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中文摘要：
以股权与非股权安排为视角考察了跨国企业对外投资模式选择的均衡条件。采取逆向归纳法,基于东道国FDI政策以及东道国企业生产率存在差异的情况下分别探讨一国跨国企业对外投资模式选择的内在动因。通过推导子博弈完美均衡解探析跨国企业对外投资模式最优选择的条件。研究结果表明：外国跨国企业在东道国新建投资成本充分小的情况下选择以新建方式进入,在新建投资成本充分大的情况下选择以并购方式进入;在新建投资和非股权安排可置信威胁的条件下,外国企业倾向选择并购方式。
英文摘要：
From the perspective of equity and non-equity arrangement, this paper analyzes the mechanism concerning mode selection of outward foreign investment and discusses its intrinsic motivation based on the FDI policy and productivity heterogenicity of host country taking a backward induction method. Comparison between the solutions of different investment mode of profit by deducing the subgame perfect equilibrium, and then analyzes the condition and motivation to choose the optimal investment model. The results show that： foreign multinational enterprises choose Greenfield investment mode in the condition of new investment cost is small enough, if the new investment cost is sufficiently large, then choose mode of mergers and acquisitions to enter;in the condition of new investment and non equity arrangement credible threat, foreign enterprises tend to choose Merge mode.
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