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Najlepszy Eugeniusz
Strategie inwestycyjne przedsiębiorstw na rynku międzynarodowym
Investment Strategies of Enterprises on the International Market
Zeszyty Naukowe. Seria 1 / Akademia Ekonomiczna w Poznaniu, 1998, nr 266, s. 101-116
Inwestycje zagraniczne, Strategia inwestycyjna, Inwestycje bezpośrednie, Analiza strategiczna, Podejmowanie decyzji inwestycyjnych, Metodologia oceny efektywności inwestycji, Ryzyko polityczne
Foreign investment, Investment strategy, Direct investments, Strategic analysis, Investment decisions, Methodology of efficiency evaluation of investment, Political risk
W artykule podjęto próbę dokonania syntezy wielu różnych czynników determinujących przebieg procesu strategicznego wyboru bezpośrednich inwestycji zagranicznych. Omówiono takie zagadnienia, jak: model procesu wyboru bezpośrednich inwestycji międzynarodowych, identyfikacja możliwości inwestycyjnych za granicą, ocena efektywności projektów inwestycji zagranicznych, opcje wzrostu a ocena projektów inwestycyjnych, analiza ryzyka politycznego.

Basing on the theory of international production and on some experiences of enterprises which take up foreign direct investments, the author tries to outline a hypothetical process of strategic selection of foreign investments in enterprises increasing the scope of their economic activities. Special attention is paid to those factors of the strategic process of selection which most significantly influence the decisions connected with locating production outside the country. The author points out that one should look for motivation which makes enterprises undertake foreign investments in the conditions on both the domestic and the foreign markets, particularly in ineffective and poorly internally differentiated markets. Imperfection of the competition on major part of home markets particularly strongly reveals the values of the strategy of an enterprise which invests abroad and adjust itself to such conditions, exploiting all advantages it has due to its specific rights of ownership, possibility of location and internalisation of production despite visible and nonanticipated threats. The analysis of the process of strategic selection of foreign investments covers several qualitative factors and market phenomena which generally do not appear in a standard evaluation of the effectiveness of investment projects. Therefore, the author points out some circumstances and additional problems which can broaden traditionally applied approach to the assessment of economic-financial investment, namely: broadening the scheme of classification of cash flows from the viewpoint of a foreign investor (investing firm) and from the viepoint of the located foreign investment (foreign subsidiary); taking into account the growth in cash flows which results from the fact that such items as "soft" loans, extra nonoperational inflows, tax savings have been included in the account; considering investment options which modify the value of investment projects concluded on.(original abstract)
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