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并购具有提升效率和遏制竞争的双重影响,大多数国家在进行并购审查时都设置了效率抗辩制度以便对这两种影响加以权衡。本文首先阐述了效率在并购审查中的重要性以及人们对效率态度的变化。其次,从产量的重新配置、规模经济与范围经济、促进革新和技术进步、提升交易效率以及X效率的改善等方面分析了并购提升效率的方式,并探讨了效率要被反垄断机构认可所需要的三个条件及其理论和现实依据。最后,讨论了满足什么条件的效率收益能够确保抵消并购对竞争造成的损害。在此基础上,提出了中国并购审查中推进效率抗辩实施的政策建议。这些分析为效率抗辩政策的实施提供了重要参考。
Mergers and acquisitions have the dual effect of improving efficiency and curbing competition. Most countries have set up a system of efficiency defenses in their M & A review in order to weigh the two effects. This article begins with an explanation of the importance of efficiency in M & A reviews and the changes in people’s attitudes toward efficiency. Secondly, it analyzes the ways to improve the efficiency of M & A from the aspects of output reconfiguration, economies of scale and scope, promotion of innovation and technological progress, promotion of transaction efficiency and improvement of X efficiency, and explores the need for efficiency to be recognized by antitrust agencies The Three Conditions and Their Theoretical and Practical Basis. Finally, it discusses the efficiency benefits of meeting the conditions to ensure that the damage done to the competition by the M & A is offset. On this basis, the author puts forward some policy suggestions on promoting the implementation of efficiency defense in the review of mergers and acquisitions in China. These analyzes provide an important reference for the implementation of the efficiency defense policy.