or the government’s governance efficiency, as well as the structure of the merger declaration system, will affect the probability of selection of different reporting mechanisms. Finally, based on the conclusion of empirical studies and drawing on international experience, we propose a design scheme for reporting standards for mergers and acquisitions in China. The scheme has been adopted by the Legislative Affairs Office of the State Council and becomes the third State Council Regulation on Concentration of Operators (Draft for Comment) Article of the declaration of the main provisions of the standard.