本文主要基于反对型利益相关者的视角，探讨了海外投资政治风险的形成、演 化及控制的相关问题。本研究有如下两个方面的必要性：从现实背景来看，近年来， 我国企业海外投资因反对型利益相关者的干预行为而折戟于东道国市场的案例举不 胜数。反对型利益相关者行为引致的政治风险成为中国企业“走出去”过程中的重 要挑战。从理论背景来看，现有关于海外投资政治风险的相关研究侧重从可观测的 政治制度和社会经济环境等宏观共性视角来研究政治风险，缺乏对反对型利益相关 者行为与政治风险关系的关注。因此，本文的选题对当前中国“全球化”战略背景 下的“走出去”企业重新认识海外投资的政治风险及其管理具有重要实践意义。 本文的主要研究问题是从反对型利益相关者行为视角来探讨海外投资的政治风 险。首先，本文在现有相关研究的核心思想的基础上，对海外投资政治风险的内涵 进行了详细的界定。然后，本文结合制度理论，对反对型利益相关者行为引致的海 外投资政治风险进行了一系列的研究。具体研究内容包括以下三个方面。 第一，从反对型利益相关者行为视角考察了中国企业海外投资政治风险的形成 及其表现形式。研究结论表明，中国企业海外投资政治风险的形成是各反对型利益 相关者行为共同作用的结果，且反对型利益相关者行为视角下中国企业海外投资政 治风险主要有三种类型：政治势力干预行为主导的东道国政府行为偏好改变政治风 险、政治化抵制行为主导的不确定性政治事件风险、敌意竞争行为主导的合法性危 机风险。 第二，承接研究一的主要研究内容，引入“合法性”变量探讨了海外投资政治 风险的动态演化过程。研究结果表明，合法性视角下中国企业海外投资政治风险的 演化经历了三个阶段：利益相关者对海外投资的非理性负面态度的形成、利益相关 者针对海外投资的非理性政治对抗事件及行为的扩散、利益相关者针对海外投资的 政治对抗事件及行为的平息。 第三，基于研究一和研究二的内容，从企业层面探讨了投资方应对海外投资政 治风险的策略。研究结论表明，投资企业可以利用遵从、联盟等顺应预防策略来应 对第三方的政治势力干预风险；利用信息战略、培养代理人、寻求“保护伞”、政绩 华中科技大学博士学位论文 II 刺激等调适疏导策略来应对东道国的政治势力干预风险；通过CSR战略、公众/媒 体战略等能动吸收策略来应对针对投资的不确定性政治事件风险。 本文的理论贡献主要有三个方面：第一，将反对型利益相关者行为引致的政治 风险纳入了海外投资政治风险的研究框架。第二，从合法性视角打开了中国企业海 外投资政治风险的动态演化过程黑箱，构建了合法性视角下中国企业海外投资政治 风险演化的过程模型。第三，从企业层面剖析了海外投资政治风险的具体控制策略， 还进一步深化了投资企业应对特定行为主体行为引致政治风险的控制机制。 同时，本文的研究结论对我国企业海外投资具有重要实践启示：（1）对中国企 业海外投资政治风险的研究有利于帮助中国企业加强对海外投资特征的认知，从而 管理因海外投资政治敏感性而引发的由特定利益相关者行为引致的政治风险。（2） 本文提供的中国企业海外投资政治风险的演化过程模型，有助于帮助投资方理解海 外投资政治风险的动态演化过程，从而帮助投资方更清楚的理解政治风险在不同阶 段的风险源及风险特征。（3）本文关于海外投资政治风险应对策略相关的研究结论 可以更好的指导我国企业在面临不同的政治风险时采取不同的应对策略。 关键词：海外投资；政治风险；反对型利益相关者；合法性；控制策略 华中科技大学博士学位论文 III Abstract Based on the perspective of opposed-stakeholders' behaviors, this paper discusses the political risk and the control strategies. This study has the following two aspects of necessity. in the context of reality, In recent years, some overseas investment in our country, which was generally considered to be promising, has repeatedly failed in the host country market due to inadequate assessment and prevention of political risks caused by opposed-stakeholders' behaviors. from the theoretical background, Through a systematic review of the literature related to the political risk in overseas investment, it is found that the current researches on political risk in overseas investment mainly focuses on the fundamentals of political risk (including source, form, influence, etc.) from the perspective of observable political system and socio-economic environment, lacking of attention to the behavior of stakeholders from the host country, the home country and the third country. Therefore, this paper discusses the political risk from the perspective of opposed-stakeholders' behaviors, which is of great practical significance to accelerate the "going out" and provide theoretical guidance for Chinese enterprises. Therefore, this paper discusses the political risk from the perspective of opposed-stakeholders' behaviors. on the basis of defining the connotation of political risk in detail, this paper integrates the core idea of the existing research and makes a series of research on the political risk and the control strategies of Chinese enterprises' overseas investment from the perspective of opposed-stakeholders' behavior. The first research is to introduce the behavioral perspective of opposed-stakeholders into the characterization of the political risk in overseas investment. The conclusion shows that the formation of the political risk of overseas investment of Chinese enterprises is the result of the joint action of the behaviors of various stakeholders. From the perspective of opposing stakeholder behavior, there are three main types of political risks encountered by Chinese enterprises in overseas investment: the risk of the change of behavior preference of the host government, the risk of uncertainty political events, and the risk of legitimacy crisis. Study 2 carries on the research of study 1, and discusses the evolution process of political risk in overseas investment of Chinese enterprises. Based on the findings of study 华中科技大学博士学位论文 IV 1 and previous relevant studies, it is found that one of the important sources of political risk is the behavior of the opposed-stakeholders. However, the behavior of the opposed-stakeholders is essentially a mutual game for their political interests. This study introduces the variable of the legitimacy in overseas investment in the host country, and examines the dynamic evolution process of political risk in overseas investment from the perspective of legitimacy, and constructs the process model of the evolution of political risk in overseas investment of Chinese enterprises. Empirical studies have also shown that, From the perspective of legitimacy, the evolution of political risk of overseas investment projects in China has gone through three stages: the formation of irrational negative attitude, the spread of irrational political confrontation events and behaviors, and the quelling of political confrontation events and behaviors of investment projects. This study analyzes the impact of legitimacy on the evolution of political risk of overseas investment from a dynamic perspective, which provides a new perspective for the study of political risk of overseas investment in China. Based on the conclusions of research 1 and 2, the study 3 discusses the strategies and mechanism of controlling the political risk in overseas investment at the enterprise level. The study points out that the mechanisms for Chinese enterprises to deal with the political risks caused by the behavior of the negative stakeholders in the host country are mainly the prevention mechanism, the dredging mechanism, and the absorbing mechanism. The main strategies include adaptive prevention strategy, adjusting and grooming strategy, and active absorption strategy. Specifically, the investment enterprises can use compliance, alliance and other compliance prevention strategies to deal with the third party's political intervention risk; Using information strategy, training agents, seeking protection umbrella, performance incentives and other adjustment and guidance strategies to deal with the host country's political forces intervention risk; Through CSR strategy, public / media strategy and other dynamic absorption strategies to deal with the project risk of uncertain political events. The theoretical contributions of this study are as follows: (1) deepening the understanding of the political risk of overseas investment in Chinese enterprises from an integrated perspective through introducing the opposed-stakeholders' behavior into the macro common political risk envir