经营者集中反垄断控制中的资产分持规则研究

A Study on the Hold-Separate Rules in Merger Control

资产分持规则是经营者集中反垄断控制制度中的一项具体规则,形成于美欧反垄断机构的执法实践,其目的主要是防止附加资产剥离义务的当事人在资产剥离过渡期内,贬损拟剥离资产的价值和竞争力及相关市场的竞争。我国《反垄断法》实施后,执法机构通过部门规章规定了资产分持条款,公布的附条件批准案件采用了分持救济措施,但理论界尚未对此进行深入的研究。在此背景下,本文考察了美欧创设资产分持规则的目的和规则的性质,梳理了资产分持规则的适用条件、内容和实施监管的方法,揭示了资产分持规则的完整体系,并对我国进一步完善资产分持规则立法和执法实践提出了意见和建议。

Hold-separate, a specific set of rules in merger control are derived from the practice of antitrust enforcement agencies in the U.S. and Europe, aiming to prevent parties with divestiture obligations from reducing the value and competitiveness of assets to be divested during divesture transition period, or damaging the competition in relevant market. Since China＇ s Anti-Monopoly law came into force, anti-monopoly agencies have adopted hold-separate articles in agency rules and used hold-separate remedy measures in conditional approval decisions. However, studies on these rules among academic scholars are still rather limited. Under these circumstances, this article looks into the purpose and nature of hold-separate rules in the U.S. and Europe, summaries the rules＇ conditions of application, contents and ways to monitor their application. The article aims to analyze the hold-separate rules systematically and offer comments and advices on hold-separate rules to legislative and enforcement authorities in China.