Operating Flexibility, Global Manufacturing, and the Option Value of a Multinational Network
建立随机动态规划模型，将跨国公司在不同国家工厂间转移生产的运营灵活性视为期权，其价值取决于实际汇率，并分析了滞后效应和国内增长期权，对跨国公司协调管理和绩效评估有参考价值。
The multinational corporation is a network of activities located in different countries. The value of this network derives from the opportunity to benefit from uncertainty through the coordination of subsidiaries which are geographically dispersed. We model this coordination as the operating flexibility to shift production between two manufacturing plants located in different countries. A stochastic dynamic programming model treats explicitly this flexibility as equivalent to owning an option, the value of which is dependent upon the real exchange rate. The model is extended to analyze hysteresis effects and within-country growth options. We show that the management of across-border coordination has led to changes in the heuristic rules used for performance evaluation and transfer pricing.