| 协作研发投资的柔性价值:基于实物期权视角 |
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| 引用本文： | 周青,曾德明.协作研发投资的柔性价值:基于实物期权视角[J].系统工程,2004,22(5):26-29. |
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| 作者姓名： | 周青 曾德明 |
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| 作者单位： | 湖南大学,工商管理学院,湖南,长沙,410082 |
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| 基金项目： | 国家自然科学基金资助项目(70272029,70310107045) |
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| 摘 要： | 在多阶段研发投资的情况下,研发的评价方法及其价值如何确定?实践表明目前应用最广泛的投资评价方法NPV法不适应对R＆D投资的评估,利用实物期权方法来评价研发投资是现在研究的热点。本文根据实物期权理论建立精确的模型来计算协作研发的期权价值,并比较不同因素对柔性价值的影响。
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| 关 键 词： | 研究与开发 柔性价值 实物期权理论 协作 |
| 文章编号： | 1001-4098(2004)05-0026-04 |
Flexible Value of Cooperative R&D Based on "Real Option" Theory |
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| ZHOU Qing,ZENG De-ming.Flexible Value of Cooperative R&D Based on "Real Option" Theory[J].Systems Engineering,2004,22(5):26-29. |
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| Authors: | ZHOU Qing ZENG De-ming |
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| Abstract: | At more phases of R&D investment, how to decide R&D evaluating method and its value? Practice indicates that to use of net present value(NPV) analysis as the evaluation of R&D projects has aroused much doubts. The so called "real options" method has gained growing attention on application in the field of R&D. This paper calculates the cooperation R&D option value through establishing exact model based on "real option" theory and compares the factors' different influence to flexible value. |
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| Keywords: | R&D Flexible Value Real Option Theory Cooperation |
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