This study examines the international risks faced by multinational enterprises to understand their impact on the evaluation of investment projects. Moreover, it establishes a ‘three-dimensional’ theoretical framework of risk identification to analyse the composition of international risk indicators of multinational enterprises based on the theory of an enterprise’s international development path and stages as well as risk management. Using entropy weights and net present value (NPV), this study employs survey data to empirically analyse the international risk entropy evaluation model and then test the NPV evaluation model based on risk adjustment. A significant difference is found between the evaluation process of multinationals’ international investment benefits with and without considering the risk factors. This study concludes that the results of the risk-adjusted NPV model are more scientific and effective than that of the traditional NPV model as the basis of decision-making. It contributes to the theoretical literature by proposing the international risk entropy model and constructing the risk-adjusted NPV model to test the impact of international risk factors on the evaluation of international investment projects. This provides a reference to multinationals in their choice of investment projects as well as to researchers in this field.