不完全竞争下,战略性债务融资和研发投资的策略研究——对世纪初欧美电信泡沫破灭的反思  

The Strategy Research on Strategic Debt Financing and R&D Investment under Imperfect Competition——The After-Thought from Euramerican Telecom Bubble Smash in the Turn of Century

作　　者：杨广青[1] 汪蓉[2] 

机构地区：[1]福州大学管理学院,福建福州350002 [2]上海交通大学管理学院,上海200052

出　　处：《管理工程学报》2007年第3期86-93,共8页Journal of Industrial Engineering and Engineering Management

基　　金：上海市科技发展基金软科学研究博士生论文资助项目(2005-009)

摘　　要：世纪之初,在经历长期繁华之后的欧美电信业陷入低谷。理论界和实务界普遍认为这是电信寡头在资本市场上的不恰当融资策略所致。然而,在一个全新的视角下,本文通过构造一个三阶段博弈分析框架,从理论上论证了债务融资、R&D投资与定价策略三者之间的内在互动关系,指出产品市场与资本市场之间互动效应是问题出现的关键所在。研究表明,在市场需求不确定情况下,企业债务融资决策将影响到自身及其竞争对手的R&D投资策略与定价策略,进而对公司价值产生双重影响。此外,企业R&D投资对其自身及对手的定价策略也具有直接效应和战略效应。During the turn of century, Euramerican telecom industry fell into the low point after undergoing long-term prosperity, which the popular standpoint towards is the inappropriate financing strategy in theory circle and industry circle, however, under a brand-new angle of view, the article demonstrate the interaction relationship among debt financing, R＆D investment and pricing strategy, and point out that the interaction effect between product market and capital market is key point that cause the problem appearing through building a analytic framework of three-stage game. The research argue that under the uncertainty of market demand, the company＇s debt financing strategy will affect its own and competitor＇s R＆D investment strategy and pricing strategy, then impose dual influence on corporate value, furthermore the company＇s R＆D investment strategy also affect its own and competitor＇s pricing strategy from direct effect and strategy effect.

关 键 词：不完全竞争 债务融资 R&D投资 定价策略 策略性效应 

分 类 号：F406.3[经济管理—产业经济]