| ASEAN countries are important investment partners of China.At present,the economic,trade and financial relations between China and ASEAN countries have become closer,and the scale of China’s OFDI in ASEAN countries is also growing.Therefore,it is of great theoretical value and practical significance to systematically study the financial risks faced by Chinese enterprises’ OFDI in ASEAN countries.First of all,this paper uses the method of principal component analysis(PCA)to construct the financial risk index(FRI)to comprehensively measure the financial risk of ASEAN countries from 2003 to 2021,and makes a comprehensive analysis of the financial risk of ASEAN countries based on the comparison between countries and the annual change of financial risk of each country.Secondly,by using the method of cluster analysis(CA),and combined with the FRI of ASEAN countries which have been measured in the previous article,it is divided into three levels:high risk,medium risk and low risk of OFDI.Finally,combined with the situation of China’s OFDI to ASEAN countries,the financial risk index OFDIFRI of China’s OFDI to ASEAN countries is constructed,which is used to assess the financial risks of Chinese enterprises’ OFDI in ASEAN countries from 2003 to 2021,which is helpful for Chinese enterprises to have a more objective and comprehensive understanding of the financial risks faced by OFDI in ASEAN countries.So as to provide some reference for enterprises to make reasonable investment decisions and manage the financial risks in OFDI.The findings of this paper are as follows:(1)Generally speaking,Chinese enterprises face the least financial risk when OFDI in Singapore,the greatest financial risk when OFDI in Laos and Myanmar,and moderate financial risk when OFDI in Thailand,Indonesia,Malaysia,Philippines,Vietnam and Cambodia.(2)Vertically,from 2003 to 2021,the overall financial risk situation of ASEAN countries has been improved,among which Vietnam,Indonesia and Malaysia are the countries with the greatest improvement in financial risk,while Cambodia,Singapore and Laos are the three countries with the most deterioration of financial risk.(3)From a horizontal point of view,Chinese enterprises tend to polarize the national financial risks faced by ASEAN countries when they OFDI:there are not only developed countries such as Singapore,which have a high degree of financial development and low financial risk in OFDI,but also developing countries such as Laos and Myanmar,which have a low degree of financial development and high financial risks in OFDI. |
