基于实物期权视角的企业国际化研究进展评析与趋势展望
6000 
444
外国经济与管理 2012 年 第 34 卷第 04 期, 页码：29 - 38
摘要
参考文献
摘要
随着环境不确定性的不断加剧以及经济全球化趋势的日益明朗,企业越来越重视构建可持续竞争优势,而国际化就是在经济全球化背景下企业构建可持续竞争优势的一个重要手段。近年来,基于实物期权视角、针对环境不确定性的企业国际化研究得到了快速发展,并且取得了不少值得关注的成果。本文在文献梳理的基础上,从国际环境不确定性认知、国际化过程中的实物期权创造、不确定条件下的国际化决策优化三个方面系统评介了国外的相关理论和实证研究,并针对现有研究所存在的不足,对该领域研究的未来趋势进行了简要展望。
[1]Ahsan M and Musteen M.Multinational enterprises’entry mode strategies and uncertainty:A review and extension[J].International Journal of Management Reviews,2011(Early View:Articles online in advance of print,DOI:10.1111/j.1468-2370.2010.00296.x).
[2]Brito J B and Sampayo F M.The timing and probability of FDI:An application to US multinational enterprises[J].Ap-plied Economics,2005,37(4):417-437.
[3]Brouthers K D,et al.Real options,international entry mode choice and performance[J].Journal of Management Studies,2008,45(5):936-960.
[4]Brouther K D and Dikova D.Acquisitions and real options:The greenfield alternative[J].Journal of Management Studies,2010,47(6):1048-1071.
[5]Buckley P J and Casson M C.Models of the multinational en-terprise[J].Journal of International Business Studies,1998,29(1):21-44.
[6]Campa J M.Entry by foreign firms in the United States under exchange rate uncertainty[J].Review of Economics&Statis-tics,1993,75(4):614-622.
[7]Capel J.How to service a foreign market under uncertainty:A real option approach[J].European Journal of Political Econo-my,1992,8(3):455-475.
[8]Chi T and McGuire D J.Collaborative ventures and value of learning:Integrating the transaction cost and strategic option perspectives on the choice of market entry modes[J].Journal of International Business Studies,1996,27(2):285-307.
[9]Christos P,et al.Operational hedges and the foreign exchange exposure of US multinational corporations[J].Journal of In-ternational Business Studies,2001,32(4):793-812.
[10]Cuypers I and Martin X.What makes and what does not make a real option?A study of international joint ventures[J].Journal of International Business Studies,2010,41(1):47-69.
[11]Dixit A K and Pindyck R S.Investment under Uncertainty[M].Princeton,NJ:Princeton university Press,1994.
[12]Fisch J H.Internalization and internationalization under com-peting real options[J].Journal of International Management,2008,14(2):108-123.
[13]Folta T B and Miller K D.Real options in equity partnerships[J].Strategic Management Journal,2002,23(1):77-88.
[14]Gilroy B and Lukas E.The choice between greenfield invest-ment and cross-border acquisition:A real option approach[J].Quarterly review of economics and finance,2006,46(3):447-465.
[15]Guillen M F and Garcia-Canal E.The American model of the multinational firm and the“new”multinationals from emer-ging economies[J].Academy of Management Perspectives,2009,23(2):23-35.
[16]Kogut B.Joint ventures and the option to expand and acquire[J].Management Science,1991,37(1):19-33.
[17]Kogut B and Kulatilaka N.Operating fexibility,global manu-facturing and the option value of a multinational network[J].Management Science,1994,40(1):123-139.
[18]Kouvelis P,et al.Exchange rates and the choice of ownership structure of production facilities[J].Management Science,2001,47(8):1063-1080.
[19]Li J and Li Y.Flexibility versus commitment:MNEs’ow-nership strategy in China[J].Journal of International Busi-ness Studies,2010,41(9):1550-1571.
[20]Li J and Rugman A M.Real options and the theory of foreign direct investment[J].International Business Review,2007,16(6):687-712.
[21]Miller K D.A framework for integrated risk management in international business[J].Journal of International Business Studies,1992,23(2):311-331.
[22]Miller K D and Reuer J J.Firm strategy and economic expo-sures to foreign exchange rate movements[J].Journal of In-ternational Business Studies,1998,29(3):493-513.
[23]Pantzalis C,et al.Operational hedges and the foreign exchange exposure of US multinational corporations[J].Journal of Interna-tional Business Studies,2001,32(4):793-812.
[24]Reuer J J and Leiblein M J.Downside risk implications of multinationality and international joint ventures[J].Academy of Management Journal,2000,43(2):203-214.
[25]Rivoli P and Salorio E.Foreign direct investment and invest-ment under uncertainty[J].Journal of International Business Studies,1996,27(2):335-357.
[26]Sung H and Lapan H E.Strategic foreign direct investment and exchange rate uncertainty[J].International Economic Re-view,2000,41(2):411-423.
[27]Tony T W and Li J.Real options and MNE strategies in Asia Pacific[J].Asia Pacific Journal of Management,2008,25(1):153-169.
[28]Tong T W and Reuer J J.Real options in multinational cor-porations:Organizational challenges and risk implications[J].Journal of International Business Studies,2007,38(2):215-230.
[2]Brito J B and Sampayo F M.The timing and probability of FDI:An application to US multinational enterprises[J].Ap-plied Economics,2005,37(4):417-437.
[3]Brouthers K D,et al.Real options,international entry mode choice and performance[J].Journal of Management Studies,2008,45(5):936-960.
[4]Brouther K D and Dikova D.Acquisitions and real options:The greenfield alternative[J].Journal of Management Studies,2010,47(6):1048-1071.
[5]Buckley P J and Casson M C.Models of the multinational en-terprise[J].Journal of International Business Studies,1998,29(1):21-44.
[6]Campa J M.Entry by foreign firms in the United States under exchange rate uncertainty[J].Review of Economics&Statis-tics,1993,75(4):614-622.
[7]Capel J.How to service a foreign market under uncertainty:A real option approach[J].European Journal of Political Econo-my,1992,8(3):455-475.
[8]Chi T and McGuire D J.Collaborative ventures and value of learning:Integrating the transaction cost and strategic option perspectives on the choice of market entry modes[J].Journal of International Business Studies,1996,27(2):285-307.
[9]Christos P,et al.Operational hedges and the foreign exchange exposure of US multinational corporations[J].Journal of In-ternational Business Studies,2001,32(4):793-812.
[10]Cuypers I and Martin X.What makes and what does not make a real option?A study of international joint ventures[J].Journal of International Business Studies,2010,41(1):47-69.
[11]Dixit A K and Pindyck R S.Investment under Uncertainty[M].Princeton,NJ:Princeton university Press,1994.
[12]Fisch J H.Internalization and internationalization under com-peting real options[J].Journal of International Management,2008,14(2):108-123.
[13]Folta T B and Miller K D.Real options in equity partnerships[J].Strategic Management Journal,2002,23(1):77-88.
[14]Gilroy B and Lukas E.The choice between greenfield invest-ment and cross-border acquisition:A real option approach[J].Quarterly review of economics and finance,2006,46(3):447-465.
[15]Guillen M F and Garcia-Canal E.The American model of the multinational firm and the“new”multinationals from emer-ging economies[J].Academy of Management Perspectives,2009,23(2):23-35.
[16]Kogut B.Joint ventures and the option to expand and acquire[J].Management Science,1991,37(1):19-33.
[17]Kogut B and Kulatilaka N.Operating fexibility,global manu-facturing and the option value of a multinational network[J].Management Science,1994,40(1):123-139.
[18]Kouvelis P,et al.Exchange rates and the choice of ownership structure of production facilities[J].Management Science,2001,47(8):1063-1080.
[19]Li J and Li Y.Flexibility versus commitment:MNEs’ow-nership strategy in China[J].Journal of International Busi-ness Studies,2010,41(9):1550-1571.
[20]Li J and Rugman A M.Real options and the theory of foreign direct investment[J].International Business Review,2007,16(6):687-712.
[21]Miller K D.A framework for integrated risk management in international business[J].Journal of International Business Studies,1992,23(2):311-331.
[22]Miller K D and Reuer J J.Firm strategy and economic expo-sures to foreign exchange rate movements[J].Journal of In-ternational Business Studies,1998,29(3):493-513.
[23]Pantzalis C,et al.Operational hedges and the foreign exchange exposure of US multinational corporations[J].Journal of Interna-tional Business Studies,2001,32(4):793-812.
[24]Reuer J J and Leiblein M J.Downside risk implications of multinationality and international joint ventures[J].Academy of Management Journal,2000,43(2):203-214.
[25]Rivoli P and Salorio E.Foreign direct investment and invest-ment under uncertainty[J].Journal of International Business Studies,1996,27(2):335-357.
[26]Sung H and Lapan H E.Strategic foreign direct investment and exchange rate uncertainty[J].International Economic Re-view,2000,41(2):411-423.
[27]Tony T W and Li J.Real options and MNE strategies in Asia Pacific[J].Asia Pacific Journal of Management,2008,25(1):153-169.
[28]Tong T W and Reuer J J.Real options in multinational cor-porations:Organizational challenges and risk implications[J].Journal of International Business Studies,2007,38(2):215-230.
引用本文
吴崇, 胡汉辉. 基于实物期权视角的企业国际化研究进展评析与趋势展望[J]. 外国经济与管理, 2012, 34(4): 29–38.
导出参考文献，格式为：
