《保险研究》20220803-《企业海外投资风险、结构性融资与出口信用保险》（王稳、陈字旺、张阳、闫帅、王保玲）

［摘   要］如何认识和把握结构性出口信贷工具在中国企业参与全球政治风险保险和信贷市场中的作用,是保险融资功能理论和企业海外风险管理理论的一个重要的热点和难点问题。本文在梳理大量研究文献基础上,借鉴Asiedu et al.(2009)提出的对外直接投资影响因素模型,在其中嵌入国家风险和出口信用保险两个重要因子,以2011至2018年中国对“一带一路”沿线51个国家的对外直接投资数据为样本,①考察国家风险对企业对外直接投资的抑制作用和出口信用保险作为结构性融资工具的风险缓释作用。研究结果发现,出口信用保险作为高阶的结构性融资工具,能够显著缓释企业对外直接投资面临的国家风险,缓释作用在23%至40%左右。

［关键词］对外直接投资；“一带一路”国家风险；结构性融资；出口信用保险

［作者简介］王稳,对外经济贸易大学教授、博士生导师,中国出口信用保险公司首席经济学家,研究方向:风险管理与保险；陈字旺,对外经济贸易大学博士研究生,研究方向:风险管理与保险；张阳、闫帅、王保玲:中国出口信用保险公司研究员,研究方向:风险管理与保险。

Risks in Foreign Direct Investment,Structured Financing and Export Credit Insurance

WANG Wen,CHEN Zi-wang,ZHANG Yang,YAN Shuai,WANG Bao-ling

Abstract：How to understand and grasp the role of structural export credit tools in the process of enterprises participating in the operation of global political risk insurance and credit market,is a very hot and difficult issue in the theory of insurance financing function and enterprise overseas risk management.Based on a large number of previous literature studies,this paper drew on the model of foreign direct investment influencing factors proposed by Asiedu et al.(2009),and embedded two important factors of country risk and export credit insurance into it.The foreign direct investment data of 51 countries along the Belt and Road was used as a sample to examine the impact of country risk on the foreign direct investment and the risk mitigation effect of export credit insurance as a structured financing tool.The results of the study find that export credit insurance,as a high-level structured financing tool,can alleviate the country risks faced by enterprises in foreign direct investment by 23% to 40%.

Key words：FDI;B&R country risk;structured financing tool;export credit insurance