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本文从理论上对两种并购申报机制——强制申报机制和自愿申报机制进行了比较分析。结论显示,两种机制的优劣不是绝对的,而是受到各种因素的影响。在市场竞争状况较好、反垄断机构审查成本较高、审查能力较弱、事后纵容行为严重的情况下,强制申报机制更有优势;自愿申报机制更适合小规模并购,企业申报成本的增加会降低自愿申报机制的效率。本文的研究为中国当前的并购申报机制提供了理论支持。
This paper theoretically compares the two declaration mechanisms for mergers and acquisitions, the mandatory filing mechanism and the voluntary reporting mechanism. The conclusion shows that the advantages and disadvantages of the two mechanisms are not absolute, but are affected by various factors. In the situation of better market competition, high review costs of anti-monopoly agencies, weak review capabilities, and serious post-indulgence behavior, the mandatory declaration mechanism is more advantageous; the voluntary declaration mechanism is more suitable for small-scale mergers and acquisitions; Reduce the efficiency of voluntary reporting mechanisms. This study provides theoretical support for China’s current M&A filing mechanism.