Geopolitical Risk and Investment Location Choice of Chinese Enterprises in the Belt and Road Countries:Based on the Dual Logic of"Economy-Politics"
Influenced by unique geopolitical positioning and the dynamics of geopolitics,Chinese enterprises face increasingly complex geopolitical risks in their overseas investment projects along the Belt and Road(BRI)countries.We draw on geopo-litical theory,taking the United States as an example,to explore the impact of geopolitical risk caused by the intervention of extraterritorial powers on investment location choice of Chinese enterprises in the BRI countries.Moreover,we discuss the double-layered moderating effects of the export dependence of host country on Chinese market and the alliance relationship between the host country and extraterritorial powers under the contingency of economic-and political logic.The results show that the geopolitical risk has a significantly negative impact on the investment location choice of Chi-nese enterprises in the BRI countries.The dependence of the host country on China's market for exports can significantly weaken the adverse effects of geopolitical risk;However,in the alliance system of extraterritorial powers,the adverse effects of geopolitical risk are more significant,and the moderating effect of the export dependence of host country on China's market is no longer significant,indicating that in the face of the strong relational power of extraterritorial powers,the"ballast stone ef-fect"of economic dependence is fragile.Extended analysis reveals that the development potential at the national level and the competitive potential at the corporate level should be the key variables triggering a dramatic change in the perception of threats to and power dynamics with China by extraterritorial powers.This is because the adverse impact of geopolitical risk on the investment location choice of Chinese enterprises along the BRI countries is mainly significant in the host countries with a large stock of Chinese investment,as well as in the high-tech industry and in large-scale investment.Our findings not only expand the research perspective of the investment location decisions,but also have an enlighten-ing significance for the investment location choice of Chinese enterprises.Firstly,Chinese enterprises should consider the control and influence of the United States as a reference point for perceiving the political environment of host countries during foreign investment.Secondly,in the face of geopolitical risks,it is prudent to evaluate the positive effects generated by the economic dependence of the host country on the Chinese market.Lastly,when investing to the BRI countries,it is wise to choose countries with a smaller stock of Chinese investment,focus on multi-party cooperation in high-tech industry invest-ments,and refine and disaggregate large investment projects.
Geopolitical Riskthe Belt and RoadInvestment Location ChoiceGeopolitical Relationship
NETL
NSTL
万方数据
