摘要：中国已经是全球第二大对外直接投资国。但在对外直接投资迅速增长的同时，中国企业海外投资面临的外部风险也在显著提升。本书从中国企业和主权财富的海外投资视角出发，构建了经济基础、偿债能力、社会弹性、政治风险和对华关系五大指标、共41个子指标全面和量化评估了中国企业海外投资所面临的主要风险。从总的评级结果来看，发达经济体的经济基础较好，偿债能力较强，社会弹性较高，政治风险较低，整体投资风险明显低于新兴经济体。对新兴经济体来说，经济基础和政治风险与发达国家差距仍然非常明显，政治局势的不确定性可能会影响经济复苏进程，进而影响直接投资的环境。

关键词：海外投资；国家风险评级；指标体系；“一带一路”

Abstract：China is the world second-largest overseas investor.But the external risks facing Chinese firms in overseas investment saw a clear increase.This book quantitatively assesses the main risks facing Chinese enterprises investing abroad.The rating system designs five major indexes that comprise 41 sub-indexes.The five indexes include economic foundation，debt repayment capacity，social elasticity，political risk，and relations with China.On the whole，the developed countries have better economic foundations，lower political risks，better social elasticity and stronger debt repayment capacity；therefore，the overall risks of investing in those countries are obviously lower than in emerging-market economies.For the emerging-market economies，their gap with the developed countries in terms of economic foundation and political risk remains huge；political instability may affect the process of economic recovery and in turn undermine the investment environment.

Key Words：Overseas Investment，Country-risk Rating，Index System，Belt and Road