沉淀成本与企业风险投资:一个实物期权方法  

Sunk Costs and Risky Investment of the Corporate:A Real Option Approach

作　　者：汤吉军[1] 

机构地区：[1]吉林大学中国国有经济研究中心,吉林长春130012

出　　处：《税务与经济》2009年第2期12-16,共5页Taxation and Economy

基　　金：国家社会科学基金(项目编号:08CJY021);全国教育科学十一五规划项目(项目编号:CFA060066)的资助

摘　　要：由于企业在投资过程中面临着沉淀成本、不确定性和可延期性,所以不能简单地依据新古典投资理论进行决策,只能依靠实物期权方法。这样,我们发现产权理论、委托代理等手段都是着眼于要素市场沉淀成本管理的重要制度安排。但这些还不够,还需要考虑产品市场的定价构成原则,其根本目的在于补偿沉淀成本及其期权价值,从而将产品定价机制与要素非市场治理结构有机结合起来。This paper is to investigate the delayed entry venture investment decision in the enterprise in terms of real option theory,complement with existing NPV explanation.Based on the irreversible sunk cost and future uncertainty resulting from the decision-maker,we found the rationality of the entry,differ from the NPV entry theory.Hence we provide some solution to entry promotion, that is,reduce sunk cost and the future uncertainty,on one hand economizing on bounded rationality and transaction costs,on the other hand need make goods pricing mechanism.

关 键 词：风险投资 净现值 沉淀成本 期权价值 

分 类 号：F224.9[经济管理—国民经济]