中国企业对外直接投资风险影响因素及控制策略研究

发布时间：2018-03-14 13:27

本文选题：FDI　切入点：风险　出处：《山东大学》2012年博士论文　论文类型：学位论文

【摘要】：改革开放30多年来,中国企业对外直接投资的区域和范围不断扩大,在全球对外直接投资流量和存量中所占比例也越来越高,对中国经济的持续快速发展以及中国企业国际竞争力的逐渐提高产生了巨大的推动作用。中国企业像华为、海尔、联想等通过绿地投资、收购兼并以及组建战略联盟等方式进行对外直接投资,取得了较为理想的效果。然而,随着对外直接投资规模的急剧扩大和海外资产份额的快速提升,中国企业对外直接投资的风险也日益增大。尤其是近年来,随着国际政治经济形势动荡的加剧,如何加强对外直接投资的风险控制已成为中国企业提高海外投资绩效的重中之重。本文的主旨在于通过分析中国企业对外直接投资风险的影响因素,提出相应的风险控制策略。本文包括八部分的内容,先论证了论文选题的依据、理论价值和现实意义,并对对外直接投资风险控制等相关概念进行了界定；然后在对国内外企业对外直接投资风险的相关理论文献进行了系统回顾的基础上,从宏观层面、行业层面和特定企业层面探讨了对外直接投资风险的影响因素；本文又结合中国企业对外直接投资的过程结构体系分析了对外直接投资风险耦合效应的产生;随后论文通过操作性变量的定义建立了中国企业对外直接投资风险研究的实证体系并进行了实证分析；最后针对中国企业在对外直接投资中可能会面临的各种风险,从国家层面和企业层面两个角度入手,提出了科学可靠的对策和建议。通过相关的论述和实证分析,得出本研究的主要结论： 1、我国企业对外直接投资风险可以分为外源性风险、内生性风险和过程性风险。外源性风险主要受政治因素、经济因素、社会因素和市场因素的影响；内生性风险主要受企业治理结构因素、管理因素和网络因素的影响；而过程性风险主要来源于投资的过程结构体系。 2、基于样本企业的实证研究,提出了现阶段我国企业对外直接投资风险的控制策略,主要包括外源性风险控制策略、内生性风险控制策略和过程性风险控制策略等三种。 3、对外直接投资风险的环境影响因素与过程结构体系具有显著相关性,二者对我国企业对外直接投资风险产生耦合作用,在实证中可以通过主成分法提炼。 4、我国企业对外直接投资风险具有时间动态特性,上一年度的风险对下一年度的风险具有显著相关影响。本研究的创新之处在于： 1、提出了中国企业对外直接投资风险的环境影响因素和过程结构体系,有助于辨析对外直接投资风险的主要来源； 2、提出了中国企业对外直接投资风险的耦合效应,通过分析耦合效应的产生过程,有助于深化对外直接投资领域的风险识别； 3、提出了中国企业对外直接投资风险的控制策略,有助于新形势下尤其是2008年全球金融危机后我国企业对外直接投资的风险控制。
[Abstract]:30 years of reform and opening up, and the area of foreign direct investment China enterprises continues to expand, in the global foreign direct investment flows and stocks in the proportion of more and more is also high, sustained and rapid development of economy and China Chinese gradually increased the international competitiveness of enterprises has played a great role. Chinese companies like HUAWEI and Haier. Lenovo through Greenfield investments, mergers and acquisitions and strategic alliances by means of foreign direct investment, and achieved ideal effect.
However, with the rapid increase of foreign direct investment and the rapid expansion of overseas asset share the risk of foreign direct investment China enterprises is increasing. Especially in recent years, with the increasing volatility in the international political and economic situation, how to strengthen the foreign direct investment risk control has become a priority among priorities China enterprises to improve the performance of foreign investment.
The purpose of this paper is through the analysis of factors affecting the risk of foreign direct investment Chinese enterprise, put forward corresponding risk control strategies. This paper consists of eight parts, the first argument of the thesis. On the basis of theoretical value and practical significance, and the foreign direct investment risk control and other related concepts are defined; then the related theory in literature the risk of foreign direct investment on domestic and foreign enterprises are on the basis of systematic review, from the macro level, industry level and enterprise level specific to explore the influencing factors of foreign direct investment risk; the paper combined structure system of foreign direct investment Chinese enterprises analyzed foreign direct investment risk coupling effect; then by definition the operation of the system variables to establish an empirical study on foreign direct investment risk China enterprises and empirical analysis; finally Aiming at all kinds of risks that Chinese enterprises may face in foreign direct investment, from the two angles of national level and enterprise level, this paper puts forward scientific and reliable countermeasures and suggestions.
Through the relevant discussion and empirical analysis, the main conclusions of this study are obtained.
1, the risk of foreign direct investment of Chinese enterprises can be divided into exogenous risk, endogenous risk and exogenous risk. The risk process is mainly affected by political factors, economic factors, social factors and market factors; endogenous risk is mainly affected by corporate governance structure factors, influence factors and management factors and the process of the network; the risk mainly comes from the process of investment structure.
2, based on the empirical research of sample enterprises, we put forward the control strategy of Chinese enterprises' outward FDI risk, including three kinds of exogenous risk control strategies, endogenous risk control strategies and process risk control strategies.
3, there is a significant correlation between the environmental impact factors of outward direct investment and the process structure system. The two have a coupling effect on China's foreign direct investment risk, which can be extracted by principal component analysis.
4, the risk of foreign direct investment in Chinese enterprises has time dynamic characteristics, and the risk of the last year has a significant impact on the risk of the next year.
The innovation of this study lies in:
1, it puts forward the environmental impact factors and process structure system of Chinese enterprises' foreign direct investment risk, which is helpful to distinguish the main sources of foreign direct investment risk.
2, it puts forward the coupling effect of Chinese enterprises' outward direct investment risk. By analyzing the production process of coupling effect, it helps deepen the identification of risks in the field of outward FDI.
3, put forward the control strategy of Chinese enterprises' outward direct investment risk, and contribute to the risk control of Chinese enterprises' outward foreign direct investment in the new situation, especially after the 2008 global financial crisis.

【学位授予单位】：山东大学
【学位级别】：博士
【学位授予年份】：2012
【分类号】：F279.2;F832.6;F224

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