Liability risk faced by Chinese enterprises in their outbound investment refers to undue conducts resulting to loss of investment projects and undertaking the liability, which includes liability undertaking for mistakes of investment decision, bad management of operation, failing to control such risk, and breach of social responsibility. This article holds that there is causual relation betweem investment risk and liability risk, and a need of clarifying affiliation of the liability and the subject party undertaking liability. So undertaking liability is the legal consequence of affliation of risk, and liability risk of enterprises is also reflected as risk of compliance management, since compliance management is based on compliance of law, The types of outbound investment risk and its mechanism include three aspects, the first one is outside risk such as credit risk, market risk and legal risk, the second one is inside risk such as operation risk and management risk, and the third one is legal regulation of risk control, which consists of risk management of enterprises and supervision mechanism of the Government. Therefore, liability risk of outbound investment and its management or controlling mechanism refer to aspects of risk evaluation management, investment compliance supervision and liability risk undertaking.