摘要
我国尚未明确《反垄断法》第25条经营者集中制度中“控制”的概念,且反垄断法与其他部门法中控制制度的异同尚未被厘清。原理上,市场主体间广泛关联和控制的基本事实是控制理论普遍适用于各部门法的前提;制度构建上,由于经营者集中领域的控制具有事前审查和与竞争效果相联系的特点,该控制的认定建立在可能性预判的基础之上。相应的,经营者集中的控制涵射范围比事后追责的《公司法》和《证券法》的相关规定更广泛。在《反垄断法》上,经营者通过股权、资产和合同获取控制的三种模式对应着威廉姆森交易成本经济学所阐述的不同治理结构。通过分析不同情况下治理模式的权力结构,控制的认定问题将得到进一步厘清。就公司治理结构而言,股权收购的控制认定需探寻特定表决权对公司章程、股东会、董事会或其他途径的影响;就委托经营合同等长期合同而言,控制的认定需要综合考量合同期限、概括性授权范畴以及被授权人与授权人收益和债务安排等因素。
The Anti-Monopoly Law(AML)of the People's Republic of China has not clarified the concept of control in the system for the concentration of undertakings in Article 25,as well as the differences and similarities for the control systems between the AML and other departmental laws.In terms of principle,the basic facts of extensive interconnections and control between market undertakings are the premises for the control theory to be applicable to all departmental laws.In terms of institutional construction,the identification of this control is made on the basis of judgement of possibility since the control in the areas of the concentration of undertakings has the nature of prior review and is linked to the effect of competition.Accordingly,the coverage of control for the concentration of undertakings is wider than the relevant stipulations in the Company Law of the People's Republic of China and the Securities Law of the People's Republic of China advocating the ex-post liability investigation.According to the AML,the three means that undertakings may obtain control through equities,assets and contracts correspond to the different governance structures described by Williamson's ideas of transaction cost economics.By analyzing the power allocation of each governance structure in different circumstances,identification of control will be further clarified.From the perspective of corporate governance structure,identifying the control for equity acquisition involves exploring the influence of specific voting rights on the articles of association,the shareholders'meeting,the board of directors or other channels.As for the long-term contracts such as entrusted operation contracts,identifying the control must comprehensively consider such factors as the contract term,the general authorization scope,the income and debt allocations of the authorized and the authorizer,among others.
作者
王慧群
WANG Huiqun(Law School,Peking University,Beijing 100871,China)
出处
《海南大学学报(人文社会科学版)》
2025年第5期151-158,共8页
Journal of Hainan University (Humanities & Social Sciences)
基金
国家社会科学基金重大项目(23&ZD159)。
关键词
经营者集中
公司治理
长期合同
concentration of undertakings
corporate governance
long-term contract
作者简介
王慧群(1993-),女,山东临沂人,北京大学法学院博士研究生,研究方向为经济法学。
