中国对美国境
外投资主要风
险谈判
Negotiating Key Risks
to Chinese Outbound
Investments in the
United States
撰稿人 李聃
By Daniel B. Levine
投资者寻找成功交割和完成境外投资交易
方面的战略时可以采取的措施。
近年来，中国境外投资在全球并购交易中所占比例不
断增长，中国投资者逐渐成为经验丰富的资深交易者。
中国投资者通常具有能够开展详尽的尽职调查和复杂
谈判的内部团队。他们聘请一流的财务、法律和公共关
系顾问。他们参加知名拍卖，应对不良状况。尽管次数
不多，他们偶尔也会对外国公共目标进行主动竞购。
然而，与非中国投资者相比，中国投资者对外国投资对
象带来的风险更大，竞争能力较有限。为补偿此等风
险，即将其自身置于与非中国竞争者更加平等的竞争
环境中，中国投资者经常为非中国投资者的投标提供
大量保费。通常情况下，仅凭这点是不够的，因为投资
对象更倾向于价格更低更确定的投标者。
在美国投资或收购方面，美国投标者进行的类似交易
不会存在中国投标者产生的四项主要风险：中国官方
不批准买方完成交易所需资金流出的风险；美国政府，
通过美国外国投资委员会（CFIUS）管理的国家安全审
WWW.THECHINAINVESTOR.COM
Steps investors can take to find successful
strategies when it comes to capturing,
closing and completing outbound
investments deals.
In recent years, as Chinese outbound investments have
accounted for a growing share of global mergers and
acquisitions transactions, Chinese investors have become
increasingly experienced and sophisticated dealmakers.
Chinese investors often have internal teams capable
of conducting detailed due diligence and complex
negotiations. They engage leading financial, legal and
public relations advisors. They participate in high-profile
auctions and distressed situations. And occasionally,
though still infrequently, they make unsolicited bids for
foreign public targets.
Chinese investors are nonetheless limited in their ability to
compete with non-Chinese investors by the heightened
risk profile they present to foreign targets. To compensate
for such risks -- that is, to put themselves on a more-
even playing field with their non-Chinese competitors --
Chinese investors frequently offer substantial premiums to
bids by non-Chinese investors. Often that isn’t enough, as
targets opt for cheaper but surer suitors.
12