Research On Overseas Investment Model And Risk Correlation Of Chinese Building Materials Enterprises Based On Double-layer Optimization

In recent years,the foreign direct investment of emerging economies has developed rapidly,and the transnational investment structure of various countries and regions in the world is slowly changing.The foreign investment of emerging economies plays an increasingly important role in economic globalization."Made in China 2025-Outline for the Development of China’s Building Materials Manufacturing Industry" proposes that Chinese building materials enterprises should expand abroad and make overall use of both domestic and foreign markets and two kinds of resources.In the context of increasingly intensified international competition,it is of great strategic significance for Chinese building materials enterprises to "go global" to study the correlation between overseas investment mode and investment risk of building materials enterprises,and to try to find the optimal investment mode under the minimum risk of overseas investment by using the two-layer optimization model based on the correlation.China is a big export country of building materials,but it is not a powerful export country.The overseas investment of building materials enterprises in China is still in the exploratory stage,and the proportion of overseas investment scale is relatively low.Although the state strongly supports enterprises to go out and open up overseas markets,in recent years,the international trade environment is still in a relatively turbulent period,and China-US trade war have aggravated the deterioration of the international trade environment.Most building materials enterprises are still in a wait-and-see state.In the past 40 years of reform and opening up,the stock of foreign direct investment of Chinese building materials enterprises has been continuously improved,and the regional and investment industry scope of overseas investment has also been expanded one after another.The increase of overseas direct investment scale of Chinese building materials enterprises has played a good role in promoting the sustained and rapid development of China’s economy,the improvement of economic openness and the transformation of economic structure.However,with the rapid development of overseas investment in Chinese building materials enterprises,the risk of overseas investment has become increasingly prominent,and has gradually become the main inhibiting factor affecting overseas investment of Chinese building materials enterprises.It has become a key problem that must be solved as soon as possible to explore the upgrading of overseas investment mode of Chinese building materials enterprises,the assessment and early warning of overseas investment risk,to study the correlation between overseas investment mode and investment risk of building materials enterprises,and to seek the optimal overseas investment mode under the minimum risk of overseas investment for Chinese building materials enterprises.Under the background of encouraging building materials enterprises to "go out ",this dissertation analyzes the important strategic significance of building materials enterprises going out in China by combing the domestic and foreign research results on the related concepts of overseas investment,the mode of overseas investment and the early warning and prevention of overseas investment risks and analyzes the relationship between investment mode and investment risk,and tries to put forward a framework of using Bilevel optimization model to find the optimal foreign investment mode of Chinese building materials enterprises.First of all,it analyzes the domestic development status,development trend and internationalization process of building materials industry,and summarizes the evolution and upgrading of overseas investment model of building materials enterprises in China,and emphatically introduces the main overseas investment model at present.Secondly,it expounds the classification,influencing factors and management means of overseas investment risk of building materials enterprises,introduces the risk evaluation method of overseas investment projects of building materials enterprises,and puts forward the risk early warning measures from the government and enterprise level.Then,the correlation matrix is used to study the relationship between overseas investment mode and investment risk in building materials enterprises in China.The results show that the overall risk of greenfield investment model is less than that of M & A model;political risk is the main risk of enterprise concern under the two models,while technology and market factors are relatively secondary.Then,based on the correlation between overseas investment and risk of building materials enterprises,this paper constructs a double-layer optimization model of overseas investment model and investment risk of building materials enterprises from the theoretical level based on the Markowitz mean-variance model and Sharpe capital asset pricing model.The purpose of this paper is to explore the optimal investment model under the condition of minimum overseas investment risk.Finally,this paper combined with China Building Materials Group’s overseas investment projects in Vietnam,China Building Materials Group’s overseas investment model selection and risk early warning case analysis.Compared with the existing researches,the possible innovations of this paper are mainly reflected in the following three aspects:First,this article breaks the shackles of previous studies that only focus on investment models or investment risks.It uses the correlation matrix method to study the relationship between the overseas investment models of building materials companies and investment risks,and calculates by constructing a risk evaluation index system and corresponding weighting systems for building materials companies’ overseas investments.It also analyzes the correlation mechanism between different investment models and specific risk factors,and applies them in combination with cases,which provides a more reliable basis for the choice of overseas investment models for building materials companies and provides more risk aversion methods for overseas investment risks.Second,based on the correlation between the overseas investment model of building materials companies and the risk of overseas investment,this paper builds a two-tier optimization model for the upgrading of overseas investment models and risk aversion of Chinese building materials companies based on the Markowitz mean-variance model and the Sharpe capital asset pricing model.It aims to seek the best overseas investment model under the condition of minimum overseas investment risk,and provides new model support and research ideas for the upgrade selection and risk aversion of overseas investment models of Chinese building materials companies.At the same time,it has laid a certain research foundation on the theoretical level of the application of the two-tier optimization model in the field of overseas investment in the building materials industry.Third,put forward the portfolio policy of overseas investment venture avoidance with the establishment of national overseas investment fund as the core.For building materials enterprises the main risks faced by overseas investment,government and enterprises should establish and improve the risk prevention mechanism,this paper proposes to establish a national foreign investment funds and special policy for overseas investment insurance as the core,establish "three horizontal two longitudinal" overseas investment risk early warning network,promote the construction of service system for overseas investment portfolio strategies,to perfect the overseas investment protection system,for the building materials enterprise overseas investment to create a relatively safe investment environment.