不确定环境下基于资金约束的技术授权策略  

Research on Licensing Policy under Uncertaity and Constrained Finance

作　　者：易文[1] 徐渝[1] 陈志刚[1] 

机构地区：[1]西安交通大学管理学院,陕西西安710049

出　　处：《运筹与管理》2007年第4期19-22,38,共5页Operations Research and Management Science

基　　金：国家自然科学基金资助项目(70472036)

摘　　要：技术创新的价值实现需要后续的商业化开发,市场需求不确定会影响商业化投资的价值评估,在企业商业化受到资金约束时如果进行资金筹集就会有一定困难,而合理设计的授权合约这时可以作为项目的融资途径之一。本文研究了企业的最优授权策略在无资金约束时和资金约束时的差异,试图通过技术授权合约的设计进行筹资,发现利用授权合约的预付金可以满足部分融资需要,但是使用授权合约融资的成本较高,影响融资额度的主要因素包括接受授权企业的研发成本、市场需求的预期、单位产品税的承诺等。Realizing the value of technology innovation requires substantial follow-on investment on development and commercialization. The value of these investments depends on not only the demand but also actions by potential competitors, both uncertain at the time of the investment. Under this uncertainty a fnancing problom affects the progress. Licensing contracts can alleviate the financing problem. We develop an stackelberg model to analyze the license contract consisting of an upfront payment and a capped royalty schedule. We show that a royalty schedule that depends on realized demand dominates a fixed licensing fee. When investment funds are constrained, a two-part license can serve as a source of finan- cing. We show that aquired fund depends on licensee＇ investment value, uncertainty extent of demand and capped royalty.

关 键 词：技术授权 不确定下投资 实物期权 融资 

分 类 号：F830.592[经济管理—金融学]