资产剥离作为典型的合并救济措施,面临着资产可售性低等原因导致的剥离失败风险。皇冠宝石规则是保障资产剥离成功实施的一种风险控制制度,该规则可激励合并企业积极剥离资产,但也可能导致救济过度,损害合并企业利益。虽然美国、欧盟反垄断执法部门在政策表述上对皇冠宝石规则的态度存有分歧,但实践中执法部门都是在认可其积极功能的前提下,审慎适用该规则。中国的合并救济制度还有待完善,皇冠宝石规则应成为重要组成部分,美国、欧盟的相关经验值得借鉴。 As a typical merger relief measure, asset divestiture faces the risk of the divestiture failure caused by the low sales of assets. The Crown Gem Rules is a risk control system that has been successfully implemented to protect assets from being diverted. The rules can encourage mergers and enterprises to divest assets actively, but may also lead to over-relief and undermine the interests of the merged enterprises. Although the United States and the EU antitrust law enforcement departments have different opinions on the attitude of Crown Gems in their policy statements, in practice, law enforcement departments are judiciously applying the rules on the premise of recognizing their positive functions. China’s merger relief system still needs to be perfected, and the Crown Jewels rule should become an important part. The relevant experience of the United States and the European Union is worth learning from.