中国对外投资与东道国政策

Chinese Outbound Foreign Investment and Host Country Policies

中国投资者是国际收购市场的重要参与者,国有企业和私营企业都在追求复杂的收购策略。东道国的政治家们"欢迎"这些收购活动的方式是呼吁进行严厉的投资管理。本文以一些著名案例为基础,讨论业已出现在美国和欧盟监管者面前的投资管理法热点问题。在借鉴经合组织和世界贸易组织框架内的国际惯例的基础上,该分析将为国有企业和在政府影响下行事的私营企业找出一些可行的原则。当前的监管话语表明对中国投资采取的是一种基于所有权的方法。更近距离的审视表明,盛行的态度是具体案件具体分析,几乎不遵从先例。为审查国有企业而发明的市场经济标准被类比适用于据称与政府和政治关系密切的私营企业。在未来多年内,监管者(也许还有外交官)将不得不在投资管理关切与资本自由流动之间寻求平衡。

Chinese investors are important players on the international market for takeovers.Both state-owned and privately-owned enterprises pursue sophisticated acquisition strategies.Host country politicians have come to greet these takeover activities with calls for rigid investment controls.By building on the causes célèbres,this paper will address the most prevalent investment control law issues,as they have emerged for U.S.and EU regulators.The analysis draws on international practice within the framework of the OECD and the WTO to identify workable principles for state-owned enterprises and privately-owned companies acting under government influence.An ownership-based approach towards Chinese foreign investment informs current regulatory rhetoric.Closer inspection suggests that a case-by-case attitude with little deference to precedent prevails.Market-economy criteria developed for the scrutiny of state-owned enterprises are applied by way of analogy to privately-owned investors,allegedly close to government and politics.In the years to come,regulators and,perhaps diplomats,will have to strike a balance between investment control concerns and the free movement of capital.