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在企业并购控制反垄断审查中效率是一个重要的考量要素,在反垄断实践中对效率要素的考量经历了从效率冒犯到效率抗辩这样的演进过程,本文分别对效率抗辩在横向并购和非横向并购控制中的应用进行了梳理与分析。本文认为非横向并购中对效率的分析原则应当不同于横向并购,可以考虑对非横向并购竞争效应的分析采取一体化的处理方法,采取无罪推定假定,假定效率天然存在,非横向并购是有益竞争的,仅当反竞争效应非常明显,大到足以抵消效率时,才对这样的非横向并购予以禁止。
Efficiency in the anti-monopoly review of M & A is an important factor to be considered. The consideration of the efficiency factor in anti-monopoly practice has undergone the evolution from efficiency offensive to efficiency defense. This paper respectively analyzes the efficiency countermeasures in the horizontal merger and non-horizontal The application of M & A control is combed and analyzed. This paper argues that the principle of efficiency analysis in non-horizontal mergers and acquisitions should be different from horizontal mergers and acquisitions. We can consider an integrated approach to the analysis of the competitive effects of non-horizontal mergers and acquisitions, adopt presumption of innocence, assume that the efficiency of natural existence, non-horizontal mergers and acquisitions is beneficial Competitive, such non-horizontal mergers should be banned only if the anti-competitive effect is sufficiently significant to offset the inefficiencies.