摘要
历史上,美国是跨国资本流动最重要的受益国之一,而美国也历来标榜其自由开放的市场和投资环境。然而,20世纪70年代以来,美国开始逐步建立起一套以美国外资投资委员会(CFIUS)为执行机构的外资投资并购监管制度。这一制度在美国国内政治博弈的推动下经过了多次演变,在历次制度变革中,国会向来是制度改革的积极推手,而政府则持更为审慎的态度。特朗普政府上任后在2018年通过的《外国投资风险审查现代化法案》(FIRRMA)与此前历次改革相比则呈现出诸多特殊性,其中之一就是政府成为改革的主导力量。本文基于对美国外资审查制度历史演变规律的研究,探讨为何最近这次的制度改革会出现特殊性。本文认为,在历史上驱动该制度演变的主要矛盾是美国国内的政治博弈,改革过程和结果体现了影响政府决策的各因素之间基于各自利益和立场的竞争。特朗普上任后,应对中国的全面竞争成为美国面临的主要矛盾,影响国内政治的各因素在对华政策上达成共识,成为推动此次制度改革的合力,因此,需要从国际政治的视角理解特朗普此次制度变革的特殊性。此外,特朗普个人独特的政治理念和执政风格也是导致此次制度改革出现特殊性的不可或缺的因素。未来这一制度会进一步趋向严格,中国企业在美投资将面临更大的风险和不确定性。
The United States has benefitted a lot from cross⁃border capital flows,it also has enjoyed the reputation of free investment environment.However,since the 1970s,the United States has gradually established a review system on foreign investment and M&A with the Committee on Foreign Investment in the United States(CFIUS)as the executive agency.This system has undergone several reforms driven by domestic politics.During the previous reforms,Congress has always been an active pro⁃moter,while the government has taken a more cautious attitude.However,The Foreign Investment Risk Review Modernization Act of 2018(FIRRMA)reform,which passed in 2018 under the Trump's administration,demonstrated some special characteristics.One of them is the abnormal supportive attitude of the government.This article aims to explore the reasons for the mentioned characteristics based on the study of the historical evolution of the review system.As the result,this article ar⁃gues that the domestic politics was the core logic that can explain the system evolution in history.The reform process and outcomes reflect the interaction between different ac⁃tors’interest and attitude.However,after Trump took office,dealing with comprehen⁃sive competition from China has become the new core contradiction.Domestic actors have reached a consensus on policy toward China,which jointly promoted this reform.Therefore,it's necessary to interpret this reform through international politics perspec⁃tive rather than domestic politics perspective.Besides,Trump's unique political philos⁃ophy and governance style are also indispensable for the special reform.Based on the study,this article argues that in the context of increasingly complex competition between China and the United States,this system is still likely to become stricter,and Chinese companies may face greater uncertainty in investing in the United States.
作者
邢悦
苏勃瑞
Xing Yue;Su Borui(Department of International Rela-tions,Tsinghua University;Foresight Fund Management Company)
出处
《世界政治研究》
2022年第1期43-73,165,共32页
World Politics Studies
作者简介
邢悦,清华大学国际关系学系副教授,中国对外政策研究中心主任;苏勃瑞,睿远基金投资管理有限公司研究员。
