Enterprise's mergers and acquisitions的外文文献头大找不到 希望能尽快得到帮助!有这个外文文献的翻译吗？

Enterprise's mergers and acquisitions的外文文献头大找不到 希望能尽快得到帮助!有这个外文文献的翻译吗？
Enterprise's mergers and acquisitions的外文文献
头大找不到 希望能尽快得到帮助!
有这个外文文献的翻译吗？

Enterprise's mergers and acquisitions的外文文献头大找不到 希望能尽快得到帮助!有这个外文文献的翻译吗？
瀛楁暟鏈夐檺,鏇村?璇风暀閭?,鍖呮嫭浼佷笟妗堜緥
A merger or acquisition involves,from a competition law perspective,the concentration of economic power in the hands of fewer than before.[90] This usually means that one firm buys out the shares of another.The reasons for oversight of economic concentrations by the state are the same as the reasons to restrict firms who abuse a position of dominance,only that regulation of mergers and acquisitions attempts to deal with the problem before it arises,ex ante prevention of creating dominant firms.[91] In the United States merger regulation began under the Clayton Act,and in the European Union,under the Merger Regulation 139/2004 (known as the "ECMR"[92]).Competition law requires that firms proposing to merge gain authorisation from the relevant government authority,or simply go ahead but face the prospect of demerger should the concentration later be found to lessen competition.The theory behind mergers is that transaction costs can be reduced compared to operating on an open market through bilateral contracts.[93] Concentrations can increase economies of scale and scope.However often firms take advantage of their increase in market power,their increased market share and decreased number of competitors,which can have a knock on effect on the deal that consumers get.Merger control is about predicting what the market might be like,not knowing and making a judgment.Hence the central provision under EU law asks whether a concentration would if it went ahead "significantly impede effective competition...in particular as a result of the creation or strengthening off a dominant position..."[94] and the corresponding provision under US antitrust states similarly,
"No person shall acquire,directly or indirectly,the whole or any part of the stock or other share capital...of the assets of one or more persons engaged in commerce or in any activity affecting commerce,where...the effect of such acquisition,of such stocks or assets,or of the use of such stock by the voting or granting of proxies or otherwise,may be substantially to lessen competition,or to tend to create a monopoly.[95]
What amounts to a substantial lessening of,or significant impediment to competition is usually answered through empirical study.The market shares of the merging companies can be assessed and added,although this kind of analysis only gives rise to presumptions,not conclusions.[96] Something called the Herfindahl-Hirschman Index is used to calculate the "density" of the market,or what concentration exists.Aside from the maths,it is important to consider the product in question and the rate of technical innovation in the market.[97] A further problem of collective dominance,or oligopoly through "economic links"[98] can arise,whereby the new market becomes more conducive to collusion.It is relevant how transparent a market is,because a more concentrated structure could mean firms can coordinate their behaviour more easily,whether firms can deploy deterrants and whether firms are safe from a reaction by their competitors and consumers.[99] The entry of new firms to the market,and any barriers that they might encounter should be considered.[100] If firms are shown to be creating an uncompetitive concentration,in the US they can still argue that they create efficiencies enough to outweigh any detriment,and similar reference to "technical and economic progress" is mentioned in Art.2 of the ECMR.[101] Another defence might be that a firm which is being taken over is about to fail or go insolvent,and taking it over leaves a no less competitive state than what would happen anyway.[102] Mergers vertically in the market are rarely of concern,although in AOL/Time Warner[103] the European Commission required that a joint venture with a competitor Bertelsmann be ceased beforehand.The EU authorities have also focussed lately on the effect of conglomerate mergers,where companies acquire a large portfolio of related products,though without necessarily dominant shares in any individual market.[104]
[edit] Public sector regulation
Main articles:Public services,Regulated market,and EC regulation
See also:American Telephone & Telegraph,Kingsbury Commitment,Hush-a-Phone v.FCC,and Bell System divestiture
Public sector industries,or industries which are by their nature providing a public service,are involved in competition law in many ways similar to private companies.Under EC law,Articles 86 and 87 create exceptions for the assured achievement of public sector service provision.Many industries,such as railways,telecommunications,electricity,gas,water and media have their own independent sector regulators.These government agencies are charged with ensuring that private providers carry out certain public service duties in line of social welfare goals.For instance,an electricity company may not be allowed to disconnect someone's supply merely because they have not paid their bills up to date,because that could leave a person in the dark and cold just because they are poor.Instead the electricity company would have to give the person a number of warnings and offer assistance until government welfare support kicks in.[105]