| Energy,with its unique strategic characteristics,has an influence on the viability of the international economy,the stability of world politics and the living condition of the global.There are profound changes in energy supply and demand,technology,geopolitics and others in the current international situation.In particular,the global energy incremental consumption centers shift from developed countries to Asia-Pacific countries.Shale gas technology of the United States,a great representative of energy technology,promoted the development of unconventional oil and gas,which results in the solidification of the "Looking East" trend of the Middle East,Africa,South America,Central Asia and other traditional energy supply countries.China achieves a dominant position in the world energy revolution due to its advantage in energy consumption volume.From the perspective of energy consumption structure,the traditional energy will still dominate in China in the future for a long time,which leads to the real contradictions of insufficient supply of oil and gas and coal production capacity surplus.These realities aggravate the fact that China's dependence on imports of oil and gas and the complicate situation of clean coal technology improvements would trigger a series of contradictions and challenges of energy supply and the sustainable development of environment.Among various plans to deal with the contradictions and challenges,energy enterprises' "going out" to configure both domestic and foreign resources and making the most of domestic and international markets is one of the key programs.The structural revolution of world energy and overall falling of fossil energy prices create a new environment that Chinese energy companies have to take their overseas investment into consideration.Therefore,this paper,based on the theory of international investment,risk management theory and system theory,comprehensively analyzes the determinants to affect the model-choosing of Chinese energy companies' overseas investment and recommends new suggestions.This paperevaluatesthe current status of Chinese energy companies in overseas investment,laying the historical foundation to the selection of investment models.Firstly,it sorts out the history of Chinese oil and gas,coal enterprises overseas investment,summarizes features of central enterprises as investment subject and mergers as primary models.This paper sets a transnational index of the twelve energy companies such as PetroChina,Sinopec,CNOOC,Shenhua Group,Yanzhou Coal Miningasthe explained variable,and sets enterprisemicro index and Chineseopenness degree as explanatory variables toconduct the empirical research on ODI in Chinese energy companies.According to the results by the fixed effect estimation,a significant positive effect between total assets,the EBIT margin and Chinese openness degreeonmultinational.But the assets EBIT marginreflecting the investment performance has aminimum effect on promoting overseas investment.The empirical results are in line with the facts that Chinese energy companies always make too short-term investment and neglect economic effectiveness,and these problemsderived from inappropriate choice of models,high premium cost of investment and business institutional obstacles.The empirical analysis is the main line of this paper,in other words,determinants of Chinese energy enterprises' investment model selection are risk control,investment motives and institutional quality.Then the paper explores the regional distribution and regional risk assessment of energy companiesinvestment model.This paper defines the overseas investment models such as green land investment?mergers and acquisitions investment and non-equity investment of Chinese oil,gas and coal and other energy companiestheoretically.According to the sample data ofelectricity,oil,gas and coal of 17 companies from 2002 to 2014,this paper collects the investment models and region distributions,and analyzes the basic characteristics of the six regions and the national mining investmentstock aswell as political,economic and social factors.This paper identifies the risk factors in energy companies,and establishes three major items,6secondary indicatorsand 21third indicators of risk evaluation system,Factor analysis of the political,economic and social risk of a sample of 41 countries,six regions and countries related to the "the Belt and Road" policy.The results of empirical studyshows that the investment risk ratings of developed economiesinvolved in the sampleare generally higher than that of developing economies.While in those low-ranking countries are especially concentrated around the Middle East,Africa,South America and Southeast Asian countries.From the results of regional investment risk with overall evaluation,the countriesranked from the lowest investment risk to the highest as North America,Asia Pacific,Europe and Eurasia,Latin America,Middle East,Africa.Countries related to "the Belt and Road" policy,except Singapore,have a negative territory in overall risk.Then the further research of this paper highlights on the relationships among investment motives,system quality and energy companies investment model selection.This paper,based on multiple choices Logit model,sets the 17 energy companies' 110 investment projects in 41 countries from 2002 to 2014 as the sample to analyze the influences of institutional quality(including the degree of political democracy,political stability,government effectiveness,regulatory quality,control of corruption,rulesand laws)and investment motives(market-seeking,technology-seeking,resource-seeking)on Chinese energy companies ODI mode choice.This paper respectively discusses the effects of investment motives and overall quality of the system on selection of investment models,the effects of investment motives and quality of each system on selection of investment models,the mutual effects of investment motives and overall quality of the system on selection of investment models and the effects of investment motives in different regions and quality of the system on heterogeneity of investment models.The study finds that market-seeking motives and technology-seeking motiveshave significant influences on investment mode selection,while resource-seeking motives and overall quality system model do very slight effects on investment models.When energy enterprises intend for the countries related to "the Belt and Road",the investment model selections will emerges a differentiation trend in investment motives.The overall quality of the system does not show preference to heterogeneity.Based on Chinese energy companies overseas investment practical cases,this paper discusses hybrid investment model,the African model,the Venezuela model,the Kazakhstan model and coal investment model.These models match the different regional regimes and regional risk management.It specifically analyzes the merger case of Yanzhou Coal enterprise acquired Australian coal and summarizesthe successful experience and the risks involved in careful selection of investment region and rational merge and acquisition model selection.Finally,according to the analyses of the facts and empirical results,this paper suggests that the Chinese energy companies' overseas investment should start with comprehensive consideration of investment region,investment models and risk control,and adopt measures about integration of regional investment.It also should refer to "the Belt and Road initiative",and cooperate multilaterally with the countries abound in resources and international energy companies,set non-equity investment model as predominate,and commit to the consolidation of the position in the world's energy changes by the dual advantages of market and technology.Then China's energy enterprises can gradually forming a mutual beneficial chain investment model with the support of China's capital and market,with the combination of energy,advanced technology acquisition and energy technical services with engineering and construction equipment manufacturing output.The innovations of this paper are:Firstly,collects overseas investment models of energy companies and setting oil and gas,coal and power companies for the foreign direct investment as research sample,which breaks the original single industry fragmented research paradigms.And uses the international investment theory,risk management theory and system theory as a whole thinking,thus forming a multi-perspective frame work to link with the investment mode selection and regional risk control,investment motives,institutional quality and other factors,according to these measures which provide the relative complete theoretical framework for the mode of energy companies overseas investment,expanding the boundaries of the new energy investment research.Secondly,the use of comprehensive analyzes methods combining statistics,measurement with case studies.Based on the fact description,statistical analysis and empirical measurement,this paper proposes energy companies overseas investment models and influencing factors empirical framework;constructs multidimensional mutual supportive assessment system including risk control,investment motives and institutional quality.Studies from general practices to the individual cases prove again the relationships between energy enterprises' overseas investment model and risk control,investment motives as well as institutional quality.Thirdly,in this paper,it has proposed three points of view based on the multiple perspectives.First,the overseas investments of energy companies belong to the state-led investment strategy.Chinese enterprises overseas investments are equipped with efficient energy and powerful competition,so it should be vigorously promoted its development.Second,a systematic risk control system is required to be established.To set up a regional risk assessment as the basis,selecting the investment model by the investment motive and institutional quality,and consummating the institutional systems of energy investment risk by taking the investment strategies of integration the sub-regional is highly recommended.Third,gradually constructing reciprocal chain investment pattern is advocated,which mainly starts from "the Belt and Road"layout,taking the Chinese capital and market as support,to achieve the objectives that the acquisition of energy and advanced energy technologies can combined with technical services,engineering and construction equipment manufacturing output,and that committed to providing the market with the dual advantage of technology to consolidate status in worldwide energy revolution. |
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