The Probe On The Changing Of National Security Review System Of Foreign Acquisition In The United States

In recent years,China's investment in the United States has continued to grow,and overseas M&A activities have become increasingly active.The United States is full of concerns.In particular,the "American priority" theory,which has been continuously implemented and implemented after the Trump administration took office,has a greater impact on the investment field.The US government has responded to the current US foreign investment and the national security problems caused by foreign capital,and has made a systematic reform of the foreign investment security review,namely the current 2017 Foreign Investment Risk Review Modern Act.(The Foreign Investment Risk Review Modernization Act of 2017,hereinafter referred to as FIRRMA),which is mainly to amend the current national security review system,strengthen supervision,and timely respond to the current domestic economic security situation in the United States.Most notably,the latest legislative reforms have placed China as a key focus of censorship,with a clear tendency to pan-politicization and political intentions to contain China's development,meaning that the implementation of this latest reform bill means China.The environment for companies to invest in the United States will be more stringent.In response to this legislative change in the US national security review system,this article is based on the evolution of the US national security review system.Ant King's acquisition of the US MoneyGram case and Canyon Bridge Capital's acquisition of the US Lattice Semiconductor Company are the entry points.Focus on the analysis of FIRRMA,including the driving factors of the US national security review system reform,the main content of the reform and the development trend,as well as covering the increasing difficulty of Chinese enterprises to invest in the United States,the obvious increase in investment costs and risks,the politicization of censorship,and relief The channel is further compressed,which has a negative impact on Chinese companies' going global investment.According to the possible adverse effects,the Chinese government and enterprises have proposed relevant measures to avoid the latest legislative reforms.Review the risks.The reform of the US national security review system for foreign mergers and acquisitions will have an impact on the investment of Chinese-funded enterprises in the United States in terms of investment fields,behaviors,and results.This is mainly reflected in the increasingly severe investment and mergers and acquisitions in the United States,and the increase in restrictions.The concept has intensified the politicized review of Chinese companies'investment in the United States,which has made politicization infiltrated into the economic field,enhanced the cost of investment in the United States,and increased the coefficient of investment risk,and the remedy of review has been continuously reduced and blurred.Under the trend of censorship reform in the United States,which is increasingly strict with Chinese companies investing in the United States,combined with the latest foreign investment regulation bill introduced by China,the Foreign Investment Law,it is indicated that Chinese companies and governments should be aware of problems in their own enterprises and in China.Insufficient,from outside and inside,for enterprises investing in China and China,paying attention to security review,improving their own strength,in-depth research,and actively responding are the most realistic and feasible solutions to the national security review in the process of investing in the United States.And the most effective ways and means.At the national level,first of all,the government can learn from the US national security review system and other measures to speed up the improvement of its foreign investment review system,and to achieve national security and warning to other countries through certain restrictions on foreign investment.Second,the state should introduce relevant laws on intellectual property protection in China as soon as possible,improve the domestic intellectual property protection environment,strengthen the awareness of intellectual property protection,and change the bad international image such as knowledge theft.In addition,the state should strengthen communication with other countries including the United States Exchange and consultation.At the enterprise level,enterprises should strengthen their own management systems,abide by relevant laws,carefully select investment areas,conduct feasibility studies and risk assessments on M&A projects based on their own strengths,M&A needs and the actual conditions of M&A targets,and attach importance to corporate legal affairs.The role of the department is familiar with the relevant laws and policies of the United States,avoiding M&A transactions involving sensitive areas,designing a reasonable transaction structure,and strengthening the construction of its core competitiveness to avoid touching the red line of US security review.