摘要
基于期权博弈的战略投资一般通过两阶段(战略研发投资阶段和商业化阶段)进行。企业战略投资的最佳时机选择本质上是对投资期权的灵活性价值与竞争战略占先价值之间进行权衡,从而实现企业价值的最大化。而企业的战略选择根据研发是竞争还是合作,研发投资的利益为竞争企业独占还是共享,以及商业化竞争是战略替代还是战略互补而有所不同。不确定性、不对称信息以及学习效应等都对企业的投资时机及投资价值产生一定的影响。
The strategic investment based on the options game is usually made by two stages（strategic R＆D and commercialization ）. The decision of the best timing of the strategic investment to maximize the firm value, depends on the trade-off between the flexibility value of the investment option and the competitive preemption strategic value. Firm strategies will vary with whether the R＆D is made by competition or cooperation, the benefit of R＆D is monopolized or shared, and commercial competition is strategic substitute or complement. Uncertainties, asymmetry, and study effect will have some effect on the investment timing and value.
出处
《经济管理》
CSSCI
北大核心
2005年第18期19-26,共8页
Business and Management Journal ( BMJ )
关键词
期权博弈
不确定
战略投资
Options game
Uncertainties
Strategic investment
