风险收益不对等条件下中国对外直接投资合作模式的优化

doi:10.12005/orms.2021.0051

运筹与管理 ›› 2021, Vol. 30 ›› Issue (2): 124-129.DOI: 10.12005/orms.2021.0051

风险收益不对等条件下中国对外直接投资合作模式的优化

李璇, 张海亮

昆明理工大学管理与经济学院,云南昆明 650093

收稿日期:2019-01-02 出版日期:2021-02-25
通讯作者: 张海亮,(1983-),男,山西介休人,教授,博士,博士生导师,研究方向:金融工程与风险管理。
作者简介:李璇(1982-)女,辽宁大连人,博士研究生,研究方向为:金融工程与风险管理。
基金资助:
国家自然科学基金资助项目(71462021)

Optimizing the Cooperation Model of China's Investment Abroad under the Conditions of Unequal Risk and Benefit

LI Xuan, ZHANG Hai-liang

Faculty of Management and Economics, Kunming University of Science and Technology, Kunming 650093, China

Received:2019-01-02 Online:2021-02-25

摘要/Abstract

摘要： 针对对外直接投资所面临的资金短缺、进展不顺利的问题,在风险分担理论的基础上构建中国政府、东道国政府和社会资本的投资合作模型。目的在于设计出足够吸引社会资本投入,且保证中国对外直接投资顺利开展的风险分担模式。并通过数值模拟风险分担比例和利润分享比例对投资时机和投资价值的影响,证明了中国政府与社会资本间存在最优的风险分担比例,以及东道国政府与社会资本存在最优利润分享比例。

关键词: 对外直接投资, 风险分担, 利润分享, 社会资本

Abstract: To solve the problems of capital shortage and un-proceeding project during the process of foreign investment, the unequal risk return model among Chinesegovernment,host government and investors is established based on the theory of risk sharing. The interests of members in investment abroad are complex. How to minimize risks is the concern of investment abroad. The purpose of this paper is to design a risk-sharing model that can attract social capital investment and ensure the smooth progress of China's investment abroad. Two investment strategies are proposed, which consider the optimal investment value and the optimal investors value respectively. Based on numeral simulations, the effects of the cost-sharing ratio and profit-sharing ratio on investment timing and investment value are simulated. The conclusion shows an optimal cost sharing rate between the Chinese government and social capital, and optimal profit sharing ratio between the host government and investors.

Key words: OFDI, risk sharing, profit sharing, social capital

中图分类号:

F752.7

李璇, 张海亮. 风险收益不对等条件下中国对外直接投资合作模式的优化[J]. 运筹与管理, 2021, 30(2): 124-129.

LI Xuan, ZHANG Hai-liang. Optimizing the Cooperation Model of China's Investment Abroad under the Conditions of Unequal Risk and Benefit[J]. Operations Research and Management Science, 2021, 30(2): 124-129.

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风险收益不对等条件下中国对外直接投资合作模式的优化

Optimizing the Cooperation Model of China's Investment Abroad under the Conditions of Unequal Risk and Benefit

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