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1、本科畢業(yè)論文外文翻譯外文題目：BehaviouralDeterminantsOffeignDirectInvestment出處：UniversityofBath作者：RicardoPinheiroAlves原文：BehavialDeterminationOfFeignDirectInvestmentPicardoPinheiroAlvesAbstractThepaperpresentsabehaviouraleconomicsappro

2、achtofeigndirectinvestment.StartingfrombehaviouralfinancetheyitusescontentanalysisfrominterviewsmadetoPtuguesemanagerswithinvestmentsabroad.Thestudypresentsevidenceofherdinganchingoverconfidencementalaccountingotherbehav

3、iourrulesinfirms’locationdecisionsthatiginateasetofdeterminantsofFDIflowscomplementtheneoclassicalparadigm.MeoveritconfirmstheHeinermodel(198319851989)byshowingthatthehighertheuncertaintyfacedbydecisionmakersthemefrequen

4、twillbetheuseofbehaviouralrules.ThecentralroleofuncertaintyhelpsexplainwhyFDIflowsoccurmefrequentlyamongdevelopedcountries.1.IntroductionFDItheyhasbeendevelopingonapartialequilibriumbasisitsempiricalanalysisisoftennotcon

5、clusiveindicatingthattherearemanydeterminantsofFDIdecisionstheirrolevarieswithcontext(countriesfirmssoon–Blonigen2005).Buttheyseldomconsiderstheroleofmanagerswithinthedecisionmakingprocess.Psychologistsrecognizethatmanag

6、ersashumanbeingsingeneralhavebetheuseofbehaviouralrules.ItwastheeticallyappliedtoFDIinHosseini(2005)anempiricalconfirmationusingdatafromPtuguesefirmsismadeinthepaper.Theempiricalwkisbasedoninterviewstheinterpretationofin

7、fmationthroughcontentanalysisasacomplementtotheenmousamountofquantitativewkfoundintheFDIliterature.Thisisreinfcedbystatisticaltestsindertoassesstheresultsobtainedinthequalitativewk.ThefollowingsectionbrieflyreviewsFDIthe

8、ybypointingtoitslimitswhilesection3detailsthemethodologysection4presentsempiricalevidenceofbehaviouralrules.Section5dealswiththeroleofuncertaintybytestingtheHeinermodelthepaperendswithabriefconclusion.2LimitstoFDItheyCon

9、siderafirmdecidingwhethertoinvestabroadwheretolocateitsinvestment.Arationaldecisionmakerattemptstomaximizethepresentvalueofthedifferencebetweenrevenuecostswhenansweringthesequestions.Fthisenditmustcollectsubstantialinfma

10、tionbyassumingadiscountratefromtheexpectedinflationthedesiredrateofreturnthepresumedassociatedriskitcancalculateapresentvalueftheinvestment.Thedecisiontoinvestabroadwheretolocatetheinvestmentdependsonthedecisionmaker’sex

11、pectationsaboutthevalueofthesevariablesfthevariousavailablealternatives.Ifthedecisiontogoabroadisalreadymadethelocationoftheinvestmentitsexpectedrevenuecostsbecomestherelevantissue.Thusonecanconsiderthatthetwokeyvariable

12、sfrationallocationdecisionsarerevenuecosts.EconomicliteraturehaspresentedseveralexplanationsimpactingrevenuecostsfFDItooccur2.Transnationalcompanies(TNC’s)whenmakingFDIlocationdecisionswithinimperfectmarketsseektoimprove

13、theirrevenuestreaminseveralways.Theyusespecificadvantagesoverlocalcompetitsinthehostmarkettocompensatetheadditionalcostsofinvestingabroad.Severalspecificadvantagesarenoted:productdifferentiationmanagerialmarketingskillsi

14、nnovationThewilltominimizetransactionalcoststhustobemecostefficientisalsousedbytheFDIliteraturetoexplainlocationdecisions.ThetransactionalcostsapproachexplainstheoccurrenceofFDI(butnotitsexactlocation)fromacostcomparison

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