Abstract: China’s direct investment(COFDI) in BRIC countries has risen rapidly since 2005. It’s beneficial to promote China’s investment through studying the relationship between COFDI and investment environment in BRIC countries. Measuring the ability of introducing and utilizing investment in BRIC countries by calculating the COFDI performance index, the paper selected 26 indications from political, economic, social, technological and educational aspects to evaluate the investment environment by entropy weight method. The scores reflect the level of investment environment. Finally, a coupling and coordinative model between COFDI and investment environment is established, which could be used to explore spatio-temporal evolution of the coupling and coordinative discipline. The result shows that the coupling difference in BRIC countries was small, and Russia had the highest coupling degree, which was called medium rankings, and other countries are inferior, which fluctuated between lower and medium associations. The difference of coordinative degree was evident. The best was South Africa that could reach to primary coordination even superior coordination, Russia was fluctuated between the brink of imbalance to coordination, Brazil and India are basically lagging behind other countries which are always maladjusted. The study provide the enlightenment and reference for China to further invest in BRIC countries.

摘要： 2005年以来，中国对金砖国家的直接投资快速上升，研究金砖四国利用COFDI的效益与投资环境之间的耦合协调状况，有利于中国对其投资的持续良好发展。通过计算COFDI业绩指数,衡量金砖四国引进及利用COFDI的能力；并从政治、经济、社会、科教、自然环境五方面选取26个指标，基于改进的熵权法计算出2005-2015年金砖国家的投资环境分值，用以衡量各国投资环境的优劣；进而建立起金砖四国COFDI业绩指数与投资环境分值的耦合协调模型，探究二者耦合协调程度的时空演化规律。研究表明：金砖四国COFDI与投资环境耦合状况差异较小，俄罗斯耦合度最好，处于中等关联，其余三国次之，在较低关联或中等关联之间波动。协调度的区域差异较大，南非协调度最佳，达到初级协调至良好协调，俄罗斯从濒临失调发展到勉强协调，巴西和印度相对落后基本处于失调状态。研究可为中国对金砖四国的进一步直接投资提供启示与参考。