作者：苏唐明 赵泱地 金杜律师事务所

美国外国投资委员会（CFIUS）几乎完全切断了美国半导体行业从其他国家投资者处获得投资的途径。中国将建立世界领先的半导体产业作为一项国家政策，因此此类投资主要来自于中国，由中国投资者通过投资少数股权或收购的方式进行。

参议员Mark Warner (D-VA) 和 John Cornyn (R-TX) 于2020年6月10日提出了《建立有效激励措施为美国生产半导体产品法案》。本法案（Bill S.3933）全文尚未发布，但很快将会公布并可通过国会网站[1]查阅。Warner参议员办公室[2]称，法案将在美国商务部的国家标准与技术研究院内部设立一项半导体计划，旨在推进美国5G产业的发展。法案将为半导体生产设备和其他工厂投资提供一项40%的可返还税收抵免；授权国防部为《国防生产法案》项下的研发、人员培训和其他项目提供新的资金支持；提供金额高达110亿美元的资金以支持基础研发、高端包装和其他领域；在联邦层面准备高达100亿美元的资金以支持州和地方政府对半导体行业提供激励措施。

阻止中国投资者对美国半导体公司的投资是民主党和共和党共同的主张。在Obama任期内的最后一个月，总统科技顾问委员会发布了一项关于“确保美国在半导体领域的长期领先地位”的报告[3]，该报告提议就基础或竞争前阶段的研发提供资金，并为半导体生产这一资本密集型产业提供税收抵免。但Trump并未在其执政期间实施这些举措，现在由参议院接棒以期推行相应激励措施。

Trump任期内，多项半导体行业交易被否决，包括一家中国私募股权投资基金对Lattice Semiconductor的收购、一家中国私募股权投资基金和中国国有半导体基金对Xcerra的收购，以及其他一些仍处于保密阶段的交易。然而，CFIUS在过去几年也同样批准了多项半导体行业的交易，包括一家中国半导体设备公司对Akrion Systems的收购、中国国有投资者和其他投资者对OSRAM-LEDvance的收购、以及Nexperia收购。CFIUS同时也批准了针对加州圣克拉拉县半导体公司Omnivision的交易，使得该公司成功在中国上市。

 

Senate Bill Would Support US Semiconductor Industry 

CFIUS has almost cut off international funding for the US semiconductor industry. Much of that funding—minority investments and acquisitions—came from China, which has a stated national policy of creating a world-class semiconductor sector. China is already the world’s largest consumer of semiconductors, but lags in the design and production of the key electronic component.

The “Creating Helpful Incentives to Produce Semiconductors for America Act” was introduced on June 10, 2020 by Senators Mark Warner (D-VA) and John Cornyn (R-TX). The text of the bill, S.3933, is not available at the time of this writing but will be soon on the Congressional website[1]. According to Senator Warner’s office[2], the bill would establish a semiconductor program within the Department of Commerce’s National Institute of Standards and Technology aimed especially at promoting the US 5G industry. The legislation would also make a 40% refundable tax credit available for semiconductor manufacturing equipment and other foundry investments; authorize new Defense Department funding for R&D, workforce training and other programs under the Defense Production Act; provide $11 billion in funding for R&D in basic research, advanced packaging and other areas; and make available up to $10 billion in federal matching funds to support state and local incentives for the semiconductor industry.

Resistance to Chinese investment in US semiconductor companies is a bipartisan proposition. In the final month of the Obama Administration, the President’s Council of Advisors on Science and Technology published a report[3] on “ensuring long-term leadership in US semiconductors.” That report recommended funding for basic, or “pre-competitive,” research as well as tax credits for the capital-intensive semiconductor manufacturing sector. The Trump Administration did not pursue these initiatives, but the Senate has now taken up the task.

 

[1]https://www.congress.gov/bill/116th-congress/senate-bill/3933?q=%7B%22search%22%3A%5B%22S.3933%22%5D%7D&s=1&r=1

[2]https://www.warner.senate.gov/public/index.cfm/2020/6/bipartisan-bicameral-bill-will-help-bring-production-of-semiconductors-critical-to-national-security-back-to-u-s

[3]https://obamawhitehouse.archives.gov/sites/default/files/microsites/ostp/PCAST/pcast_ensuring_long-term_us_leadership_in_semiconductors.pdf

[4]https://www.kwm.com/en/us/knowledge/insights/cfius-60-second-statistics-how-many-china-deals-get-through-cfius-20200508