中文摘要：

本文构建了一个异质性企业二阶段动态博弈模型，尝试将企业的经营效率对比、拟投资市场潜在容量、企业与目标市场环境匹配程度等因素纳入分析框架，并将跨国经营中的知识积累分为制度环境适应效应和经验积累效应．用以探讨寡头竞争下企业将竞争对手行动纳入考量范围的跨国投资区位选择问题。研究结果显示：当初始的相对竞争优势差别越大，弱势企业越倾向于优先进入市场容量较低的市场：当市场容量和相对竞争优势较为接近时．强势企业会倾向于主动进入市场容量较低的地区。在不同跨国企业与市场匹配性下．考虑到短期内进入与自己母国制度环境差异较大的市场将显著降低其市场份额，影响其经验积累效应，强势企业会更加激进地进入高容量市场。但从长期看，企业会在不断的学习过程中熟悉当地消费习惯．积累与不同利益相关方打交道的经验，逐渐适应陌生市场．并将在优先限制竞争对手在当地获得经验积累与优先获得制度环境适应效应之间做出权衡。

英文摘要：

By taking the operation efficiency contrast, the potential maket capacity, and the matching between enterprise and market environment into consideration, this paper conducts a two-stage dynamic game model between two heterogeneous enterprises, in order to analysis the FDI location choice decision under oligopolistic competition when taking the rival＇s action into account. Furthermore, we devide the knowledge accumulation during the transnational operation into experience accumulation effect and institutional environment adaptation effect. The study result has shown that the larger the initial competitive advantage differences, the more likely the disadvantaged enterprise will enter the low capacity market. When the two enterprises are at the same level and the market capacities are similar, the advantaged enterprise will choose the low capacity market first. And with the consideration of the matching between enterprise and market environment, advantaged enterprise will eager to enter the high capacity market because it will lose experience accumulation effect due to not being familiar with the market in short run. However, when standing at a long period of view, the enterprise will accumulate the experience of deal with different local stakeholders and consumption habits, it may adapt to the local market environment. Therefore the enterprises needs to trade off between the limitation of the experience accumulation of its competitor and the early adaptation of the unfamiliar institutional environment.