| As an important engine of social development,energy is a powerful pillar to promote the high-quality development of national economy.At present,changes in supply and demand patterns in the international energy market,energy price fluctuations,geopolitical conflicts and other global issues such as climate and environmental constraints make the international energy situation complex and volatile,and it is imperative to strengthen international energy cooperation to ensure national energy security.Adhering to the principle of "common development and sharing",General Secretary Xi Jinping has proposed the concept of "Community of Human Destiny" and the "Belt and Road" initiative,of which the energy sector is an important element.Foreign direct investment has increasingly become a key focus for promoting international energy cooperation.However,as the number and scale of foreign energy investments continue to rise,enterprises face many challenges in overseas energy investments,such as location selection,schedule control and poor efficiency,due to the uncertainties of host country politics and economy,resources and environment.Therefore,in order to ensure the healthy and orderly development of enterprises’ energy international operation,it is important to investigate the impact of host country energy investment risk level on enterprises’ OFDI performance.This paper outlines the impact mechanism of energy investment risk on the performance of enterprises’OFDI in combination with international investment-related theories,and introduces the dual perspectives of enterprises and countries to deeply explore the nature of enterprise ownership,diplomatic history and the moderating role of overseas economic and trade cooperation zones.As the countries along the "Belt and Road" are important windows for overseas energy investment activities,this study selects Chinese listed companies in Shanghai and Shenzhen A-shares that made energy OFDI in this region from 2005 to 2018 as the research sample.On the basis of using coefficient of variation combined with set-pair analysis to measure energy investment risk in host countries as explanatory variables,a multiple regression model is developed to empirically test the relationship between energy investment risk and corporate OFDI performance,and whether the nature of corporate ownership,diplomatic history and foreign economic and trade cooperation zones play a moderating role in it.The empirical results show that:energy investment risk has a significant negative effect on OFDI performance;the nature of ownership,diplomatic history and foreign economic and trade cooperation zone all positively moderate the effect of energy investment risk on OFDI performance.In addition,energy investment risk has a negative effect on OFDI performance in the traditional energy and new energy categories;resource risk,political risk,economic risk,environmental risk,and secondary risk of relations with China all significantly inhibit OFDI performance.Based on the findings,this paper proposes recommendations based on the two-dimensional perspective of enterprises and countries,in order to better promote enterprises’ efficient energy OFDI activities and contribute to the implementation of high-quality "going out" of enterprises and the construction of energy community of destiny. |
