国家安全视域下的美国对外投资审查:立法变迁、制度博弈与中国应对  

U.S.Foreign Investment Review from a National Security Perspective:Legislative Evolution,Institutional Dynamics,and China's Strategic Responses

作　　者：胡子南 杨向荣[3] Hu Zinan;Yang Xiangrong(Tongji University;Beijing Vocational College of Finance and Trade)

机构地区：[1]同济大学德国问题研究所 [2]同济大学德国研究中心 [3]北京财贸职业学院金融学院

出　　处：《战略决策研究》2025年第2期86-104,131,132,共21页Journal of Strategy and Decision-Making

基　　金：教育部人文社会科学基金项目“欧盟重塑外商投资规则带来的影响及对策建议”(23YJCGJW002)的阶段性成果。

摘　　要：美国对外投资审查机制在经过行政机构、立法机构以及其他各方的多轮博弈之后于2025年1月2日正式生效。该机制实质上是美国以维护国家安全为借口限制中国获取关键技术和海外融资,进而遏制中国科技崛起的又一政策性制华工具。其审查重点不局限于“美国人”,对关键技术和新兴领域尤为关注,且监管范围广泛并配以严厉的惩罚措施。下一步美国极有可能会进一步收紧相关法律法规,联动其他多重制裁手段、强化与盟友协同关系、增强监管机构的权限、扩大审查涵盖行业并加大对违规行为的惩罚力度。这一系列举措会导致美西方投资机构减少对中国的投资,并对中国经济外部环境与内在韧性带来挑战。对此,政府部门应完善国内投资支持体系、积极参与国际投资规则制定以及着力构建多元化替代供应链。中资企业则应构筑合规管理体系与风险控制机制、积极拓展融资渠道分散投资来源,以灵活应对市场变化并有效防范潜在风险。The U.S.foreign investment review mechanism,established after extensive negotiations and compromises among administrative agencies,legislative bodies,and other stakeholders,officially came into effect on January 2,2023.This mechanism represents another policy tool employed by the United States to restrict China's access to critical technologies and overseas financing under the pretext of safeguarding national security,thereby curbing China's technological advancement.Its coverage extends beyond U.S.entities,with heightened scrutiny on critical technologies and emerging industries,coupled with broad regulatory coverage and stringent penalties for noncompliance.In the next phase,the U.S.is likely to further tighten regulations,coordinate multiple sanctions,strengthen alliances,expand regulatory authorities,broaden covered industries,and intensify penalties.These measures may lead to reduced investment in China by U.S.and Western institutions,posing challenges to China's external economic environment and internal resilience.To address these risks,the Chinese government should improve domestic investment support systems,actively participate in shaping international investment rules,and build diversified alternative supply chains.Chinese enterprises,meanwhile,must establish compliance management and risk control mechanisms,diversify financing channels,and enhance operational flexibility to navigate market uncertainties and mitigate potential risks.

关 键 词：经济安全 政府干预 对外投资审查 美国优先投资政策 

分 类 号：F27[经济管理—企业管理]