This study employs a sample of covered transactions filed with the Committee on Foreign Investment in the United States(CFIUS)of cross-border mergers and acquisitions targeting American companies based on publicly ava...This study employs a sample of covered transactions filed with the Committee on Foreign Investment in the United States(CFIUS)of cross-border mergers and acquisitions targeting American companies based on publicly available news reports and announcements to examine the heterogeneity hypothesis in the CFIUS review process.A comparative analysis of case studies and an empirical analysis of logit regressions are performed.We also explore how CFIUS reviews may have an impact on corporations'future mergers and acquisitions decisions in a panel data model setting.The results show that both unfair treatment in CFIUS review and the deterrent effect of CFIUS interventions have contributed to the recent sharp decline in China s direct investment in the US.展开更多
中国企业在收购美国公司或资产时,为了维护自身利益,控制风险,需要更多地了解收购过程中和收购之后可能面临的美国政府的相关审查程序和合规审查。其中CFIUS(Committee on Foreign Investment in the United States,外国在美投资审查委...中国企业在收购美国公司或资产时,为了维护自身利益,控制风险,需要更多地了解收购过程中和收购之后可能面临的美国政府的相关审查程序和合规审查。其中CFIUS(Committee on Foreign Investment in the United States,外国在美投资审查委员会)审查和反垄断审查是重要的政府审查程序。合规审查重点是审查目标公司对反海外贿赂法和对经济制裁法规的遵守。中国企业如果计划收购美国资产、美国公司或在美国有经营行为的外国公司,从项目的初期阶段就必须谨慎行事,尽可能咨询美国商业法方面的专家。对敏感领域(如能源、军事等)的交易要考虑主动申请启动CFIUS审查;对达到反垄断审查标准的交易要主动申报反垄断审查。在尽职调查中必须认真审查目标公司是否有触犯美国经济制裁法规、《反海外贿赂法》或其他美国法规的行为,正确评估并合理规避风险。展开更多
基金supported by the National Natural Science Foundation o f China(No.71973152)the Fundamental Research Funds for the Central Universities,Zhongnan University of Economics and Law(No.2722020JCT009).
文摘This study employs a sample of covered transactions filed with the Committee on Foreign Investment in the United States(CFIUS)of cross-border mergers and acquisitions targeting American companies based on publicly available news reports and announcements to examine the heterogeneity hypothesis in the CFIUS review process.A comparative analysis of case studies and an empirical analysis of logit regressions are performed.We also explore how CFIUS reviews may have an impact on corporations'future mergers and acquisitions decisions in a panel data model setting.The results show that both unfair treatment in CFIUS review and the deterrent effect of CFIUS interventions have contributed to the recent sharp decline in China s direct investment in the US.
文摘中国企业在收购美国公司或资产时,为了维护自身利益,控制风险,需要更多地了解收购过程中和收购之后可能面临的美国政府的相关审查程序和合规审查。其中CFIUS(Committee on Foreign Investment in the United States,外国在美投资审查委员会)审查和反垄断审查是重要的政府审查程序。合规审查重点是审查目标公司对反海外贿赂法和对经济制裁法规的遵守。中国企业如果计划收购美国资产、美国公司或在美国有经营行为的外国公司,从项目的初期阶段就必须谨慎行事,尽可能咨询美国商业法方面的专家。对敏感领域(如能源、军事等)的交易要考虑主动申请启动CFIUS审查;对达到反垄断审查标准的交易要主动申报反垄断审查。在尽职调查中必须认真审查目标公司是否有触犯美国经济制裁法规、《反海外贿赂法》或其他美国法规的行为,正确评估并合理规避风险。
