Keywords
The Belt and Road Initiative
Outbound Investment
Risk Management
Systematic literature review
Submitted : 2025-08-13
Accepted : 2025-08-28
Published : 2025-09-12
Abstract
With the promotion of the “Belt and Road Initiative”, Chinese sporting goods manufacturing enterprises are increasingly active in foreign investment in countries along the route, but due to regional differences, the investment risks they face are becoming increasingly complex. Based on CNKI and Web of Science databases, this paper systematically combines the theoretical framework and research progress of sporting goods manufacturing enterprises’ outbound investment and its risk research, and focuses on analyzing the evolution, motivation, characteristics, and risk generation mechanism of enterprises’ outbound investment mode. It further discusses the types and causes of investment risks, the evolution and application of risk assessment methods, and deeply analyzes the unique risk characteristics of sports manufacturing enterprises. On this basis, combined with the shortcomings of existing research, a future research direction is put forward, which provides a reference for follow-up theoretical research and practical operation.
References
General Office of the State Council, 2019, Outline for Building a Leading Sports Nation. General Office of the State Council, viewed on July 30, 2025.
Chen P, Liu B, Liu ZY, et al., 2021, On the Current Situations and Countermeasures of the Development of China's Sporting Goods’ Global Trade in the Process of Building a Sports Power. Journal of Sports Research, 35(2): 66–76.
Jiang XJ, 2018, Service Industries in Internet Space: Productivities, Constraints and Prospects: A Case Study on Sports and Cultural Industries. Economic Research Journal, 53(4): 4–17.
Huang SX, Fan LJ, 2020, Risk Prevention and Dispute Settlement of China's Overseas Investment in Sports Industry. Journal of Shanghai University of Sport, 44(6): 1–11.
Chen ZR, 2008, Current Status and Countermeasures of China’s Export Trade of Sporting Goods. International Economics and Trade Research, 2008(3): 19–23.
Liu JD, Liu ZQ, 2017, Characteristics and Challenges of China’s Overseas Sports Industry Investment. Practice in Foreign Economic Relations and Trade, 2017(6): 77–80.
Li J, Liu LB, 2024, Digital Economy, Industrial Agglomeration, and Sports Industry Efficiency. Journal of Chongqing University (Social Science Edition), 3: 100–114.
Ren BP, Miao XY, 2021, The Cultivation of the New Economic Momentum of China's High-Quality Development in the “14th Five-Year Plan”. On Economic Problems, 2021(2): 1–11, 106.
Xue LF, Yang M, 2018, Transformation and Upgrading of Chinese Sports Goods Processing Trade. Journal of Wuhan Sports University, 52(5): 43–49.
Liu Q, Luo L, Huang J, 2021, The Realistic Dilemma and Path Choice of the High-Quality Development of China's Sporting Goods Manufacturing Industry Under the New Development Pattern of Dual Circulation. Journal of Sports Research, 35(2): 29–38.
Lv KQ, Du XR, Yang M, 2021, The Necessity and Feasibility of High-Quality Development for Sports Goods Manufacturing Industry in China During the Period of “14th Five-Year Plan”. Journal of Physical Education, 28(5): 36–42.
Li YL, Han X, 2023, Research on the Spatial Spillover Effect of Financial Agglomeration on the Efficiency of China's Sports Industry Under the New Development Paradigm. Journal of Xi’an Physical Education University, 40(5): 542–553.
Xu JF, Wang HX, Lu LB, et al., 2024, The Impact and Mechanism of Digitization Transformation on the High Quality Development of Sporting Goods Manufacturing Enterprises—An Empirical Study Based on Shanghai and Shenzhen A-Share and New Third Board Enterprises. Journal of Capital University of Physical Education and Sports, 36(3): 334–345.
Hussain J, Zhou K, Guo SL, et al., 2020, Investment Risk and Natural Resource Potential in "Belt & Road Initiative" Countries: A Multi-Criteria Decision-Making Approach. Science of The Total Environment, 723: 137981.
Liu JT, Tong JY, 2017, An Empirical Study on Characteristics and Influencing Factor of the Growth of China's Cultural Products Export: Based on Revised Multi-Market CMS Model. International Economics and Trade Research, 33(11): 32–48.
Liu Q, Luo L, Huang J, 2022, Development Turn and Path of Sports Goods Manufacturing Industry in China Under the New Development Paradigm. Sports Culture Guide, 2022(2): 69–75.
Shen KY, Cao QZ, 2024, The Role Mechanism and Promotion Path of New Quality Productive Forces to Enhance the Resilience of Sports Industry Chain. Sports & Science, 45(4): 1–11, 31.
Wang M, Liu DF, 2022, Theory Logic, Realistic Dilemma, and Implementation Path of Digital Technology Empowering Low-Carbon Development of Sports Industry. Journal of Sports Research, 36(1): 71–80.
Chen D, Hu N, Liang P, et al., 2024, Understanding the Impact of Trade Policy Effect on Firm-Level Innovation Investment. Journal of Operations Management, 70(2): 316–340.
Pyles MK, Li YP, Wu SF, et al., 2016, Cultural Influences on Risk Tolerance and Portfolio Creation. Journal of Operations Management, 9: 43–55.
Zhao XM, Chen YN, Si DK, et al., 2024, How Does Environmental Legalization Effect Enterprise Investment Preferences? A Quasi-Natural Experience Based on China's New Environmental Protection Law. Economic Analysis and Policy, 81: 834–855.
Bolton P, Chen H, Wang N, 2013, Market Timing, Investment, and Risk Management. Journal of Financial Economics, 109(1): 49–62.
Dang LJ, Zhao JF, 2020, Cultural Risk and Management Strategy for Chinese Enterprises' Oversea Investment. China Economic Review, 61: 101433.
Jiang FX, Kim KA, Nofsinger JR, et al., 2015, Product Market Competition and Corporate Investment: Evidence from China. Journal of Corporate Finance, 35: 196–210.
Nooraie SV, Parast MM, 2016, Mitigating Supply Chain Disruptions Through the Assessment of Trade-Offs Among Risks, Costs, and Investments in Capabilities. International Journal of Production Economics, 171: 8–21.
Du XJ, Tang CX, Qi Q, et al., 2024, Geopolitical Risk and Investment Location Choice of Chinese Enterprises in the Belt and Road Countries: Based on the Dual Logic of “Economy–Politics”. South China Journal of Economics, 2024(8): 90–114.
Xu JY, Li GG, Sun PB, et al., 2023, Inefficient Investment and Digital Transformation: What Is the Role of Financing Constraints? Finance Research Letters, 51: 103429.
Hossain MN, Rabarison MK, Guo CQ, 2024, Corporate Culture and Investment Effectiveness. International Review of Financial Analysis, 96: 103736.
Driouchi T, Trigeorgis L, So RHY, 2020, Individual Antecedents of Real Options Appraisal: The Role of National Culture and Ambition. European Journal of Operational Research, 286(3): 1018–1032.
Chod J, Lyandres E, Yang SA, 2019, Trade Credit and Supplier Competition. Journal of Financial Economics, 131(2): 484–505.
Kocabasoglu C, Prahinski C, Klassen RD, 2007, Linking Forward and Reverse Supply Chain Investments: The Role of Business Relevance. Journal of Operations Management, 25(6): 1141–1160.
Duan F, Ji Q, Liu BY, et al., 2018, Energy Investment Risk Assessment for Nations Along China's Belt & Road Initiative. Journal of Cleaner Production, 170: 535–547.
Ji HF, Yang M, 2021, Research on the Current Situation of Chinese Sports Goods Foreign Trade Development. China Sport Science and Technology, 57(10): 89–96.
Chen L, Gao XM, 2025, The Effect of Digital Economy on the Status of National Manufacturing Trade Network: An Empirical Evidence from the “Belt and Road” Countries. Collected Essays on Finance and Economics, 2025(3): 16–26.
Mou LL, Fu ZH, Wang JX, et al., 2025, The New Quality Productivity Forces Empowers the Improvement of Total Factor Productivity in the Sporting Goods Manufacturing Industry—An Empirical Analysis Based on Spatial Spillover Effects and Threshold Effects. China Sport Science and Technology, 2025: 1–15.
Qin LK, 2017, Characteristics, Reason and Impact of the Overseas Mergers and Acquisition by China's Sports Industry. Journal of Xi’an Physical Education University, 34(4): 404–411.
Wen SB, Chen P, 2023, An Empirical Study on the Trade Efficiency and Potential of Sports Goods Between China and the Countries Jointly Building the “the Belt and Road”—Based on the Stochastic Frontier Gravity Model. Journal of Jilin Sport University, 39(6): 33–45.
Du JL, Zhang YF, 2018, Does One Belt One Road Initiative Promote Chinese Overseas Direct Investment? China Economic Review, 47: 189–205.
Ratten V, Braga VLD, Marque CSD, 2021, Sport Entrepreneur and Value Co-Creation in Times of Crisis: The COVID-19 Pandemic. Journal of Business Research, 133: 265–274.
Wang DP, Lin J, 2022, Does Sports Industry Matter in Human Wellbeing: Evidence from China. Frontiers in Public Health, 10: 872506.
Moehlecke C, Wellhausen RL, 2022, Political Risk and International Investment Law. Annual Review of Political Science, 25: 485–507.
Liu JQ, Che WH, Xia FJ, 2021, Network Analysis of Global Value Chain and Coping with International Risk Transmission. Journal of Management Sciences in China, 24(3): 1–17.
Chen YX, Wang J, 2005, On Financing Ways of Enterprise Groups’ Risky Investment of Professional Sports Clubs in Our Country. Journal of Shanghai University of Sport, 2005(1): 14–17.
Guo ZY, Chen G, 2025, How Digital Transformation Drives High-Quality Development of Listed Sports Enterprises? — Empirical Evidence from Listed Sports Enterprises on Shanghai and Shenzhen A-Share Markets and the National Equities Exchange and Quotations. Journal of Beijing Sport University, 48(5): 76–91.
Chen G, 2019, The Historical Mission and Action Path of Sports in the Construction of the Belt and Road. Journal of Chengdu Sport University, 45(3): 51–56.
Yuan L, Sun Z, Yu DW, 2025, Historical Origins and Development Directions of China’s Peaceful Sports Diplomacy. Journal of Wuhan Sports University, 59(2): 26–33.