Research On The Impact Of Us Foreign Capital National Security Review On The Technological Progress Of Chinese Enterprises

Affected by the COVID-19 in 2020,the global economic performance has reached a new low since the international financial crisis in 2008,and the sentiment of trade protectionism has gradually spread in various countries.The developed countries led by the United States have gradually improved their overseas investment review system,which has led to repeated setbacks in overseas M&A of Chinese enterprises,especially overseas M&A projects for the purpose of acquiring technology,which has a significant impact on the path of technological progress of Chinese enterprises.Under this background,this thesis studies the impact of US foreign capital national security review on the choice of technological progress path of Chinese enterprises,and the differences of technological progress under different paths.The research questions of this thesis have both theoretical and practical significance.In terms of theoretical significance,this thesis supplements the relevant research on the security review system of foreign capital in the United States and overseas M&A from the perspective of economics.In terms of practical significance,based on the current situation of technology blockade of Chinese high-tech enterprises,this thesis provides case support for the path choice of technological progress of Chinese high-tech enterprises,so as to better promote Chinese enterprises to achieve technological progress.This thesis selects four overseas M&A cases reviewed by CFIUS: North Huachuang,Huacan optoelectronics,Lanqi technology and San’an optoelectronics.Firstly,by combing the relevant literature,this thesis discusses the impact mechanism and relevant theoretical basis of Overseas Investment Review on the technological progress of Chinese enterprises;Secondly,taking the US foreign capital security review system as the object,this thesis analyzes the development and changes of the US foreign capital security review system and the current situation of China’s overseas M&A in the United States.Thirdly,combined with the selected cases,this thesis introduces the industry characteristics,operation status and CFIUS review process of both parties,and summarizes the reasons for the failure of the selected cases.Finally,through the method of multi case comparative analysis,this thesis obtains four main paths of the impact of American foreign capital safety review on the technological progress of Chinese enterprises.There are two paths under the review: the path of overseas M&A,supplemented by independent R&D,supplemented by overseas M&A,and dominated by independent R&D;And the two paths under the failure of the review: the road of independent research and development after the failure of the review and the road of two overseas mergers and acquisitions.In addition,through the comparison between cases,from the perspective of input and output of technological progress,this thesis finds that there are differences in technological progress under different paths,and finally draws three conclusions.The conclusions of this thesis are as follows: first,the core of the impact of foreign capital safety review on enterprise technological progress in the United States lies in what path enterprises choose.Second,under the two paths passed by the US foreign capital security review,enterprises choose the path of overseas M&A;A supplemented by independent R&D,and technological progress will be more significant.Third,under the two paths of failure of foreign capital safety review in the United States,the technological progress achieved by enterprises will show two different directions: intangible technological progress and equipment technological progress.