Tourism is a risk highly sensitive industry. However, there are few studies which consider the host country risk into the analysis framework of location selection of tourism OFDI, and there is also no unified conclusion on the relationship between OFDI and host country risk. Based on the OFDI data of China's tourism industry from 2004 to 2015,this paper adopts the negative binomial regression model to reveal the impact of various host country risks on the location selection of tourism OFDI,and further tests the impacts of host country risks in different countries' development level,geographical distance and cultural distance. The results show that: 1) On the whole,China's tourism OFDI shows a significant risk aversion tendency. Specifically, political risk has the greatest negative impact,social and cultural risk takes the second place, and economic and financial risk has no significant impact. 2) Higher country development level,closer geographical distance and cultural distance can effectively alleviate the negative impact of host country risk on tourism OFDI. This research improves the analysis framework of influencing factors of the location selection of tourism OFDI,and also contributes to provide empirical evidence of service industry to confirm that there are industry heterogeneity differences in the impact of host country risk on OFDI, which helps to further clarify the paradox of risk preference in China's OFDI. In term of practice,it helps to formulate more targeted overseas investment advice and risk management strategies for the industry.
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