中国实施“走出去”战略以来,对外直接投资的流量、存量、投资者数量都在迅速增长。其中,国有企业作为我国对外直接投资的主力军,受到很多发达国家的质疑和争论,部分国家甚至改变了原有的政策,加强了对我国国有企业投资的审查和限制力度。本文从投资东道国的角度对国有企业对外直接投资的国际政策环境变化的原因进行了分析,从国有企业的高风险追逐和低效率、国有企业作为跨境投资者所能获得的“不公平的优惠”、国有企业对外直接投资的“非经济”目的等三个方面阐述了国有企业投资对东道国政治、经济可能产生的影响。最后,本文针对我国国有企业对外直接投资如何应对变化中的国际政策环境,提出了相应的对策建议。 Since China implemented its “going out” strategy, the volume of foreign direct investment, its stock and the number of investors have been rapidly increasing. Among them, state-owned enterprises, as the main force of China’s foreign direct investment, have been questioned and debated by many developed countries. Some countries even changed their existing policies and strengthened their examination and restriction on the investment of state-owned enterprises in our country. This paper analyzes the reasons for the change of the international policy environment for the outward FDI of state-owned enterprises from the perspective of investing host countries. From the high-risk pursuit and inefficiency of state-owned enterprises and the unfairness that state-owned enterprises can obtain as cross-border investors, Preferential treatment “, and” non-economic "purposes of outward FDI of state-owned enterprises. This article expounds the possible impact of the investment of state-owned enterprises on the politics and economy of the host country. Finally, this paper puts forward corresponding countermeasures and suggestions on how to deal with the changing international policy environment of China’s state-owned enterprises in foreign direct investment.