企业R&D投融资决策的实物期权方法研究  

Real Option Research on R&D Investment and Financing Decisions

作　　者：段世霞[1] 

机构地区：[1]郑州大学,郑州450001

出　　处：《工业技术经济》2013年第4期49-53,共5页Journal of Industrial Technological Economics

基　　金：国家自然科学基金资助项目"基于不完全信息博弈与期权博弈的双主并方并购策略研究"(项目编号:70973096)

摘　　要：企业R&D投资面临较大的不确定性,运用传统的投资评估与决策方法存在一定的缺陷,而用实物期权方法研究R&D投资决策活动更加贴近现实。本文将技术不确定性和市场不确定性引入R&D投资价值评估,同时考虑R&D投资和融资决策,说明了它们之间的相互关系。研究表明,R&D债务容量决策影响R&D投资时机决策,而R&D债务容量决策是建立在对R&D投资价值和破产风险综合评判基础上的。同时R&D债务容量只能在一个区间范围内。Enterprise R＆D investment is faced with greater uncertainty. The use of traditional investment evaluation and decision methods has some shortcomings, but researching on R＆D investment decision- making activities is mow close to the reality by real option methods. This paper investigates the relationship between the R＆D investment and the financing decisions influenced by the technology and market uncertainty. The study has shown that the R＆D debt capacity decision influences the R＆D investment timing decision. We also find out that making the decision of R＆D debt capacity is based upon evaluating its influences on the R＆D value and bankruptcy risk comprehen- sively. The R＆D debt capacity can only be defined in a certain range.

关 键 词：R&D 投资时机 实物期权 债务容量 

分 类 号：F830.59[经济管理—金融学]