Abstract: In this paper,using realoption pricing theory,the production of sales delocalization flexibility for multinational enterprises making decisions is modeled as exchangeoptions under exchange rate,labor costs,product of the price uncert ainy.The paper present the optimal super-trigger of production delocalization option,the optimal lower trigger of sale delocalization option,investment decisions' rules,respectively.The paper also discussed the effect of important parameters on the optimal-triggers delocalization productor sales.Finally,numerical calibration of the delocalization decisions' rulesis given in the paper,and show that this delocalization decisions' rules is operatical in application.

Key words: delocalization decision flexibility, multi-factors uncertainty, optimal endogenous boundaries, exchange options