Risk Tendency,Investment Experience and China's Outward Energy Investments
This paper establishes a mixed panel Logit econometric model based on the stochastic utility model.Using firm-level data of Chinese enterprises'outward energy greenfield investment and M&A investment from 2006 to 2019,it analyzes the risk tendency of Chinese enterprises'outward energy investment decisions and studies the impact of enterprises'early investment experience on subsequent investments.The study finds that Chinese enterprises'outbound energy investment decisions show a stronger tolerance or preference for endogenous risks than exogenous risks in host countries.Compared with M&A investment and fossil energy investment,greenfiled investment and power investment have a higher degree of endogenous risk exposure to the host country.Consequently,Chinese enterprises'risk preference for energy greenfield investment is higher than that of M&A investment,and their risk preference for electric power investment is higher than that of fossil energy investment.Further research on investment experience shows that the early investment experience of Chinese energy enterprises can help improve their tolerance to host country risks in subsequent investments.More experienced enterprises show a higher tolerance or preference for host country risks,and this effect is more obvious for companies that carry out energy M&A investments and fossil fuel investments.
outward energy investmentrisk tendencyinvestment experiencerandom utility modelmixed panel Logit model
NETL
NSTL
万方数据
