跨国投资决策主体及其他变量选择的探讨

本文认为,跨国公司投资决策,以子公司为主体进行现金流量的预测,不符合股东利益的要求,而以母公司为主体进行现金流量的预测,又违背了子公司作为独立经济实体的利益。利用复合主体进行评价,则可以扬长避短,兴利除弊,全面满足母、子公司决策的需要。首先进行以子公司为主体的评价,在子公司项目净现值大于零即项目本身可行的情况下,再进行以母公司为主体的投资评价,在此基础上合理处理利息和新增销售额对现金流量的影响,将更有利于投资决策的准确性。

The Choices of the Main Body of Cross-national Investment Decisions and Other Variables

The author maintains that while the multinational corporations make investment decisions,if they regard the subsidiaries as the main body of the cash flow expectation,the decision made will not accord with the interest of the shareholders,if they regard the parent companies as the main body of the expectation,the decision made will go against the interest of the subsidiaries who are the independent economic entities.If we use the composite main bodies to evaluate the decisions,then we can foster strengths and circumvent weaknesses,and fully meet the requirements of the parent companies and subsidiaries.First,we should evaluate the project regarding the subsidiaries as the main body,if the result is that the project is feasible,we will go on our evaluation regarding the parent companies as the main body.On the basis of this evaluation,if we can rationally deal with the influence interest and new sales exerting on the cash flow,it will improve the accuracy of the investment decisions.