不确定条件下投资战略效应与投资决策  

Strategic Effect of Investment and Decision-making under Condition of Uncertainty

作　　者：石桂峰[1] 

机构地区：[1]上海交通大学管理学院,上海200052

出　　处：《控制工程》2007年第B05期201-203,共3页Control Engineering of China

摘　　要：企业投资除了产生直接的产出效应之外,还可以对产品市场的竞争对手产生战略效应。企业决策时应该考虑到投资的这种战略效应,在竞争中保持战略优势。根据产品市场存在不确定性时投资与产量的相互影响,运用博弈论的方法,建立了基于产量竞争的投资战略效应模型。模型结论表明,从竞争博弈出发,同一产品市场中相互竞争的两个企业最佳的投资选择是高水平投资,虽然没有产生合谋的均衡产量,但可以通过战略效应最大化企业股东价值。Investment of firm brings both output effect to itself and strategic effect to competitor. The strategic effect of investment should be included in the decision of managers in order to keep core competition, Focusing on the interaction of investment and output when there is uncertainty in the product market, strategic effect models of investment based on quantity competition are given by means of game theory. Conclusion shows that firm and its competitor in the same product market choose high investment level from the point of competitive game, because this selection optimizes equity holder value by strategic effect, although it cannot improve conspiracy equilibrium of output.

关 键 词：战略效应 投资决策 不确定性 

分 类 号：F830[经济管理—金融学]