Können Investitionskontrollen für gleich lange Spiesse sorgen?

Amidst global protectionist tendencies and in view of major takeovers by foreign state-controlled companies calls for increased public control of foreign investment have been getting louder around the globe. Most recently, the Swiss parliament approved a motion obliging the Swiss government to prepare a draft bill regarding foreign investment screening. Apart from national security concerns, investment controls are advocated for reasons of competitive neutrality, as state-controlled entities often have access to low-cost state-backed financing enabling them to outbid other investors in takeovers. This potentially results in an inefficient allocation of resources and prevents market actors from reaching their full potential of economic efficiency. Since investment controls limit the free sale or acquisition of (parts of) companies, thus affecting the fundamental rights of property guarantee and economic freedom, they must be proportionate. Regarding the appropriateness of investment…