Abstract: This paper analyzes Kazakhstan's energy investment environment, uses AHP and expert evaluation method to discover the major influencing factors of China's energy cooperation with Kazakhstan, analyzes the factors which can not be quantified and presents suggestions for Chinese enterprises. The major factors include petroleum reserve, gas reserve, political stability, policy, economic benefits and nontraditional security, of which policy, political environment and enterprise's dilemma in investing are the principal obstacles.

Key words: energy cooperation, investment risk, investment environment, Kazakhstan

摘要： 分析哈萨克斯坦的能源投资环境，运用层次分析法和专家评价法找出我国与哈萨克斯坦能源合作的主要影响因素，对难以量化的影响因素进行分析，并提出相关的对策建议，旨在为投资于哈萨克斯坦的中国企业提供参考。结果表明，哈萨克斯坦投资环境的主要影响因素包括石油储量、天然气储量、政局稳定性、投资政策环境、经济效益水平、非传统安全等。其中，政策、政治环境以及企业自身在投资过程中遇到的困境是企业投资时面临的主要障碍因素。

关键词: 能源合作, 投资风险, 投资环境, 哈萨克斯坦