The Influence Of Investment Risk On China's OFDI Under The Background Of Anti-Globalization

The outward foreign direct investment of Chinese enterprises stated late,but it developed rapidly.In recent years,multinational corporations have been making outward investment in developing countries,while also carrying out large-scale reverse investment in OECD countries.However,today's "anti-globalization" has become an important uncertainty factor affecting the operation of the world economy,and is also the main source of uncertain risks in international investment.For more than a decade,reports on the direct foreign investment risk of Chinese companies have continued to be seen in the media.Therefore,in the context of “anti-globalization”,the study of various investment risks has affected Chinese FDI in OECD countries and promoted the company's risk management.It is of great theoretical and practical significance to promote the level and promote the further development of investment.First of all,this paper analyzes the development status of Chinese OFDI in OECD countries.The overall investment has already formed a certain scale,and the growth rate is fast.However,the regional distribution of the country has been in an unbalanced state.The industry involves various industries but the distribution is also more concentrated.Secondly,this paper studies the process of various types of risk and other factors affecting FDI.Finally,in the empirical aspect,this paper uses the stock data of Chinese OFDI from 2003 to 2016,and adopts the GLS method for regression estimation.In addition to the four investment risks as the main explanatory variables,it also introduces the market size,technical level,natural resources,labor costs and the geographical distance.According to the host country's technical level,financial crisis and the relationship between China to carry out a subsample regression,and the four investment risks respectively into the model.Based on the data of the host country's technology level,the empirical results show that investment protectionism risk and cultural difference risk have a more significant hindrance to OFDI in countries with higher technical level,and the attitude of labor costs is ambiguous.Especially for industries with high levels of technology,high labor costs can attract investment.A sample test was conducted in 2007 as the cut-off point of time.The empirical results show that after the financial crisis,OECD countries are aware of investment protection measures for sensitive and strategic industries in the country,so investment protection risk and cultural differences risk have increased the impediment to OFDI.According to the classification of the host country's degree of friendship with China,a sample regression shows that a good relationship with China can reduce the negative effects of investment protectionism risk,political risk and cultural difference risk.Finally,based on the theoretical and empirical analysis results,we propose measures for preventing investment risks in OECD countries that are consistent with China's actual conditions.