中国民营企业对外直接投资的风险分析及防范措施

发布时间：2018-03-24 01:22

本文选题：民营企业　切入点：对外直接投资　出处：《天津商业大学》2017年硕士论文

【摘要】：近几年,我国民营企业对外直接投资的数量和质量呈现显著上升趋势,在中国对外直接投资中逐渐起到了领头军的作用。民营企业自身的力量不断增强,积极主动地探索各种有效方式参与世界经济的合作与竞争中,而实施对外直接投资成为民营企业“走出去”的有效方式,将国内与国际两个市场有效结合起来,逐渐成为中国对外直接投资的主力军。对于民营企业的投资更是引起了党和国家的高度重视,党的十八大更是提出要到2020年全面建成惠及十几亿人口的小康社会,这期间着力深化改革开放,加快经济转型,并提出要鼓励民营企业积极拓展海外市场,并针对民营企业制定和实施了一系列鼓励性政策,为民营企业拓展海外市场实施对外直接投资提供了良好的政策支持。我国商务部提出了“备案为主、核准为辅”的管理模式,简化了海外投资流程,缩短了办事时间,提高了办事效率,为民营企业拓展海外市场开辟了一条绿色通道。据国家商务部统计,2015年中国对外直接投资实现历史性突破,流量首次位列全球第二位,并超过同期吸引外资水平,首次实现双向直接投资项下的资本净输出,已然成为资本输出国,而此期间民营企业对外直接投资的增长速度大大超过了同期国有企业对外直接投资的增长速度。中国民营企业正逐步向全球化的方向迈进,同时也表明我国的经济发展逐渐走向成熟。与国有企业比较,中国民营企业在进行对外直接投资中具有独特的优势,如以市场化为导向使其投资更注重效率,同时也较为容易受到当地政府和企业的支持,民营企业一般规模小,能够很快适应东道国市场的需求。但随着中国对外直接投资总量的不断攀升,在全球对外直接投资占比的快速提升,面临的对外投资风险概率同时也不断提高。政府在“十二五”规划中重点指出要提高我国企业对外投资收益,同样表明了我国企业在对外直接投资过程中收益较低。中国民营企业由于自身企业规模小、抗风险能力弱、融资难、法律意识淡薄等,且在对外直接投资中存在风险管理意识不强、风险承受能力较低、风险管理水平较低、风险防范手段落后等问题,在对外直接投资的过程中,所面临的风险更为突出。因此,本文关于民营企业对外直接投资的风险分析具有一定的现实意义。本文首先总结了发展中国家对外直接投资的相关理论,搜集对外直接投资风险的相关国内外文献,进而了解国内外学者对投资风险研究的广度和深度;并从宏观层面对我国民营企业进行对外直接投资总体现状以及风险现状开展分析,从中总结出中国民营企业对外直接投资的特征和趋势以及在风险管理中存在的问题,为企业进一步开展对外直接投资提供背景资料。其次,从东道国视角出发对中国民营企业进行对外投资的风险因素进行探讨,以期对我国民营企业对外直接投资面临的主要风险以及各类风险的特殊性进行汇总。并通过案例分析法对近几年来我国民营企业对外直接投资中遭遇风险的典型案例进行分析和比较,统计各类风险发生的概率并采用与层次分析法相结合的方法建立起风险评价的指标体系与评价模型,理论联系实践,通过具体的风险表现,为我国其他民营企业尤其中小型民营企业“走出去”,风险分析提供理论依据和经验。再者,通过分析大连万达公司在进行对外投资的具体案例,为我国更多民营企业“走出去”提供经验借鉴。最后,针对我国民营企业对外直接投资中面临的风险以及风险防范体系实施存在的问题,提出相应的预防措施和对策。
[Abstract]:In recent years, significant upward trend showing the quantity and quality of foreign direct investment of China's private enterprises, foreign direct investment in Chinese gradually played a leading role. Private enterprises own strength unceasingly strengthens, actively explore effective ways to participate in the world economic cooperation and competition, and foreign direct investment the implementation of an effective way of private enterprises to "go out", the two domestic and international market together, gradually become the main force of foreign direct investment. China for private enterprise investment has aroused the attention of the party and country party eighteen is proposed to be fully completed by 2020 will benefit more than one billion people during this period the well-off society, deepening reform and opening up, accelerate economic restructuring, and proposed to encourage private enterprises to actively expand the overseas market, and for the private enterprises to establish and implement A series of incentive policies, the policy provides a good support for the implementation of foreign direct investment to expand overseas market for private enterprises. The Ministry of Commerce of China put forward the record based, supplemented approved management model, simplifies the process of overseas investment, shorten the work time, improve work efficiency, open up a Easy Access expansion the overseas market for private enterprises. According to the national Ministry of Commerce statistics, 2015 Chinese foreign direct investment to achieve a historic breakthrough in traffic for the first time, ranked second in the world, and to attract foreign investment over the same period, for the first time to achieve two-way direct investment under the net capital output, has become a capital exporter, and the foreign direct investment in the period of private enterprises the growth rate much higher than foreign direct investment over the same period the growth rate of state-owned enterprises. Chinese private enterprise is gradually to the direction of globalization, but also indicates that China's The economic development has gradually mature. Compared with state-owned enterprises, private enterprises China has unique advantages in foreign direct investment, such as market-oriented investment which pays more attention to efficiency, but also more vulnerable to the support of the local government and enterprises, private enterprises are generally small scale, can quickly adapt to the host country market but with the demand. Chinese foreign direct investment continues to rise, accounting for rapid increase ratio in global foreign direct investment, foreign investment risk faced is also rising. The government points out to improve the foreign investment income of Chinese enterprises in the "12th Five-Year", also showed gains in foreign enterprises in China in the process of direct investment is relatively low. Chinese private enterprises due to its small scale, weak anti risk ability, financing, legal consciousness, and in foreign direct investment. In the risk management awareness is not strong, low risk tolerance, risk management level is low, the problem of risk prevention means backward, in the process of foreign direct investment, the risk is more prominent. Therefore, the risk of foreign direct investment in private enterprises has a certain practical significance. This paper summarizes the analysis the related theory of foreign direct investment in developing countries, the related literature at home and abroad to collect the risk of foreign direct investment, and to understand the breadth and depth of research on the investment risk of domestic and foreign scholars; and from the macro level to carry out the analysis of foreign direct investment of the overall situation and risk status of the private enterprises in our country, summarizes the characteristics and trend of foreign direct investment in private Chinese the enterprise and the problems existing in the risk management in providing background information for the further development of foreign direct investment enterprises. Secondly, from To explore the risk factors of the host country from the perspective of foreign investment to China private enterprises, with a view to China's private enterprises foreign direct investment, the main risks faced by the risk and all kinds of special summary. And through the case analysis on the typical cases in recent years, China's private enterprises encounter the risk of foreign direct investment in the the analysis and comparison of probability and statistics of risk and the established evaluation index system and risk evaluation model with AHP method of combining the theory with practice, through the risk of specific performance, for our other private enterprises especially small and medium-sized private enterprises to "go out", the risk analysis provides a theoretical basis and experience furthermore, through the analysis of Dalian Wanda company in the specific case of foreign investment, China's more private enterprises to "go out" to provide the experience for reference. Then, the corresponding preventive measures and countermeasures are put forward in view of the risks faced by private enterprises in our country and the existing problems in the risk prevention system.

【学位授予单位】：天津商业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F279.26;F125

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