基于期权博弈的高新技术企业研发投资价值分析  

R&D Investment Value Analysis of the High-tech Enterprises Based on the Option Game

作　　者：洪开荣[1] 宋益[1] 

机构地区：[1]中南大学商学院

出　　处：《财务与金融》2015年第6期15-19,共5页Accounting and Finance

基　　金：国家自然科学基金资助项目"房地产征用补偿的组合性均衡评价模型及其实验研究"(71171203);国家自然科学基金面上项目"动态CGE模型的金属矿产开发补偿机制设计及政策模拟研究"(71573282);桂林市构建"大研发"体系对策研究课题(201500004)

摘　　要：高新技术企业的价值创造必须以研发活动为基石,但研发投资具有高风险性的特征,因而受到抑制。本文在分析抑制高新技术企业研发投资的关键因素的基础上,构建了研发投资价值的期权博弈模型。对于研发企业而言,研发投资改变了收益的风险与时间分布,影响其期望效用,最终陷入研发投资困境,但两阶段研发期权博弈均衡价值及其计算表明,研发投资是值得的,技术越具有不确定性,或者未来市场需求变差越大,期权价值就越高。为实现高新技术企业研发投资价值,应激励高新技术企业进行研发活动,加大高新技术企业研发投资力度,规范高新技术企业研发信息披露。Value creation of high-tcch enterprises must be based on foundation of research and development activities, but R＆D investment has the characteristics of high risk, and thus is restrained. Based on the analysis of the key inhibition factors of the high-tech enterprises R＆D investment, this paper constructs the option game model of R＆D investment. For research and development enterprise, R＆D investment changed the income distribution of risk and time, affecting the expected utility, eventually into R＆D investment, but the two stage development option game equilibrium value and its calculation shows that R＆D investment is worth it. If the R＆D investment has more technical uncertainty, or future market demand variation, the op- tion value is higher. In order to achieve R＆D investment value of the high-tech enterprises, much can be done. Motivating research and development activities, increasing the intensity of R＆D investment and disclosing standardize research and devel- opment information of the high-tech enterprises.

关 键 词：高新技术企业 研发投资价值 期权博弈 

分 类 号：F830[经济管理—金融学]