中国企业赴美并购的法律风险及其防范对策

摘要

There are various legal risks in the process of Chinese M＆As in USA. Chinese state - owned enterprises should pay great attention to national security censorship in USA, and demonstrate their commercial entity feature. CFIUS introduce to the hearing process, should accommodate the opinions of Chinese investors, and abandon investment protectionism. Chinese corpora- tions should learn American legal rules of corporate governance and M＆A, Choice the offer that conform the interest of target cor- poration and ist chareholders, not the offer that highest bid in cash. US and China should accelerate the process of the negotiation of bilateral investment treaty, and establish the compensation at fair market value. Chinses goverment should encourage chinese corporation to mergers and acquisitions in USA, abolish the approval policy while introducing registration policy, and to strengthen the international comperitiveness of Chinese arbitration bodies.%中国企业在赴美并购过程中总存在着各种各样的法律风险。中国国有企业赴美并购时应高度重视美国的国家安全审查机制，清晰地突出国有企业的商事主体性质。而美国外资委员会引入听证会程序，应充分听取中国投资者的意见，放弃投资保护主义。中国企业要熟悉美国的公司并购规则与治理规则，明确目标公司选择符合本公司及其股东利益最大化的收购要约而并非现金出价最多的要约，是美国公司并购的常态。中美双方加快双边投资保护协定的谈判进程，就企业的国有化条款而言，应采取充分的市场化补偿标准。我国政府鼓励企业赴美并购，可将核准制改为备案制。要加快建立健全海外投资纠纷的仲裁机制，提高我国仲裁机构的国际竞争力。