On The Changes Of The Security Review System For Foreign Mergers And Acquisitions In The United States

As the largest foreign capital inflow country in the world,the United States continues to improve the security review system of foreign M & A in order to avoid the possible national security risks caused by foreign investment,despite its free foreign policy.Based on the theory of institutional change,this paper analyzes the important nodes of the past changes of the security review system of foreign M & A in the United States,and discusses how the security review system of foreign M & A in the United States can expand the scope of national security to achieve the balance between the national security interests of the United States and the introduction of foreign investment whenever the national security interests are threatened by foreign investment Adjust accordingly.In recent years,influenced by the rise of China,the United States is increasingly worried about the rapid growth of China's investment in the United States.It has become a priority for the U.S.administration and Congress to reform the U.S.foreign M &A security review system and strengthen the U.S.foreign investment security review.Therefore,the restrictions on investment from China has become one of the important reasons for the introduction of the Foreign Investment Risk Review Modernization Act(FIRRMA).The analysis of this paper shows that the U.S.foreign M & A security review system tries to achieve the balance between the U.S.national security interests and the introduction of foreign capital,while the rise of China and the rapid growth of investment in the U.S.break the balance of the original system,under the joint efforts of all parties,FIRRMA was introduced.Although FIRRMA is conducive to strengthening the national security of the United States in the short term,it is not conducive to attracting foreign investment in the long term.Therefore,this new security review system for foreign M & A in the United States is not a stable equilibrium,and a series of adjustments should be made in the future.