id	author	title	date	pages	extension	mime	words	sentence	flesch	summary	cache	txt
cblr-1692	Gordon, Jeffrey N.; Milhaupt, Curtis J.	China as a “National Strategic Buyer”: Towards a Multilateral Regime for Cross-Border M&A	2019	60	.pdf	application/pdf	17835	719	44	First, SOEs, which have led the surge in Chinese outbound acquisitions, have distinctive ownership structures and institutionalized linkages to the Communist Party that influence their governance in unprecedented ways.34 Second, because their corporate governance is channeled through Chinese institutions of political governance, the SOEs facilitate “policy channeling”— the use of state-controlled companies (and non-controlling private shareholders’ investments) as a means of implementing public policy.35 If SOEs were the only Chinese firms engaged in cross-border acquisitions, the problem of asymmetric motives might find relatively straightforward policy solutions.36 But large Chinese private firms are increasingly active in cross-border M&A, and they present a third conundrum for assessing a Chinese buyer’s motives: the conventional dichotomy between state-owned and privately 34 See generally Li-Wen Lin & Curtis J. Milhaupt, Nevertheless, as Chinese cross-border M&A activity has ratcheted up, the composition of Chinese acquirers has shifted from SOEs to POEs.68 SOE acquisitions attract heightened scrutiny under existing regulatory regimes.	cache/cblr-1692.pdf	txt/cblr-1692.txt