业务退出研究综述：基于实物期权的探索  

A Review of Research on Business Exit:A Real Option Perspective

作　　者：韩夏[1] 谢绚丽[1,2] 马浩[1] Han Xia;Xie Xuanli;Ma Hao(National School of Development,Peking University,Beijing 100871,China;Internet Financial Center,Peking University,Beijing 100871,China)

机构地区：[1]北京大学国家发展研究院,北京100871 [2]北京大学互联网金融中心,北京100871

出　　处：《外国经济与管理》2019年第11期114-135,共22页Foreign Economics & Management

基　　金：教育部基地项目(16JJD630001)

摘　　要：企业业务的进入与退出关系到企业经营范围,是战略管理领域的核心议题之一。相较于业务进入,现有研究对业务退出的关注较少,尤其是对业务退出的战略含义考虑不足。为了弥补这一不足,本文首先从业务退出的含义、研究情境和理论视角演化的角度,整理和总结现有文献;其次,本文关注实物期权理论在业务退出研究领域的应用,确立实物期权理论与业务退出之间的理论关联,阐述该视角的理论价值,并根据期权的特征(不确定性的性质和程度)以及业务退出的特征(单一业务退出或多重业务退出),构建2×3分类框架;最后,本文从业务退出的角度讨论实物期权理论对现有理论的拓展、应用上的局限以及未来的研究方向。As an important part of the corporate strategy that defines the scope of the firm, entry and exit decisions are of critical importance to firm viability. While the entry decisions are often associated with projected opportunities and expected gains, the exit decisions are often associated with threats or business failures. As such, not surprisingly, in the strategic management literature, plenty of studies examine the entry decisions while the exit decisions attract less attention.Moreover, extant research tends to treat business exit as primarily failures or responses to failures,despite of the increasing attention to the fact that a firm could use business exit as a proactive strategic choice to reconfigure its resources and capabilities as well as to seize and exploit new market opportunities. Building on such a proactive perspective, we present a more balanced view of business exit. Specifically, we advocate the use of the real option approach to the study of business exit and suggest new avenues for future research.In the front end of this article, we introduce a rather broad account of the evolution of business exit research and systematically survey the extant literature in strategic management and the related fields that cover the topic of business exit. Firstly, we attend to the various definitions of business exit that range from divestment/divestiture, business closure, and sell-off to refocusing, redeployment, dediversification, etc.Secondly, we examine the context of business exit research, differentiating between product market and geographic market, domestic market and international market, and between exogenous and endogenous uncertainties faced by the focal firm. It is precisely for the reason of coping with uncertainty that calls for the application of the real option approach in business exit research.Thirdly, we review the different theoretical perspectives used in business exit research ranging from Industrial Organization Economics and Game Theory, Resource Based View of the firm, Resource D

关 键 词：业务退出 实物期权 剥离 业务抛售 再聚焦 去多元化 

分 类 号：F270[经济管理—企业管理]