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d with the fragmentation of production processes by singleplant firms into different stages based on different relative factor endowments and thus prices across countries (the factor proportion model, Helpman and Krugman, 1985). In this case, vertical FDI is unidirectional (from richly endowed countries to cheaper labour endowed locations). decisions require a huge amount of information, prise different steps where a large number of small sequential decisions are made during several months or years, and the invested capital is relatively immobile and focused on the long term (Aharoni, 1999). In the meantime environmental variables are permanently changing in unpredictable ways and decision makers are themselves affected by rather different events. The process involves a lot of different people that, directly or indirectly, influence the final location. Furthermore, each FDI location decision prises not only the “ economically rational” part but also the “behavioural” part, where perceptions and other cognitive features of managers are included (Katona, 1975).Therefore, a more plete definition of FDI location decisions, as the one provided by the behavioural approach, must also consider the way the behavioural ponent influences a FDI location decision by recognizing the relevance of managers’ cognitive characteristics within the decisionmaking process. Moreover, a feature of most decision making situations is the existence of uncertainty or “the absence of ability to decipher all of the plexity of the environment。 Arrow, 1996). This includes both FDI location decisions not consistent with the strategy and others that are also inconsistent with optimization. In the first case consistent decisions imply FDI operations to be within the broader strategy of the firm. If they are not and are kept throughout the years then a behavioural rule inconsistent with rationality is speaking, behavioural rules are usual choices typified in accordance with their place in the time span, that is, related with past or present events or concerning expectations about future developments, and by its intrinsic or extrinsic cognitive origin. A better understanding of each firm’s decision making process may be obtained by using the Heiner (1983, 1985, 1989) model, where the relative rigidity faced by decisionmakers is emphasized and the usual optimization assumptions of the neoclassical literature are disregarded. The behavioural approach will use some inputs from psychology, namely the so called heuristics in decision making in the presence of uncertainty. 本科畢業(yè)論文外文翻譯 譯文: 外商直接投資行為的決定因素 摘要 本文從行為金融理論出發(fā), 結(jié)合 國外投資經(jīng)理的訪談內(nèi)容分析介紹了外國直接投資行為 的 經(jīng)濟(jì)學(xué) 研究 。 不確定性的核心作用 在于 有助于解釋為什么會(huì)出現(xiàn)在發(fā)達(dá)國家之間頻繁的外國直接投資 行為 。 他們自己的個(gè)性塑造 可能 由 與個(gè)人的親身經(jīng)歷的變化 或者 激勵(lì)因素和環(huán)境 共同作用的。因此,管理者的作用似乎 能補(bǔ)充 提供主流經(jīng)濟(jì)學(xué) 沒有考慮的情況, 從而豐富對(duì)外直接投資理論。 因此,重要的是要了解管理人員的不同認(rèn)識(shí)和 了解它們?nèi)绾斡绊懍F(xiàn)實(shí)生活中 的決策。 二、對(duì)外直接投資的限制 考慮一個(gè)企業(yè)決定是否投資海 外以及在哪里找到它的投資。 如果決定出國已經(jīng)作出的投資地點(diǎn),其預(yù)期收入和成本,成為相關(guān)的問題。 幾個(gè)具體的優(yōu)點(diǎn)是指出:產(chǎn)品差異化,管理和營銷技能,創(chuàng)新和意志,以減少交易成本,從而更具成本效益也是由外國直接投資來解釋文學(xué)的位置決定。位置決定進(jìn)一步的解釋是主要與由單廠企業(yè)生產(chǎn)加工成不同的階段上的相對(duì)要素稟賦不同,因而各國(要素比例模型,赫爾普曼和克魯格曼, 1985年價(jià)格計(jì)算)為基礎(chǔ)的碎片 。 所有上述原因是外國直接投資或選址決策的有效解釋。他們只需要計(jì)算 相互之間的收入差距、 選擇一個(gè)更高盈利能力 的方案并為所有的位置上提供可供選擇的資本 。這一過程涉及到不同的人很多,直接或間接影響最終的位置。此外,大多數(shù)情況下管理者作出決定的特點(diǎn)是 不確定性的存在或缺少 破譯能力的各種復(fù)雜的環(huán)境, 特別是那些結(jié)構(gòu)隨著時(shí)間的推移本身進(jìn)化的情況,它包括了風(fēng)險(xiǎn) 和未知。考