發(fā)布時(shí)間：2018-03-19 05:35

  本文選題：對(duì)外直接投資　切入點(diǎn)：破壞性競(jìng)爭(zhēng)　出處：《昆明理工大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：隨著中國“走出去”步伐的加快,中國對(duì)外直接投資取得了顯著成績(jī),中國企業(yè)越來越重視在全球范圍內(nèi)優(yōu)化資源配置。“一帶一路”作為中國重要的開放型經(jīng)濟(jì)戰(zhàn)略,更為中國企業(yè)對(duì)外直接投資注入了動(dòng)力和活力。但是,在亞太地區(qū)日漸成為全球政治經(jīng)濟(jì)博弈的重點(diǎn)和熱點(diǎn)地區(qū)的情形下,“一帶一路”戰(zhàn)略被美日歐等發(fā)達(dá)國家視為對(duì)現(xiàn)有國際經(jīng)濟(jì)秩序的挑戰(zhàn),他們將其視為中國與發(fā)達(dá)國家對(duì)抗的工具。中國走出去企業(yè)必然會(huì)面臨各種制衡和壁壘,由此,在海外投資本身就面臨諸多不確定性的背景下,企業(yè)面臨的第三方破壞性競(jìng)爭(zhēng)博弈問題尤為突出。尤其是,近年來日本在東南亞、南亞國家的破壞性干預(yù),俘獲、壓制將會(huì)更加頻繁和激烈。因此,在“一帶一路”戰(zhàn)略背景下,必須深入分析存在投資競(jìng)爭(zhēng)國企業(yè)破壞性競(jìng)爭(zhēng)的情形對(duì)中國企業(yè)對(duì)外直接投資決策的影響。此外,由于“一帶一路”沿線國家大都為非發(fā)達(dá)經(jīng)濟(jì)體,部分國家的政局動(dòng)蕩,企業(yè)投資面臨的不確定性增強(qiáng),因此,研究企業(yè)投資于沿線非發(fā)達(dá)經(jīng)濟(jì)體與其他地區(qū)發(fā)達(dá)經(jīng)濟(jì)體時(shí)投資策略的差異也具有一定的現(xiàn)實(shí)意義�；诖�,本文在分析了中國企業(yè)對(duì)外直接投資發(fā)展及分布的基礎(chǔ)上,又進(jìn)一步分析了在“一帶一路”沿線國家的投資現(xiàn)狀及分布情況,探尋了中國企業(yè)對(duì)外直接投資面臨的問題,尤其是在“一帶一路”沿線國家直接投資面臨的挑戰(zhàn)。并在對(duì)外直接投資決策理論的框架下,以實(shí)物期權(quán)模型為基礎(chǔ)分別構(gòu)建了壟斷條件下以及競(jìng)爭(zhēng)情形下中國企業(yè)的對(duì)外直接投資決策模型。同時(shí),根據(jù)所建模型進(jìn)行仿真模擬,分析了不同情況下企業(yè)的對(duì)外直接投資策略。研究發(fā)現(xiàn),在壟斷條件下,當(dāng)企業(yè)獲得了投資機(jī)會(huì)并對(duì)項(xiàng)目進(jìn)行投資時(shí),則不必在傳統(tǒng)的投資決策理論中要求的觸發(fā)點(diǎn)上進(jìn)行投資,可以將投資推遲至最佳臨界值。同時(shí),企業(yè)對(duì)外直接投資所面臨的風(fēng)險(xiǎn)和不確定性越大,投資的期權(quán)價(jià)值越大,從而企業(yè)會(huì)延遲執(zhí)行期權(quán),延長(zhǎng)投資時(shí)機(jī)。而企業(yè)投資凈收益率的增大,會(huì)使企業(yè)持有期權(quán)的機(jī)會(huì)成本增大,導(dǎo)致企業(yè)提前執(zhí)行期權(quán),縮短投資時(shí)機(jī)。此外,企業(yè)投資于沿線非發(fā)達(dá)經(jīng)濟(jì)體比投資其他地區(qū)發(fā)達(dá)經(jīng)濟(jì)體時(shí),投資的期權(quán)價(jià)值更大,企業(yè)會(huì)延長(zhǎng)投資時(shí)機(jī)。在競(jìng)爭(zhēng)情形下,來自其他企業(yè)的破壞性競(jìng)爭(zhēng)行為會(huì)對(duì)投資母國企業(yè)的投資決策產(chǎn)生影響。當(dāng)破壞性競(jìng)爭(zhēng)從無到有,且隨著破壞性競(jìng)爭(zhēng)出現(xiàn)可能性的增大,投資項(xiàng)目?jī)r(jià)值的臨界值以及投資的期權(quán)價(jià)值越來越低;當(dāng)存在破壞性競(jìng)爭(zhēng)時(shí),隨著破壞程度不斷增強(qiáng),投資項(xiàng)目?jī)r(jià)值的臨界值以及投資的期權(quán)價(jià)值會(huì)變得更小,企業(yè)由此會(huì)縮短投資時(shí)機(jī),減少等待的的時(shí)間,加速投資。最后,基于以上結(jié)論本文為“一帶一路”戰(zhàn)略背景下中國企業(yè)重塑海外投資空間、動(dòng)態(tài)調(diào)整競(jìng)爭(zhēng)戰(zhàn)略提供了相應(yīng)的對(duì)策建議,以引導(dǎo)中國企業(yè)對(duì)外直接投資的健康發(fā)展。
[Abstract]:With the acceleration of China's "going out" step, China's foreign direct investment has made remarkable achievements, and Chinese enterprises are paying more and more attention to optimizing the allocation of resources worldwide. "Belt and Road" is China's important open economy strategy. More Chinese enterprises' outward direct investment (OFDI) has injected impetus and vitality. However, With the Asia-Pacific region increasingly becoming the focus and hot spot of the global political and economic game, the "Belt and Road" strategy has been regarded as a challenge to the existing international economic order by developed countries such as the United States, Japan, and Europe. They see it as an instrument of confrontation between China and the developed world. Chinese companies that go out are bound to face checks and balances and barriers, thus, against a backdrop of uncertainty about foreign investment itself. In particular, Japan's destructive intervention in Southeast Asia and South Asian countries in recent years will be more frequent and intense. Against the background of Belt and Road's strategy, it is necessary to analyze in depth the influence of the destructive competition of enterprises in the country of investment competition on the foreign direct investment decision of Chinese enterprises. Due to the fact that most of the countries along the "Belt and Road" route are non-developed economies, and the political situation in some countries is volatile and the uncertainty of enterprise investment is increasing, therefore, It is also of practical significance to study the differences of investment strategies between non-developed economies and other developed economies along the route. Based on this, this paper analyzes the development and distribution of foreign direct investment (FDI) of Chinese enterprises. It also further analyzes the current situation and distribution of investment in the countries along "Belt and Road", and explores the problems faced by Chinese enterprises in foreign direct investment. Especially in the context of the challenges faced by the countries along the route of "Belt and Road", and within the framework of the OFDI decision theory, On the basis of real option model, the decision models of foreign direct investment (FDI) of Chinese enterprises under monopoly and competition are constructed, and the simulation is carried out according to the established model. This paper analyzes the foreign direct investment (OFDI) strategies of enterprises under different conditions, and finds that under monopoly conditions, when enterprises obtain investment opportunities and invest in projects, It is unnecessary to invest at the trigger point required in the traditional investment decision theory, and the investment can be postponed to the best critical value. At the same time, the greater the risk and uncertainty faced by OFDI, the greater the option value of the investment. As a result, the enterprise will delay the execution of the option and prolong the investment opportunity. The increase of the net rate of return on the enterprise investment will increase the opportunity cost of holding the option, leading to the early execution of the option and shortening the investment opportunity. When firms invest in non-developed economies along the route than in developed economies in other regions, the option value of investment is greater, and firms will prolong their investment opportunities. Destructive competition from other firms can have an impact on investment decisions made by home firms. When destructive competition begins from scratch, and as the likelihood of destructive competition increases, The critical value of the investment project value and the option value of the investment project become lower and lower; when there is destructive competition, the critical value of the investment project value and the option value of the investment project become smaller as the degree of damage increases. This will shorten the investment opportunity, reduce the waiting time and accelerate the investment. Finally, based on the above conclusion, this paper is to reshape the overseas investment space of Chinese enterprises under the "Belt and Road" strategic background. The dynamic adjustment of competition strategy provides corresponding countermeasures and suggestions to guide the healthy development of Chinese enterprises' foreign direct investment.
【學(xué)位授予單位】：昆明理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F279.2;F125

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