不确定条件下创业投资激励政策的选择与优化  

An advance selling strategy with a trade-in program

作　　者：吴杰[1] 黄俊杰 姬翔 陈智新 Jie Wu;Junjie Huang;Xiang Ji;Zhixin Chen(School of Management,University of Science and Technology of China,Hefei 230026,China)

机构地区：[1]中国科学技术大学管理学院,安徽合肥230026

出　　处：《中国科学技术大学学报》2022年第8期42-57,70,共17页JUSTC

基　　金：supported by the National Social Science Fund of China(21BJL043);National Natural Science Foundation of China(72104034);Humanities and Social Science Fund of Ministry of Education of China(21YJC630037);General Project of Shaanxi Soft Science Research Program(2022KRM155);China Postdoctoral Science Foundation(2022T150072);Fundamental Research Funds for the Central Universities,CHD(300102232615).615)。

摘　　要：创业投资是重要的创新资本,为了得出驱动创业投资主动配置资源支持创新的激励策略,基于风险补贴与税收优惠的激励政策,构建了创业投资期权博弈模型,研究了创新性创业企业的价值不确定条件下创业投资激励政策的实施效果。结果表明:当创新项目价值不确定性小于阈值时,在加快创业投资机构的投资决策方面,税收优惠政策效果更好,反之,两种政策效果相同;当创业企业价值不确定性小于阈值时,在提高创业投资机构投资规模方面,风险补贴政策效果更好,反之,两种政策效果相同。Recently,advance selling and trade-in programs have become increasingly popular in many industries.While previous studies have examined these two strategies individually,the combination of both strategies has not been studied.Inspired by business practices,we investigate an emerging advance selling strategy(hereinafter,the AT strategy)that utilizes the trade-in concept as a reward or discount for participating in the advance selling program.This study explores a seller’s optimal pricing decision and profit when using the AT strategy,traditional advance selling(AS),and traditional trade-in(TN)strategies.We find that,compared to AT strategy,it is better for the seller to adopt the AS strategy when the salvage value of used products is sufficiently low and the product cost is not too small.In addition,compared to TN,when the salvage value and product cost are relatively low,the seller should adopt the AT strategy under most circumstances.Furthermore,we demonstrate that sellers can still gain profits when the product price is extremely high under the AT strategy.Even if consumer utility is negative during the advance selling period,consumers are willing to participate in AT programs because the total consumer surplus from buying two generations of products is positive.

关 键 词：期权博弈 创业投资 风险补贴 税收优惠 不确定性 

分 类 号：F272.3[经济管理—企业管理]