本文選題：FDI　切入點：風(fēng)險　出處：《山東大學(xué)》2012年博士論文　論文類型：學(xué)位論文

【摘要】：改革開放30多年來,中國企業(yè)對外直接投資的區(qū)域和范圍不斷擴大,在全球?qū)ν庵苯油顿Y流量和存量中所占比例也越來越高,對中國經(jīng)濟的持續(xù)快速發(fā)展以及中國企業(yè)國際競爭力的逐漸提高產(chǎn)生了巨大的推動作用。中國企業(yè)像華為、海爾、聯(lián)想等通過綠地投資、收購兼并以及組建戰(zhàn)略聯(lián)盟等方式進行對外直接投資,取得了較為理想的效果。 然而,隨著對外直接投資規(guī)模的急劇擴大和海外資產(chǎn)份額的快速提升,中國企業(yè)對外直接投資的風(fēng)險也日益增大。尤其是近年來,隨著國際政治經(jīng)濟形勢動蕩的加劇,如何加強對外直接投資的風(fēng)險控制已成為中國企業(yè)提高海外投資績效的重中之重。 本文的主旨在于通過分析中國企業(yè)對外直接投資風(fēng)險的影響因素,提出相應(yīng)的風(fēng)險控制策略。本文包括八部分的內(nèi)容,先論證了論文選題的依據(jù)、理論價值和現(xiàn)實意義,并對對外直接投資風(fēng)險控制等相關(guān)概念進行了界定；然后在對國內(nèi)外企業(yè)對外直接投資風(fēng)險的相關(guān)理論文獻進行了系統(tǒng)回顧的基礎(chǔ)上,從宏觀層面、行業(yè)層面和特定企業(yè)層面探討了對外直接投資風(fēng)險的影響因素；本文又結(jié)合中國企業(yè)對外直接投資的過程結(jié)構(gòu)體系分析了對外直接投資風(fēng)險耦合效應(yīng)的產(chǎn)生;隨后論文通過操作性變量的定義建立了中國企業(yè)對外直接投資風(fēng)險研究的實證體系并進行了實證分析；最后針對中國企業(yè)在對外直接投資中可能會面臨的各種風(fēng)險,從國家層面和企業(yè)層面兩個角度入手,提出了科學(xué)可靠的對策和建議。 通過相關(guān)的論述和實證分析,得出本研究的主要結(jié)論： 1、我國企業(yè)對外直接投資風(fēng)險可以分為外源性風(fēng)險、內(nèi)生性風(fēng)險和過程性風(fēng)險。外源性風(fēng)險主要受政治因素、經(jīng)濟因素、社會因素和市場因素的影響；內(nèi)生性風(fēng)險主要受企業(yè)治理結(jié)構(gòu)因素、管理因素和網(wǎng)絡(luò)因素的影響；而過程性風(fēng)險主要來源于投資的過程結(jié)構(gòu)體系。 2、基于樣本企業(yè)的實證研究,提出了現(xiàn)階段我國企業(yè)對外直接投資風(fēng)險的控制策略,主要包括外源性風(fēng)險控制策略、內(nèi)生性風(fēng)險控制策略和過程性風(fēng)險控制策略等三種。 3、對外直接投資風(fēng)險的環(huán)境影響因素與過程結(jié)構(gòu)體系具有顯著相關(guān)性,二者對我國企業(yè)對外直接投資風(fēng)險產(chǎn)生耦合作用,在實證中可以通過主成分法提煉。 4、我國企業(yè)對外直接投資風(fēng)險具有時間動態(tài)特性,上一年度的風(fēng)險對下一年度的風(fēng)險具有顯著相關(guān)影響。 本研究的創(chuàng)新之處在于： 1、提出了中國企業(yè)對外直接投資風(fēng)險的環(huán)境影響因素和過程結(jié)構(gòu)體系,有助于辨析對外直接投資風(fēng)險的主要來源； 2、提出了中國企業(yè)對外直接投資風(fēng)險的耦合效應(yīng),通過分析耦合效應(yīng)的產(chǎn)生過程,有助于深化對外直接投資領(lǐng)域的風(fēng)險識別； 3、提出了中國企業(yè)對外直接投資風(fēng)險的控制策略,有助于新形勢下尤其是2008年全球金融危機后我國企業(yè)對外直接投資的風(fēng)險控制。
[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.

【學(xué)位授予單位】：山東大學(xué)
【學(xué)位級別】：博士
【學(xué)位授予年份】：2012
【分類號】：F279.2;F832.6;F224

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