Overseas investment refers to the activities in which investors invest or provide guarantees with assets and rights such as currency, securities, physical objects, intellectual property or technology, equity and creditor's rights, and obtain overseas ownership, management and other related rights. Investment decision-making venture enterprises lack effective risk assessment of overseas investment environment and investment projects, which leads to certain blindness in overseas investment and may lead to risks.

From the perspective of enterprises, there are mainly financing risks and investment decision risks, as follows:

1. Overseas financing risks of enterprises

China enterprises are generally short of overseas investment funds for the following reasons:

First, the financing channels of overseas investment enterprises are mainly local bank financing, global credit granting and accounts receivable discount. Compared with domestic financing channels, the financing channels for overseas investment of enterprises are relatively narrow;

Second, enterprises do not pay enough attention to the international financing environment, are unfamiliar with it, and their ability to use international financing is not strong;

Third, China's support for overseas investment enterprises is not enough. For example, the domestic financial market is not perfect, and it is impossible to form a financing mechanism for blood transfusion for overseas enterprises. The government has not established a sound financing support and convenient service system.

2. Investment decision risk

Decision-making mistakes are the biggest mistakes of enterprises. In overseas investment activities, the correct decision often determines whether the enterprise's goals can be achieved. China's overseas investment decision-making risks are mainly manifested in:

(1) decision-making is blind, and the necessary decision-making risk analysis and control procedures have not been established. Decision-making procedures usually work out several alternative schemes according to the determined objectives, and then evaluate the risks and benefits of each scheme, and choose the decision-making scheme according to the results of risk assessment, otherwise it is difficult to ensure the correctness and scientificity of the decision.

(2) The decision-making execution process is out of control and there is no supervision and control procedure. Many overseas investment enterprises have not established corresponding supervision and control procedures, which can not guarantee the correct implementation of decisions in accordance with pre-established plans and programs. When the decision-making environment and the specific situation of the enterprise changed, remedial measures were not taken in time, which further aggravated the investment risk.

3. Government Supervision and Service Risk

From the management point of view, enterprises face the risks of "going out" and "going out blindly" because of the problems of multi-head management, complicated approval procedures, lagging government management system and unclear overall strategic planning of overseas investment in China. From the perspective of supervision, the weakening of government supervision makes overseas investment face the loss of state-owned assets. Risks such as weak bank credit control and lack of prior supervision mechanism;

From the perspective of government services, China government's macro-control of overseas investment is basically a project approval system and post-investment supervision. Tracking and statistics. Management services such as analysis are weak, and there is a lack of guidance for overseas Chinese-funded enterprises. Information consulting and other public services, so many overseas investment enterprises are faced with the problem of insufficient information when making investment decisions because they do not fully understand the laws and regulations, foreign exchange policies, tax policies and environmental protection policies of the countries where they invest, and do not know their changes in time. Asymmetric risk.

4. Protection risks of overseas investment

Enterprises' foreign investment not only faces the normal production and operation risks of domestic investment, but also faces the political risks of the host country. If a country lacks a protection system for overseas investment, then overseas investment enterprises should bear both commercial risks and political risks. On the one hand, due to the lack of overall strategy and industry guidance for overseas investment in China, there is a certain blindness and disorder in Chinese enterprises' foreign investment; On the other hand, because there is no reasonable investment protection agreement, the overseas investment losses suffered by enterprises due to the political risks of the host country cannot be compensated, thus increasing the security concerns of enterprises' overseas investment.

5. Investment environment risk

This is due to the risks brought to enterprises by environmental changes in the country where the investment is located. Including political risks, such as unstable national political situation and frequent regime change, which is the biggest and most unpredictable risk of overseas investment and the risk that operators can't control. Economic risks, such as exchange rate risk, credit risk of cooperative enterprises, risk of rapid changes in economic situation, etc. Legal risks such as intellectual property protection and technical standard barriers refer to the risks caused by changes in the external legal environment of the enterprise, or the failure of the enterprise itself and related parties to effectively exercise their rights and perform their obligations in accordance with the law or the contract; Natural risks such as earthquake, tsunami, flood, freezing disaster and other risks caused by irresistible man-made destruction.

For systemic risks, we should:

1. Do a good job in evaluating the political and economic situation of the country where the investment is located, and pay attention to drawing on the professional strength of large international investment consulting companies.

2. Change the investment mode, implement the localization strategy of overseas enterprises, and strengthen the public relations strategy for the investing countries.

3. Reduce losses caused by system risks through insurance.

For operational risks, we should pay attention to:

1. Overseas investment should focus on enhancing the core competitiveness of investors.

2. Implement the internal diagnosis system and improve the governance structure and management structure of overseas enterprises.

3. Maintain the flexibility of overseas enterprises while strengthening management.

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