本文主旨在探討國家對外援助對其跨國企業從事海外投資的影響及其政治風險考量。本文以日本為例，分析日本政府的對外援助是否影響日本企業的對外投資行為。本文主張，作為日本外交工具的對外援助將降低日本企業對受援國的政治風險顧慮，進而帶動日本對受援國的投資。此關聯凸顯日本對外援助政策政策與日本企業的互動關聯。本文檢視日本對外援助政策的發展，並以量化途徑檢視日本對外援助對日本企業向受援國投資及其在評估受援國之政治風險的影響。

The goal of this article is to investigate the relationship between a state’s foreign aid and firms’ outward investments, as well as the firms’ political risk assessments regarding aid recipient states. Specifically, it examines whether Japan’s official development assistance (ODA) affects Japanese firms’ overseas investments. This paper argues that ODA, as an instrument of Japan’s foreign policy, reduces Japanese firms’ political risk concerns, while facilitating their investments in ODA recipient countries. Nevertheless, with changing ODA policies over time, whether the ODA-investment nexus remains valid is questionable. By illustrating the evolution of Japan’s ODA policy, this article adopts a quantitative approach to exploring whether Japan’s ODA affects Japanese firms’ political risk assessment, so as to enhance investments in the aid recipient countries.