National Security Review Of Cross-border Mergers And Acquisitions:System Comparison And Coping Strategies

In recent years,with the development of China’s economy and the pace of Chinese enterprises to go global faster,cross-border mergers and acquisitions of Chinese-funded enterprises were booming,while Chinese enterprises face cross-border M&A national security review situation is becoming increasingly serious.The response of national security review is becoming one of the important issues to be solved in cross-border M&A practice.In this paper,the national security review system and its coping strategies in cross-border mergers and acquisitions is the research object.We mainly used comparative research and multi-case study methods,and analyzed the concept and theoretical basis of national security review system.We have made summary of the national security review system of the main countries,especially United States.On this basis,we combined with the case analysis,summed up the problems of Chinese enterprises in response to cross-border mergers and acquisitions national security review,then given the Chinese enterprises some strategies and recommendations.In addition to the introduction and conclusion,the article mainly includes the following four parts:The definition of the concept.we sort out the basic concept of cross-border mergers and acquisitions national security review system.We analyze the theoretical basis of national security review from the concepts of mergers and acquisitions,national interests and national security.We analyzed the impact of transnational corporations’control over M&A on the national interests and national security of the host country,and points out the role and advantages of the national security review system of foreign capital acquisition for the national interests of the host country and the national security protection.Institutional research.This paper introduces and compares the review system of the major countries involved in the M&A practice,introduces the development of the censorship system,reviews the subject,the object,the standard and the process,and summarizes the general situation of the review.Which provides a basis for the construction of enterprise coping strategies.Analysis of coping problems.We reviewed and analyzed some cases of the acquisition of Western Digital Co.by Ziguang Group,the case of Sany Group and its related parties v.US President Barack Obama,combined with the characteristics and cases of the national security review system and summed up the problems of Chinese enterprises in coping with the review process.Coping strategies.In view of the problems of enterprises in coping with the national security review of cross-border mergers and acquisitions,this part constructed the strategies and processes of dealing with the review.