C 2006 2 ONTENTS 03 07 13 24 26 34 38 43 49 57 62 67 171 70
1 2006 2 1 2 2 > 3
WTO 3,,,,,,,, 1 2 WTO1996 5 4 >
6 > 7 1 1 ( ) 20066 1976 HSR (Hart-Scott Rodino Antitrust Improvement Act), 139/2004 (Council Regulation No. 139/2004) 2 3 1 Economists Incorporated 2 2004 3 Philip Nelson and Su Sun, Consumer Savings from Merger Enforcement: A Review of the Antitrust AgenciesEstimates, 69 Antitrust Law Journal, 921-960, 2002.
8 > 9 5 200688 30 ( ) 4 6 15 53 2 20% 25% 51 (General Electric) (Honeywell) 2001 15 420 51 53 ( ) 15 1 10 20% 25% 52 1996 (Horizontal 1998 Merger Guidelines) 8 (International Competition 7 Network) 53 A 9 B A 4 200337 19-22 5 http://www.internationalcompetitionnetwork.org/mnprecpractices.pdf 6 ( ) B A AB 8 http://www.ftc.gov/bc/docs/horizmer.htm 7 Eleanor M. Fox, International Antitrust and the Doha Dome, 43 Virginia Journal of International Law, 911-932, 2003. 9 5%
10 > 11 C () 49% 15 C AB () () HHI () A B HHI A B A 12 HHI A B HHI A B 14 () 1/2 A () 2/3 BA B B () 3/4 () () 1/10 HHI1000 A 10001800 1800 13 HHI A 16 100 HHI 50 ( B) A B HHI 3 40% 40% 52 12% 12% ( ) 23 14 10 HHI HHI 30% () 12 Cournot HHI Keith Cowling and Michael () 40% 30% 20%10% HHI 3000 11 HHI10000 Waterson, Price-Cost Margins and Market Structure,43 Economica, 267-74, 1976. Robert D. Willig, Merger Analysis, Industrial Organization Theory, and Merger Guidelines,Brookings Papers: Microeconomics, 1991. 13 HHI 1800 5.56 18% () HHI1000 14 Margaret C. Levenstein and Valerie Y. Suslow, What Determines Cartel Success? 44 Journal of Economic Literature, 43-95, 2006. 15 John M. Connor, Price-Fixing Overcharges: Legal and Economic Evidence,American Antitrust Institute working paper #04-05, November 10 HHI Herfindahl-Hirschman Index 2004. 11 402 + 302 + 202 + 102 = 1600 + 900 + 400+ 100 = 3000 HHI 16 A ( )1% A ( ) A B B ( )1% A ( )
3 4 1 2 1 2 3 1400 30 4 2003 51 SEB 17 20063 Whirlpool Maytag ( LG ) 54 4 17 www.cnxjd.com/zt/detail.asp?id=109 (20061110 ) SEB 12 >13
1 7 132 8 9 2 10 7 flip-in flip-over 100 8 9 10 Shark Repellants Poison Pill Staggered Board No removal without cause Golden Parachute Silver Parachute Tin Parachute Supermajority Voting Greenmail Scorched Earth Crown Jewel White Knight White Squire Pac-man 5 8 33 7 8 / 1 2 3 4 / 6 5 6 preventive remedial active 15 14 >
14 15 33 16 5 80 / 6 17 14 15 16 A B 20 AB 17 11 143 8 3 12 37 40 42 15 13 4 11 12 13 SAB SAB AB AB AB 17 16 >
8 5% 3% ( ) 5% 21 22 9 3/4 104 2/3 2/3 2/3 21 75 77 22 MBO 116 8 10% 18 19 7 20 85 88 26 18 19 20 51 49 19 18 >
10 23 24 180 365 25 11 1/3 26 12 1/3 27 28 23 3% 24 102 152 25 19985 26 2004 27 500 28 19985 29 30 1/21/3 1 1/3 1/3 2 3 1/3 13 147 14 112 15 29 52 30 20 >21
31 32 8 16 33 33 8 / / 17 34 35 36 37 1 2 31 200010 Richard.McGinn CEO 1250 550 700 32 33 34 35 6 36 75 79 37 12 / 23 22 >
24 >25 1 4 11 2 511 13 58 98 6 14 7 15 15 200688 200698 2003 03 / IPO 1 9 25 25 2 12 3 16 8 30 17 9 18 200698 10 33 36 98 6 3 03 3 11 40 12 55 1 2
S V S V 0 80 9 4 001-200 2 S V P PV 5 00 2 2.59 2 0 2 6 0 3 6. 3 S V 2 597.371 2 3 52 3 4 00 2 6 00 2 0 5 0 80 7 S V 6 00 2 A BITD E A BITD E 5 8 5 3.1 0 00 6 5.5 2 5 8 0 600 3 S V 0 00 5 7 00 2 5. 7 7 69 4 5.7 6 5. 7 6 5.7 6 7 69 4 6 5 39 9 3 http://news.xinhuanet.com/stock/2006-10/24/content_5241423.htm " " 3 http://news.xinhuanet.com/stock/2006-10/24/content_5241423.htm " " QFII VC FDI VC ( SPV) / SPV IPO 1 2 1 2 / 27 26 >
SPV BVI alea aleator 4 5 1 emptio spei 6 2 3 4 1998 130 5 1998 129-130 6 : 2001 594 Valuation Adjustment Mechanism(VAM) 50% 2006 2004 7830 3.125-3.925 29 28 >
FDI 7 124 9 1991 2006 9 1104 2 2982 7 8 7 http://www.e521.com/cjbk/sxcwg/200506/1116163609.htm 8 1998 130 136-137 31 30 >
2005 ( ) 2006 ( ) ( ) 10 11 IPO IPO IPO 2003 10 200715 11 75 5 5 60 90 32 >33
1 1 20 87% 50-60 1231 9 2004 2005 750 1 2 35 34 >
25% A A 2006 72 54 500 GDP6% 6000 4000 3 93 CPEA 30% 60-70% 87% 1000 4000 100 2007 37 36 >
199812 200069 199762 20036 2 1 2 2 Benita Yu 200688 2006921 1 Benita Yu 12 10 Benita Yu 1 2006727 Slaughter and May Benita Yu H H Swire Jardine 1993 H H H H H 2004 A1 A1 1. 2. 3. 4. 5. 6. A1 20 15 H I 10 4 14 / / H 38 >39
H 1% 3.13 2. 3 8.17 H 8.17 4 H H H 1 A H A+H H A 20058 23 A H B A A H H H 4 H A H H A H 4 A H H 30% 3 4 5 1 199311 3 3 1999329 1/2 2 ( ) 41 40 >
1 1998 2004 1998 1 A H H H 2 10% 3 3 Midnight Dividends 1 200511 2 Benita Yu H 42 >43
32001 4 (G8) 5 Demand Driven Ownership Local Capacity Building 12000 22000 45 44 >
make it happen 2001 GDP0.7 BIS IFI (G8) 1999 1992 12 46 >47
48 > 49 WTO! 1 40 11 2 Political Will 4 10 Hope 2001 2 1999 3 300 WTO 1 2 3
Hope 1 - / 20 Hope Hope Hope 100 Key Assets 500 1000 2-3 51 50 >
1 2000 5 6 2 6 2 2 2002 6 20028 1 2003131 5 2000 128 2002 2002 Hope 4 Hope 2 1995 101 4 53 52 >
1 2 3 Hope / / (1) (2) 2001 6 7 Hope 8 / 4 6 2001423 7 8 54 >55
1 2 1994 90 3 Public-Private-PartnershipPPP 4 BOO BOT 1 2 20 80 3 4 Hope Hope The-winter-in- England-is-very-cold! Hope 2005 22 56 >57
8 2004 9 10 126 2002 126 11 2004 126 126 12 8 2002 126 9 10 11 http://www.ccppp.org/shownews.asp?newsid=226 12 19951 BOT BOT 5 8 BOT 2002 2002 2002 2002 6 2004 2004319 126 200451 126 2002 20049 14 2004 2005 2005 2006 2004 126 2002 126 7 5 2001 BOT - - BTO - - BRTO - - - BLTO - - - BOOT - - - 6 2002 7 Concession rights. 59 58 >
126 13 126 126 126 14 126 15 16 126 2005 17 126 126 2005 126 126 13 14 15 16 17 http://www.h2o-china.com/meeting/2005/zhangyue.htm 60 >61
1 2 3 UBS 1 2 3 (Private Equity Fund) 199941 2 1998 2.01 ( 56818.18 36818.18 82.39 72.84 17.61 27.16) 1998 4 1998 2.01 1997 0.89 1, 4 1997 32 62 >63
64 >65> 3/4 5 (Venture Capital Fund) put option 1. solvent put option 1 2 7 RMBCA 6.40(C) 8 (1) 2 9 2. 3 ( 1000 ) 10 6 5 7 38 200412 1 247 8 9 Revised Model Business Corporation Act, 6.40 Distributions to Shareholders. 10 6 216 3 4
66 > 67 1 2 171 [2006]171 171 2006711, 2006517,, 171,, 171,,. () 171,, 3,, 1 2 3 171,
68 > 69 ( ) 50%, (),,,,,,,,. (),, 171,,, 171,, 2006 47 171,. () 171,,, () 171, 1,,,,,,,,,, 2,. 3,,,. () ( () ),,,, GDP,,, 171 171,,,,,,, 35% 171,, 171,,, 171,,,,, (),,, 171,,, 171,,,, 171 1000,
2 1 2 1 9 2 200611 10 23 1 2 http://www.saic.gov.cn. 2006424 [2006]81 1 1 71 70 >
3 200611 4 1 90 30 3 3 2 3 1 2 3 4 3 http://www.saic.gov.cn 4 [2006]102 73 72 >
30 2 5 1 2 5 http://www.saic.gov.cn 6 http://www.law-lib.com 3 3 6 4 / 50% 7 8 1 1 2 3 4 5 6 7 8 30 7 [2006]102 8 http://www.saic.gov.cn. 74 >75
2 30 20% 9 9 http://www.saic.gov.cn.