Regulating inbound foreign direct investment in a world of hegemonic rivalry: the evolution and diffusion of US policy
本文从国际关系视角研究美国如何通过国内国家安全审查和向盟友扩散规则来监管外来直接投资，以应对中国崛起，发现美国与五眼联盟在战略行业的外资审查上存在显著趋同。
Abstract We employ insights from the international relations literature to offer a novel perspective on the regulation of inbound foreign direct investment (FDI). We argue that in a world of hegemonic rivalry, the incumbent, when it perceives a threat, tends to employ both internal and external policy mechanisms to maintain the balance of power. Specifically, in response to China’s rise, the US expanded its internal national security review regulations, moving from a primary focus on FDI by state-owned enterprises (SOEs) to including Chinese investments in a broad set of strategic industries, regardless of ownership. External mechanisms include the diffusion of those internal regulations to allied countries, and we focus on a specific Alliance, the Five Eye (FVEY) intelligence alliance. Empirically, we combine natural language processing of keywords with close reading of selected documents to analyze FDI regulations in the US and FVEY allies. The results suggest that the US is an early adopter of both SOE and broader FDI regulations targeting strategic sectors for national security considerations. While SOE regulations exhibit relatively limited evidence of convergence, we find a more significant and recent convergence between the US and its alliance partners on the national security reviews of FDI in strategic sectors.