汇率不确定条件下跨国投资决策的研究.pdf

A B S T R A C T Wi th th e d ev e lo P m en t o f eeo n o m ie s g lo b a liz atio n an d fin an e e P red o m in atio n ，g lo b a l firm s P lay a m o re an d m o re im P o rtan t ro le in th e g lob a l eeon om y. A fter h er en try in to W T O ，eh in a faees th e com P etition an d eh a llen g e fro m fore ig n en terp rise s. M ean w h ile ，d o m e stie en terp rise s a lso h av e to e om P ete in th e w o rld . T h e eh an g e o f ex ch an g e rate a ffe cts a lo t o n th e P ro fits o f g lo b a l firm s. A t P re sen t，m o st o f th e eo u nrt ie s in th e w o rld a d o P t flo atin g ex eh an g e rate ， th at 15 m ark et d e e id e s th e ex eh an g e rate ， th erefore ， fore ig n eo m P an ie s in C h in a an d C h in e se eo m P an ie s in a b ro a d w o u ld tak e ex eh an g e rate into eo n sid eratio n o R ea l o P tio n 15 a serie s o f n o n 一fin an c ia l rig h ts a d o P ted b y in v e sto rs in th e P ro e e ss. S in ce it tak e s v a lu e o f inv e stig atio n tim e an d m an a g em en t flex ib ility an d v alu e o f redu cin g u n eerta in in form ation in to eon sid eration ， it c o u ld m ake a se ient ifie ev a tuatio n o n th e inv e stig atio n P ro gr am . F o r th at re a so n ，it h a s b e eo m e an im P o rtant strateg ie ap P ro a eh O n th e b a sis o f P re sen t stu d ie s o n rea l o P tio n ， th is P aP er fo eu se s o n th e a d v en tu re an d eh ara eteristies o f o P tio n un d er th e eo n d itio n o f u n e erta in ex eh an g e rate . 几 k ln g ex eh an g e rate a s th e o n ly ran d o m v ar ia b le ，th e P ap er e stab lish e s th e m o d e l o f re a l o P tio n . It an a ly z e s th e e f