The Decision-Making Theory of Foreign Direct Investment Based on Real Options

机译：基于实物期权的外国直接投资决策理论

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According to the real options theory, the opportunities in the decision-making of FDI would be regarded as the real options belonging to the multinational enterprise(MNEs). Facing the market and technology uncertainty, there are options to defer investment and growth options contained in the opportunity of FDI. When the value of options to defer investment increases, MNEs have motivation to delay the investment; and the value of growth options increases, MNEs have motivation to implement the initial investment. This paper develops a two-stage model of FDI based on real options theory, discusses the effects of real options value to the FDI decision-making. When making investment decisions, both kinds of real options should be consolidated balanced, and thus the timing of FDI be measured.

机译：根据实物期权理论，外国直接投资决策中的机会将被视为属于跨国企业的实物期权。面对市场和技术的不确定性，外国直接投资的机会中包含了一些推迟投资和增长的选择。当推迟投资的期权的价值增加时，跨国公司就会有动力推迟投资。随着增长期权价值的增加，跨国公司有动机进行初始投资。本文基于实物期权理论建立了两阶段的FDI模型，探讨了实物期权价值对FDI决策的影响。在做出投资决策时，应综合考虑两种实物期权的平衡，从而衡量外国直接投资的时机。

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《2011 International Conference on Management and Service Science》|2011年|p.1-4|共4页
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Cao Yongfeng;
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中图分类管理学;
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机译：由于跨国公司在东道国的子公司实现的技术和专有技术的进口，一个国家截获的外国直接投资额的增加决定了贸易平衡赤字的增加，这增加了重要的利润遣返从经济目标的利用开始。本文建议研究外国直接投资对东道国进口和出口的影响，并根据有关罗马尼亚的数据对相关性和回归进行分析。

The Decision-Making Theory of Foreign Direct Investment Based on Real Options

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