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欧盟：需要清晰的外资并购政策

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  • Mario Mariniello

Abstract

Disclaimer - This is a Chinese translation produced by the Shanghai Academy of Social Sciences based on the paper "Foreign takeovers need clarity from Europe". 外资并购往往引起政府的疑虑。这些疑虑可能是出于国防安全的战略考虑，也可能出于经济考虑。外国投资方在地理上心理上都远离东道国，因此在一般公众的心目中他们在并购活动中比较容易作出损害东道国经济的决定，比如弱化被收购公司的品牌形象、削减工作岗位、降低研究支出。 不过，对欧盟境内跨国并购事务负有监管责任的欧盟委员会（European Commission）来说，评估这类企业并购案的唯一标准就是消费者利益，欧盟成员国只有在极个别的情况下才可以进行干预。 政策的挑战 本期《政策简报》提出外资并购中的两个问题：（1）外国投资者在收购了一家公司后，东道国的国内福利是否会遭受更大的损失？（2）在欧盟委员会针对跨国并购的现行做法下，经济上的忧虑是否应当成为欧盟成员国进行干预的合法理由？ 在深入分析有关文献后，我们感到对这两个问题的答案都是否定的。 如果给予成员国回旋余地就会让并购的结果变得不确定，因此这种回旋余地是不必要的甚至可能是有害的。 为了增加透明度、促进欧洲的外来投资，欧盟委应当确立成员国在什么情况下才能进行干预的规则。

Suggested Citation

  • Mario Mariniello, 2014. "欧盟：需要清晰的外资并购政策," Policy Briefs 15536, Bruegel.
    • Handle: RePEc:bre:polbrf:15536
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