中国企业境外直接投资风险问题研究

发布时间：2018-04-25 21:27

本文选题：风险 + 企业　；参考：《吉林大学》2014年博士论文

【摘要】：近年来，随着经济全球化和金融自由化的不断推进，以实现资源全球最佳配置为目标的企业境外直接投资活动迅猛发展，带动着资本等各生产要素跨越国界的转移。境外直接投资在发达国家的发展历程中起到了尤为重要的作用,发达国家创造财富和社会效益是通过资本、技术和管理在全球范围内的优化配置，为资本输出国的经济发展，摆脱资源、人口的限制做出了重大的贡献。而如今，，境外直接投资不再是发达国家的专利,日益成为发展中国家在全球配置资源和参与国际分工的一种主要形式。中国不仅仅是一个资源大国，还是一个人均资源贫乏国。尤其是在改革开放初期的粗放式经济发展过程中,资源消耗巨大,利用率不高,资源日益成为限制国家经济发展的瓶颈；虽然是一个人口大国,但是人口老龄化的状态，比较优势也不会成为与其他国家竞争的法宝；又因为中国一大批有实力有优势的企业,积极实施了“走出去”战略,加快了国际化步伐,开展了境外工程承包、收购资源、企业并购、境外上市等国际投资与经营活动,充分利用了国际国内两种资源,广泛参与了国际国内两种市场的竞争，并取得了一定的成绩。这些都决定了为了我国经济的长远发展必须走出国门,充分利用国内国外两个市场、两种资源。在改革开放的30多年间，由于中国企业对外直接投资存量的不断提升，中国企业境外投资的区域和投资行业范围也相继扩大。境外直接投资的增加对中国经济的持续快速发展、经济对外开放度提高及经济结构转型起到了很好的促进作用。与此同时，中国企业国际竞争力和国际形象也得到了显著提升。然而，伴随着中国企业境外直接投资的快速发展，投资风险问题日益凸显，并已经成为困扰中国企业境外投资的主要抑制因素。加强中国企业境外直接投资的风险控制已经成为不得不尽快解决的关键问题。本文的主旨在于通过分析国内外的境外直接投资风险状态，提出相应的针对我国境外直接投资风险的防范机制构建的建议。本文通过对中国企业境外直接投资风险现状以及构建企业境外直接投资风险量化模型分析中国企业境外直接投资风险级别，在借鉴发达国家和新兴经济体经验的基础上，从国家宏观层面和企业内部风险治理机制两个角度提出了中国企业境外投资风险控制的建议。本文包括七个部分的内容,先论证了论文选题的背景和意义,阐述了论文的创新点与不足；再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；然后对境外直接投资风险理论等相关概念进行了界定；之后对发达国家和新兴经济体企业境外直接投资风险防范进行分析；最后从国家宏观层面和企业内部风险治理机制两个角度提出了中国企业境外投资风险控制的建议。通过相关的论述和实证分析,得出本研究的主要结论： 1.中国企业境外直接投资的风险形式多样、来源复杂、总体风险规模较大。相较于国内投资，境外直接投资所面临的市场环境更加复杂。 2.宏观层面的风险控制机制建设是企业境外直接投资风险控制的基础环境。中国企业应对境外直接投资风险的能力不强，因此需要国家从宏观层面对企业的风险控制提供支持。 3.强化企业风险管理能力是有效控制境外直接投资风险的根本措施。应对风险的主体是企业，只有强化企业的风险控制能力，才能有效提升中国企业境外直接投资的绩效，降低投资损失的可能性。只有从制度层面和企业文化层面构建全员风险防控的体系，才能有效控制境外直接投资风险。本文研究的创新之处在于： 1、本文通过对国内外学者的研究成果的梳理，提出一个全面并具体的境外直接投资风险的定义，认为境外直接投资风险可以界定为：能引起企业在国境以外与预期结果偏差的直接投资利润的可能性，是指会引起海外企业投资运营变动或者减少企业的盈利率的可能性。 2、本文对境外投资风险评估体系进行了完善。国内外学者和学术机构对外投资风险的指标选择和测度具有不同的构建方法。本文在综合世界银行、联合国贸发会议组织，以及Robock、Bennett和Green、Bradley、Rummel和Heenan等投资风险防控专家观点的基础上，将影响企业对外投资的风险总体归纳为国家风险和企业风险两大类，并最终构建了一个具有不同赋权的风险评估体系。 3、本文建立了一个模糊综合风险评价模型(F-AHP)。利用模型，将风险量化，从而指导企业的境外直接投资行为，达到能够预期风险、认知风险、评估风险和控制风险的效果。 4、本文从内部微观层面和外部宏观层面建立动态的风险防范机制，以实现企业投资风险评价和控制相连接和相促进。
[Abstract]:In recent years , with the rapid development of economic globalization and financial liberalization , the overseas direct investment activities of enterprises with the aim of realizing the optimal allocation of resources have played a particularly important role in the development of the developed countries , and the wealth and social benefit of developed countries have played an important role in the development of the developed countries .
Although it is a big country , the status of the aging of the population , the comparative advantage will not be the magic weapon that competes with other countries ;
In the last 30 years of reform and opening - up , China has made full use of both domestic and foreign markets and has made full use of both domestic and foreign markets , and has made full use of both domestic and foreign markets , and has made full use of both domestic and foreign markets .

Based on the experience of developed countries and emerging economies , the paper puts forward some suggestions on the risk control of overseas investment in China .

This thesis consists of seven parts , first demonstrates the background and significance of the thesis selection , and expounds the innovation point and deficiency of the thesis .
The paper reviews the relevant theoretical literatures about the risk of foreign direct investment at home and abroad .
Then the overseas direct investment risk theory and other relevant concepts are defined ;
After that , the risk prevention of foreign direct investment in developed and emerging economies is analyzed .
Finally , the proposal of risk control of overseas investment in Chinese enterprises is put forward from two aspects of the macro - level of the country and the internal risk management mechanism of the enterprise . Through the relevant exposition and demonstration analysis , the main conclusions of this study are drawn :

1 . The risk of overseas direct investment in Chinese enterprises is varied , the source is complex and the overall risk is large . Compared with domestic investment , the market environment faced by foreign direct investment is more complex .

2 . The construction of the risk control mechanism at the macro level is the basic environment for the direct investment risk control outside the enterprise . The Chinese enterprises should not have strong ability to deal with the risk of foreign direct investment . Therefore , it is necessary for the state to support the enterprise ' s risk control from the macro level .

3 . Strengthening the enterprise risk management ability is the fundamental measure to effectively control the risk of overseas direct investment . The main subject of risk is the enterprise . Only if the risk control ability of the enterprise is strengthened , it can effectively improve the performance of the overseas direct investment of Chinese enterprises and reduce the possibility of investment loss . Only the system of risk control should be built from the system level and the enterprise culture level to effectively control the risk of foreign direct investment .

The innovation of this study lies in :

1 . By combing the research results of scholars at home and abroad , this paper puts forward a comprehensive and concrete definition of overseas direct investment risk . It is suggested that the risk of overseas direct investment can be defined as the possibility of the direct investment profit that can cause the deviation of the enterprise from the expected result .

2 . In this paper , the overseas investment risk assessment system is perfected . The index selection and measure of foreign investment risk of scholars and academic institutions at home and abroad have different construction methods . Based on the perspectives of investment risk control experts , such as the World Bank , the United Nations Conference on UNCTAD , Robock , Bennett and Green , Bradley , Rugged and Heenan , this paper summarizes the risk of foreign investment in enterprises into two broad categories of country risk and enterprise risk , and finally constructs a risk assessment system with different empowerment .

3 . A fuzzy comprehensive risk evaluation model ( F - AHP ) is established in this paper . The model is used to quantify the risk , so as to guide the overseas direct investment behavior of the enterprise and achieve the expected risk , cognitive risk , risk assessment and control risk .

4 . This paper establishes a dynamic risk prevention mechanism from the internal micro level and the external macro level to realize the connection and promotion of the enterprise investment risk evaluation and control .

【学位授予单位】：吉林大学
【学位级别】：博士
【学位授予年份】：2014
【分类号】：F279.2;F832.6

【参考文献】