竞争条件下两阶段战略投资决策研究——基于实物期权博弈的分析  

Study on the Two Stages of the Strategic Investment Decision Making under Competition——An Analysis Based on Real Option Game

作　　者：尹海员[1] 

机构地区：[1]陕西师范大学国际商学院,西安710062

出　　处：《云南财经大学学报》2011年第3期60-65,共6页Journal of Yunnan University of Finance and Economics

基　　金：教育部人文社会科学青年基金项目"基于行为分析的我国证券监管研究"(06JC70027);陕西师范大学211工程第3期建设资助项目

摘　　要：将竞争因素引入企业两阶段战略决策,运用实物期权博弈的方法分析企业在内生竞争的条件下如何进行投资决策。结果表明:在面临商业化阶段的竞争对手激烈对抗时,企业没有动力进行研发投资,反之则可能会增加双方的战略收益,使企业在第一阶段有研发投资的动力。如果双方在研发阶段就开始合作,可以使双方更加充分利用在需求不确定性下进行等待的灵活性价值,各自总体战略收益都得到了增加。这个分析视角可以更好地理解在高科技和其他动态行业中的企业战略决策机制。The author introduces competition factor into the two stages of the strategic decision making,and the method of real option game is used for enterprises to analyze how to make investment decisions under competition.The results show that enterprises have no impetus to make research and development investment when facing intense competition from business opponents,while on the contrary,the strategic benefit of both sides maybe increased,which gives impetus to enterprises to make research and development in the first stage.If the two sides cooperate with each other from the research and development stage,the strategic income of both sides will be increased by making full use of the flexible value in terms of uncertainty of demand.The conclusion is very useful for us to better understand the strategic decision making mechanism of high tech enterprises and other dynamic industries.

关 键 词：战略投资决策 实物期权 期权博弈 

分 类 号：F830.59[经济管理—金融学]