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自2000年“走出去”战略的提出,中国的对外直接投资经历了指数式的增长。大多数研究都很重视用交易成本理论和国际生产折衷论来研究对外投资决策行为,却忽略了社会因素的影响。鉴于此,文章从社会因素即投资惯性的角度来研究对外投资的决策行为。基于实物期权投资理论,文章构建了投资惯性推动下的对外投资决策模型,得出了投资惯性会加速企业的对外直接投资,并提出了相应的对策。
Since the strategy of “going global” in 2000, China’s outward foreign direct investment has experienced exponential growth. Most studies attach great importance to the study of foreign investment decision-making behavior using transaction cost theory and international production trade-off theory, while ignoring the influence of social factors. In view of this, the article studies the decision-making behavior of foreign investment from the perspective of social factors, ie investment inertia. Based on the theory of real option investment, the article constructs the model of foreign investment decision driven by the investment inertia, and finds that the inertia of investment accelerates the direct investment of enterprises and puts forward corresponding countermeasures.