欧盟外资监管改革:动因、阻力及困局

The Reform of EU Regulation on IFDI: Dynamics,Resistance and Dilemma

中资收购欧洲高科技企业对欧盟产业竞争优势构成了挑战,欧盟及其成员国的防范意识日趋增强。在德法大力推动及全球外资监管趋严的压力下,欧盟外资监管改革提上日程。然而,受制于"促进资本自由流动"的外资监管理念及政策目标,欧盟委员会改革外资监管体系的意愿和能力不足以及成员国意见不统一,外资监管改革并未取得实质性成果。"建立欧盟外资审查新框架"的提案着力于对欧盟产业竞争力的维护,对国有企业投资者和"政府补贴"指向性尤其明显,并将欧盟委员会和除东道国外其他成员国的意见反映在"合作机制"中。因此,中资在欧并购将面临更多政策和政治层面的双重阻力。但"新框架"未从根本上改变以往外资监管实践中的权责分配,也没有解决"用一个声音说话"的难题和防范投资保护主义的问题。这意味着在外资监管问题上,欧盟没有真正走出统一机制缺失和成员国多样性造成的治理困境。体制特点和自由主义理念导致欧盟外资监管的困局,同时也决定了欧盟特色的外资监管方向。

Chinese investors' M&As in high-tech sectors in Europe aroused attention from EU institutions and some member states. Driven mainly by France and Germany and under the pressure of the tightening up of global IFDI regulations,the reform of EU regulation has been put on the agenda. The European Commission's proposal focuses on protecting the EU's industrial competitiveness,especially aimed at strengthening screening calls from SOE investors and those with "government background"and making the opinions of the Commission and non-host member countries be heard through the "cooperation mechanism". Therefore,the non-EU investors will face more barriers at both the policy and political levels. However, because of the "free flow " idea underlying the integration process,the limits of the Commission's will and capacity to establish an IFDI regulatory regime on the EU level,and the opposition from some member states,the proposal doesn't refer to the substantive reform,as there is neither change to the distribution of power and responsibility,nor final solution for the difficulties in "speaking with one voice"and investment protectionism. The EU is still trapped in the dilemma resulting from both the diversity among the member states and a lack of unified regime on the IFDI regulation issue.