中国能源企业海外投资模式研究

A Study on Overseas Investment Modes of China's Energy Enterprises

能源企业海外投资总体上属于国家战略主导型投资。从国际投资理论来看,中国能源企业海外投资进入模式可分为绿地投资、并购投资和非股权投资三种模式,它们的具体形态各不相同,其中比较典型的投资实践模式有委内瑞拉模式和安哥拉模式。从法律和条约的角度来讲,美国、日本等发达经济体政府对海外投资都进行了制度性安排,因而建议中国能源企业海外投资在"一带一路"战略指导下,从模式创新、战略联盟和建立支持性体系等方面进行完善。

Overseas investment of energy enterprises is a national strategy-dominated investment in general. According to the theory of international investment, this paper divided the overseas investment entry modes of Chinese energy enterprises into the greenfield investment, mergers and acquisitions investment and non-equity investment, and decomposed their specific forms. The paper also analyzed the specific patterns of the Venezuelan and Angolan modes in the overseas investment practice of energy enterprises. From the legal and treaty point of view, the paper summed up the institutional arrangements of overseas investment by the governments of the United States, Japan and other developed economies. It is suggested that the overseas investment of Chinese energy enterprises should be improved from the aspects of model innovation, strategic alliance and establishment of supporting system.Energy Enterprise; Investment Pattern; Promotion System