本文研究了一家公司在含糊下带通胀的跨国直接投资(FDI)问题.利用Ito公式推导出含糊下考虑通胀因素的消费篮子价格动力学方程.结合公司进行跨国投资决策时需要缴纳的法人税,给定了跨国直接投资的价值,并在通胀折现的跨国直接投资价值最大化标准下,分析了公司进行(不可逆)跨国直接投资的最优时间,通过解HJB方程推导出了公司由出口转向跨国直接投资时的最优GDP水平.通过进行数值模拟,定量分析了通胀因素对公司跨国直接投资策略的影响.
In this paper,we study foreign direct investment(FDI)problems by a foreign firm with inflation under ambiguity.By using Ito formula,we derive the dynamics of consumer-basketprice with inflation.Combining with the corporate tax needed to pay when the company makes transnational investment decisions,we give the value of the foreign direct investment.Under maximizing the value of foreign direct investment discounted by inflation,we analyze the optimal timing of foreign direct investment(irreversible)by a foreign firm.Then through the solution of HJB equation,we derive the optimal GDP level of switching from exporting to FDI under ambiguity.Finally,we carry on the numerical analysis and quantitatively analyze the influence of inflation on the company's foreign direct investment strategy.