随着全球化经济的快速发展，现阶段国有企业国内外投资规模不断扩大。然而，近年来国有企业投资失败的案件屡见不鲜，频繁发生的投资失利导致国有资产严重流失。国企投资失败的原因有很多种，其中除投资经验不足、炒家算计等客观因素外，投资失职问题更为严重。冒险投资、徇私舞弊以及赌博式的投资模式导致投资失败率大增，这种人为因素造成的投资失败问题应当采用刑法措施予以应对，否则将对国企投资发展以及国有资产的保值增值产生威胁，不利于我国经济的可持续发展。 本文共包括四个部分，具体分析如下： 第一部分，对当前国有企业的投资现状进行分析。其中包括两部分，一是对国有企业在国内以及海外的投资现状进行概述。二是着重分析了国有企业在国内外投资中失败的现状，其中包括国有企业投资造成的国有固定资产流失、国有企业投资成本无法收回、国有企业股份被侵吞或转移、僵尸企业的产生等等。 第二部分，分析了国有企业投资失败的主要原因。其中，投资失败的主观原因有投资过程中恶意规避法律法规、变相消耗企业资产、随意钻管理漏洞、相关人员玩忽职守和对境内外市场状况了解不足；投资失败的客观原因有战争危机、投资环境因素、政治原因、敌对舆论等，同时还存着监管乏力问题，最后通过分析美国《海外反腐败法》，借鉴其可取之处。 第三部分，主要内容是分析当前的情况，从刑法视角研究国有企业投资失败的应对措施。本部分分别从国有企业投资失败的严重危害性、罪刑相适应和刑罚个别化、宽严相济的刑事政策、国有企业工作人员的范围划定、故意责任与过失责任、国有企业投资失败当中的危害行为、国有企业国有资产的界定和涉及的犯罪类型以及国有企业投资失败中的犯罪自由刑和罚金刑的适用问题进行了阐述，结合我国经验和发展现状完善刑法应对策略。 第四部分，总结全文，肯定立法取得的成绩，但还应当紧跟发展步伐，着眼于具体的国企投资失败案件，以敏锐的视角准确定位投资失败的原因，一旦发现违法行为，及时采用刑法手段予以应对。同时，还应当构建切实合理的国企投资犯罪罪名体系，并且刑事立法应当根据社会经济变化适当更新和调整。在此过程中，应当建立与现实相匹配的投资失败刑事政策规划，这是制裁以及预防投资犯罪的重要策略。科学合理的刑事政策实施，可对刑事立法以及刑事司法起到积极的引导作用。

With the rapid development of global economy, the investment scale of state-owned enterprises in domestic and overseas is expanding. However, the failure of state-owned enterprises investment cases are very common in recent years and it leads to the serious loss of state-owned assets. There are various reasons for the failure of state-owned enterprises' investment. In addition to objective factors such as lack of investment experience and speculation, the dereliction of duty in investment is more serious reason. The investment failure rate increases due to risky investment, favoritism, fraud and gamble-type investment mode. The problem of investment failure caused by such artificial factors should be dealt with by criminal law measures. Otherwise, it will threaten the investment development of state-owned enterprises and the maintenance and appreciation of state-owned assets, which is not conducive to the sustainable development of China's economy. This article consists of four parts. The specific analysis is as follows: The first part is to analyze the current investment situation of state-owned enterprises. It includes two parts. The first part is an overview of the investment status of state-owned enterprises both at domestic and abroad. Secondly, it focuses on the analysis of the failure current situation of state-owned enterprises in domestic and overseas investment which including the loss of fixed assets caused by the investment of state-owned enterprises, the unrecoverable investment cost of state-owned enterprises, the embezzlement and transfer of state-owned enterprises’ shares, the emergence of zombie enterprises, and so on. The second part analyzes the main reasons for the failure of domestic and abroad investment in state-owned enterprises. The main reason for the failure of domestic investment is that excessive attention is paid to short-term benefits in the process of investment, there is a serious deviation in investment behavior, and the phenomenon of being eager for quick success and quick profit. And the core reasons for the failure of overseas investment include its own factors, the other party's factors, investment environment factors, political reasons, the overseas property right management system is not sound, and the local economy is not stable. Finally through the analysis of overseas anti-corruption laws in the United States, learn from them. The third part study on the countermeasures for the Failure of State-owned Enterprises' Investment from the Perspective of Criminal Law through to analyze the current situation. The analysis of this part from the serious harmfulness of state-owned enterprise investment failure, the principle of adaptation and individualized punishment, the criminal policy of tempering justice with mercy, the scope of the state-owned enterprises staff designation, deliberately liability and fault liability, investment failure damage behavior of state-owned enterprises, the definition of state-owned assets of state-owned enterprises and the crime type, as well as state-owned enterprises involved in investment failure free punishment and fine punishment of crime problem, respectively. The fourth part summarizes the full thesis and affirming the achievements of legislation. we should keep up with the pace of development, focus on specific cases of investment failure of state-owned enterprises, accurately locate the causes of investment failure from a keen perspective, and timely adopt criminal law measures to deal with them once illegal acts are found. At the same time, we should also build a practical and reasonable system of state-owned enterprise investment crime charges, and criminal legislation should be updated and adjusted in accordance with social and economic changes. In this process, we should establish a criminal policy plan for investment failure that matches the reality, which is an important strategy for sanctions and prevention of investment crime. Scientific and rational implementation of criminal policy can play a positive guiding role in criminal legislation and criminal justice.