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中国企业在英国的并购投资

文章摘要

英国一直是中国企业在欧洲进行并购投资的重要目的地国。正如本报告上一年度预测,2017~2018年英外资政策和法规进入密集变动期:政府扩大了对涉及军用和先进技术行业外资并购的审查权,并酝酿彻底摒弃传统的“内外资不做区分”高度开放的规制路径,进入了建立外资审查制度的实质性程序。这既与梅长期以来对安全问题的高度关注和政策倾向一致,也受到全球主要发达国家外资政策和审查收紧大环境的影响。具体到中资,脱欧压力下的梅一定程度上调整了上台前和初期高度怀疑的态度,趋于务实化,但对“一带一路”倡议与英的连接仍存犹疑。尽管国内外对资本走出去的管制均趋收紧,该年度中企在英直接投资仍创新高并保持相当强劲的势头,科技领域成为绝对亮点。一方面,中英均有意愿在科技领域进行深度交流和合作;另一方面,敏感科技领域的投资正是英该轮政策变动的主要关注点。近两年就“国家安全”问题提起审查的两个个案均为中企,但从具体审查来看仍呈现出较大的理性。英外资管理制度的根本变革或发生在2019年上半年。中国企业,尤其是进行较敏感高科技领域产品和服务并购的企业,在下一年度恐会面对个案审查大增的形势。中国企业应根据自身的实际需求和产品服务市场、外汇市场的变化,在扎实的尽职调查基础上,抓住时机做出理性的投资选择。

Abstract

The UK,which has been a key destination for Chinese investment in Europe,saw during 2017-2018 what may become an overhaul in its approach and mechanism towards regulating capital inflow.While expanding the review for FDI in areas related to the military industry and advanced technology,the May government has been steadily moving towards more “long-term measures” of negating the traditional approach of “treating foreign and domestic investment alike” and establishing FDI review in Britain,which is consistent with major developed countries like the US,Canada and Australia. Though May has always been cautious about Chinese investment in the UK,she has become more pragmatic towards capital from China under the pressure of Brexit. Inbound investment from China during the past twelve months witnessed a record high,with technology being the most active sector. However,given that the latest policy updates have been targeting security implications in sensitive technology areas,whether enthusiasm in this sector will remain strong is yet to be seen. The two cases on which “national security” review was initiated for the past year,both of which are by Chinese investors,have indicated a rather rational approach so far. As “long-term” measures are expected to be finalized in early or mid-2019,Chinese companies investing in the UK,particularly those related to sensitive technology,are advised to prepare themselves with solid due diligence.

作者简介
胡丹:胡丹,北京外国语大学讲师,澳大利亚悉尼大学博士生,主要研究方向为中英经济关系、中国企业海外并购、中澳经济关系。