契约型战略联盟的灵活性期权价值研究  

The Flexibility Option Value of a Contractual Strategic Alliance

作　　者：陈梅[1] 茅宁[2] 

机构地区：[1]东北财经大学内部控制与风险管理研究中心助理研究员 [2]南京大学商学院教授

出　　处：《南开管理评论》2009年第1期146-152,共7页Nankai Business Review

基　　金：“中国博士后基金”(20070410352)一等课题基金资助项目;国家自然科学基金项目(70772031)的阶段性成果

摘　　要：当面对较高程度的不确定性时,企业可以选择契约型战略联盟作为战略投资的治理模式,根据相关不确定因素的发展变化而选择不同的合作伙伴,这样,不但确保了战略投资灵活期权价值的实现,而且此治理模式本身也具有较灵活的期权价值。契约型联盟可以分为紧密型战略联盟和松散型战略联盟。本文应用期权动态规划定价模型,对紧密型联盟治理模式和松散型联盟契约治理模式的灵活性期权价值做了模型分析,并进行了相关参数的敏感性比较。分析结果表明,在一定范围内,当战略投资相关因素的不确定性程度较高时,应该选择较灵活的治理模式,如松散型战略联盟。This study argues that not only the timing of investment, but also the governance mode of investment has an important affect on the strategic value of corporate strategic investment. Furthermore, the governance mode of strategic investments should be selected based on its uncertainty. Through contractual strategic alliances, firms can select appropriate collaborators according to the different uncertainties of the strategic investment, which not only ensures the flexibility option value of strategic investments, but also endows the governance mode itself with the flexibility option value. Due to the flexibility of cooperating terms in the alliance, contractual strategic alliances can be classified into tight and relaxed governance modes. Furthermore, this paper applies the dynamic option pricing method to model and analyze both kinds of governance mode, and also makes a sensitivity comparison. The results show, only in some degree about uncertainties, relaxed alliances would be a better choice when more uncertainties are present. This study not only makes an important contribution to the theory, but also gives realistic guidance to firm investment decision-making. Strategic alliance has been studied mainly from the point of view of Transaction Costs Theory （TCE） and Resource-Based View （RBV）, but our paper places emphases on Real Option-based opinion, and makes a quantitative analysis. Moreover, in practice, important strategic investments such as strategic raw material investment, strategic R＆D investment, and strategic market investment, are all faced with a significant amount of uncertainty. Our theory can be used for dealing with these uncertainties and for maximizing strategic value.

关 键 词：战略联盟 不确定性 灵活性 期权价值 

分 类 号：F273.7[经济管理—企业管理] F224[经济管理—国民经济]