美国外资并购国家安全审查的制度演变、实施特征与应对策略研究

Study on the Legal Evolution,Execution Characters and Corresponding Measures Towards National Security Review Against Foreign Capital Merger and Acquisition in US

美国外资委员会(CFIUS)对外资并购的国家安全审查既是美国外资准入政策的重要组成部分,又是实现国家安全战略的重要手段。从美国外资并购国家安全审查制度的历史演变来看,CFIUS的执法权日益增强、审查范围不断扩大是普遍的趋势,而审查标准过于宽泛、审查程序不够透明、审查决定享有一定的司法豁免权则是制度实施过程中长期存在的基本特征。为了尽可能通过美国外资并购的国家安全审查,中国企业在面临交易可能被否决的风险时应努力与CFIUS达成缓解协议。一旦交易被否决,中国企业还可寻求美国国内法院或国际仲裁的法律救济。

The national security review against foreign capital merger and acquisition(M&A)conducted by The Committee on Foreign Investment in the US(CFIUS)is not only one integral part of US foreign investment admission policy,but also an important measure to realize the national security strategy.Retrospecting the evolution of US national security review,a general trend is that the enforcement power of CFIUS is increasing and the scope of review is expanding.Besides,the long-standing basic characteristics of the system are that the review standard is relatively vague,the review procedure is comparatively nontransparent,and the review decision enjoys certain judicial immunity.In order to pass the national security review of foreign M&A in the US as much as possible,Chinese enterprises should strive to reach a mitigation agreement with CFIUS when facing the risk that the transaction may be rejected.Once the transaction is vetoed,Chinese enterprises can also resort to US domestic courts or international arbitration.