| From the year of1997in which Chinese government ushered in the "Going Out Strategy" to today, Chinese companies have mushroomed in every comer of the world. As the Chinese industry is developing, along with the growing pressure of upgrading, Chinese enterprises have gradually changed from the single, conventional investment mode, such as natural resource procurement and infrastructure at the outset, to the present investment focusing on high value-added industries, such as technology, service and finance. The2008financial crisis further accelerated this momentum. The United States, the biggest economy as well as the most advanced industrialized countries in the world, turns into one of the most popular destinations for Chinese investment. Although Chinese investment has been in the U.S. not for a long time, it has already become the one with the fastest growing pace. In2013, the total value of Chinese investment in the U.S. climbed to$1.7billion. This trend is still carrying on. However, the Chinese companies’road to investment in the U.S. was not smooth, and several controversial Chinese outbound investment cases all occurred in the U.S., such as the CNOOC’s takeover of Unocal, Huawei’s merger of3Leaf and Sany’s takeover blocked by U.S. President. These failed or controversial deals left very negative impression on Chinese companies. Chinese government, most of scholars and media claim that Chinese mergers and acquisitions (M&As) were unfairly treated, and subjected to the discriminatory security scanning of the U.S. national security agencies including the Committee on Foreign Investment in the United Sates (CFIUS). Nevertheless, faced with the Chinese suspicions, the U.S. government and scholars say that the U.S. investment market is as open to Chinese companies as to any other countries’.Through analyzing the contents of Chinese government’s press briefings, speeches and reports, scholars’researches and the media coverage by way of the textual analysis, this paper ascertains the Chinese attitudes towards U.S. investment environment. In the similar fashion, it studies how the U.S. views the Chinese companies’attempts to do M&As in the U.S. as well as what the U.S. concerns and interests are respectively. After that, the paper looks for the reasons why there exists a huge recognition gap between the U.S. and China in terms of the U.S. environment for the Chinese M&As, and studies whether the U.S. really discriminates the Chinese companies. What’s more, When studying the CFIUS, this paper employs the data analysis approach to collect and analyze the official and unofficial data in order to see whether the Chinese M&As are unfairly treated in the U.S.After the analysis and study, the paper reaches the conclusion that the U.S. investment market is open to Chinese companies as well, and Chinese companies have already made huge accomplishments quietly in the U.S. However, the controversies and failures of some M&A deals attribute to that Chinese companies’ unfamiliarity with the U.S. concerns, the U.S. domestic political systems and the function of U.S. investment security regulation agencies. In addition, the U.S. attitudes vary according to the change of industries and fields, and even, some industries are not subject to any security review at all. Therefore, the single term to describe the holistic U.S. attitudes towards Chinese M&As is inappropriate. Moreover, with the accumulation of Chinese companies’experience and more thorough understanding of the U.S. market, the problems that led to the Chinese companies’ failure in the past occur less nowadays. And some companies that failed in the past succeeded recently. Therefore, Chinese companies ought to get rid of the mental burden, actively prepare, and bravely stride in the U.S. M&A market. Only in this way can the Chinese companies publicize their global images, improve technology and management capability, and increase market share. |
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