基于实物期权方法的FDI时机问题研究

在回顾基于实物期权方法的FDI时机问题研究的基础上,借助"两维思考"的分析方法研究了不确定环境下FDI时机决策问题.研究表明:当考虑期权的时间效应和管理的努力因素、战略博弈和产业竞争、FDI的多阶段和规模可扩张性以及FDI战略的相对优势时,不确定性会给跨国公司的FDI带来灵活处置的权力和价值创造的机会,促成FDI尽早实现.

Study on the Decision of FDI Timing Based on Real Options Approach

On the basis of the FDI timing researches based on real options approach, this paper has studied FDI timing decisions under uncertainty in virtue of "two-dimension think" method. The result suggests that: uncertainty will bring the power of flexible management and the chance of value creation so as to facilitate the realization of FDI as soon as possible, while considering the factors such as time effect of options and managerial endeavor, strategic game and industrial competition, multi-stages and scale expansion of FDI, and relative advantage of FDI strategy.