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华盛顿如何武器化反腐败法
中立执法的时代已经结束。
来源:外交事务2025年2月，当美国总统唐纳德·特朗普签署行政命令，暂时中止执行《反海外腐败法》（该法禁止企业在海外业务中进行贿赂）时，投资者立即做出了反应。目前或之前因违反 FCPA 行为而接受调查的公司的股价飙升。 Within weeks, the average firm suspected or convicted of bribery gained $6.5 billion in market value—far more than it would have had to pay in a typical FCPA penalty.
当暂停结束且该法律于 6 月重新生效时，许多观察家预计投资者将退出。 If U.S. prosecutors again had the authority to enforce anticorruption rules, businesses potentially implicated in bribery investigations would no longer be good bets for growth.然而这种逆转从未到来。 Investment in these firms continued to rise steadily through the remainder of 2025 and into early 2026. This boom was not shared equally, however. FCPA 适用于在美国证券交易所上市或在美国开展业务的所有美国公司和外国公司。然而，估值上涨的几乎都是那些过去或正在进行 FCPA 调查的美国公司。受《反海外腐败法》管辖且有类似涉嫌腐败历史的外国公司的投资几乎没有增加。
创造公平的竞争环境
但国内商业团体并未立即支持新法律。他们认为，单边执法使美国跨国公司处于竞争劣势。其他国家，尤其是法国和德国，往往不仅容忍贿赂，还允许企业从税款中扣除其中部分款项。 Throughout the 1980s and early 1990s, the FCPA appeared to be headed for an early demise: enforcement was low and, under the Reagan administration, Congress openly debated repeal.
投资者预计执法的放松不会延伸到外国竞争对手。