我国企业并购申报制度的实证分析与设计

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。

Empirical Analysis on Premerger Notification System

After more than 30 years since its inception of the premerger notification system, there is still a lack of research on its impacts and institutional design.Based on survey data about premerger notification systems in 53 countries,this paper investigates empirically the economic impacts of premerger notification policies on the one hand,and how institutional factors affect the design of premerger notification system on the other.Our findings show that premerger notification systems indeed help to promote competition and enhance economic efficiency.One interesting find- ing is that voluntary systems perform better than mandatory systems in terms of both competition effect and efficiency effect.Our finding suggests also that the nature of economic development, government efficiency,and the structure of premerger notification system all affect the choice de- cision of premerger notification mechanisms.Finally,using the benchmarking approach,we design the premerger notification system including the choice of standards of test and thresholds for China.Indeed,these results lay the foundation of Article 3 of the drafted Regulation of Pre- merger Notification issued by the State Council,which is currently under public consultation.