| R＆D项目技术升级投资决策实物期权的研究 |
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| 引用本文： | 叶小青,徐渝,畅晓菊.R＆D项目技术升级投资决策实物期权的研究[J].西安工程科技学院学报,2005,19(2):148-151. |
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| 作者姓名： | 叶小青 徐渝 畅晓菊 |
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| 作者单位： | [1]西安交通大学管理学院,陕西西安710049 [2]中国人民银行西安分行,陕西西安710054 |
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| 基金项目： | 国家自然科学基金海外杰出青年基金项目(B类-70028102)，西安市科学技术局软科学基金项目(R200214). |
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| 摘 要： | 针对研发项目的高度不确定性使得传统的评价与决策方法不再适用于R＆D项目的投资决策问题，采用生产函数中的技术效率参数描述技术水平．并考虑投资成本对技术升级水平的影响，建立技术升级阶段实物期权投资决策模型，求解了技术升级的最优投资时机和实物期权价值．
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| 关 键 词： | R＆D项目 技术升级 实物期权 投资决策 |
| 文章编号： | 1671-850X(2005)02-0148-04 |
| 修稿时间： | 2004年9月10日 |
Study on investment decision-making of R&D project technology upgrade by real optional approach |
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| YE Xiao-qing,XU Yu,CHANG Xiao-ju.Study on investment decision-making of R&D project technology upgrade by real optional approach[J].Journal of Xi an University of Engineering Science and Technology,2005,19(2):148-151. |
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| Authors: | YE Xiao-qing XU Yu CHANG Xiao-ju |
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| Institution: | YE Xiao-qing~1,XU Yu~1,CHANG Xiao-ju~2 |
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| Abstract: | Traditional methods such as DCF and NPV are not able to solve the problem of investment decision-making of R&D project because of the high uncertainty. Using the technology-efficiency parameter to describe technology level and considering the influence of investment cost on technology upgrade level, an investment decision-making model is builed by real optional approach for technology upgrade. Optimal investment time and real optional value of technology upgrade is obtained. |
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| Keywords: | R&D project technology upgrade real option investment decision-making |
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