دانلود مقاله ISI انگلیسی شماره 49581
عنوان فارسی مقاله

پشتیبانی تصمیم گیری برای استراتژی سرمایه گذاری خارجی تحت عدم قطعیت هیبرید

کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
49581 2012 8 صفحه PDF سفارش دهید محاسبه نشده
خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.
عنوان انگلیسی
Decision support for foreign investment strategy under hybrid uncertainty
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Expert Systems with Applications, Volume 39, Issue 4, March 2012, Pages 4582–4589

کلمات کلیدی
پشتیبانی تصمیم گیری؛ سرمایه گذاری خارجی؛ عدم اطمینان ترکیبی
پیش نمایش مقاله
پیش نمایش مقاله پشتیبانی تصمیم گیری برای استراتژی سرمایه گذاری خارجی تحت عدم قطعیت هیبرید

چکیده انگلیسی

Empirical evidences show that Japan-based companies moved their major operations to the USA due to the currency appreciation of Japanese Yen in 1980s. However, the multinational firms moving their operations abroad still face both the risk of foreign price and the risk of foreign exchange rate. According to the purchasing power parity (PPP) and interest rate parity (IRP), the foreign exchange rate has associations with the relative price and the relative interest rate between two countries. Therefore, when the price and the interest rate evolve stochastically as proposed by many scholars, we can anticipate the randomness of the foreign exchange rate. By integrating these three sources of risks as a hybrid uncertainty, we propose a framework for corporate valuation and investment strategy. We analytically derive corporate value for those multinationals in question and then numerically obtain the real option value by Monte Carlo simulations, based on which we investigate the optimal entry strategy. The sensitivity for corporate value, optimal entry time, and real option value are analyzed. The results suggest a decision support process for foreign investment timing strategy under the hybrid uncertainty. The managerial implication of this work is that the optimal investment strategy for the multinational firms with foreign operations depends on some market and risk factors, as well as correlations among them.

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