企业模块创新进入

模块化系统中模块投资的重要决策变量是投资试验次数（即设计方案的多少），投资试验次数越多获得高性能模块的可 能性越高，但成本亦愈大. 基于实物期权方法，分别对完全垄断企业和进入竞争市场的 企业模块创新投资决策行为进行研究. 研究结论表明：1）无论是完全垄断模块投资还是 进入竞争市场的模块投资，在根据不同市场规模所得到的一系列最优投资试验次数中，都存 在一个最小的最优试验次数，其对应的投资门槛值是模块投资真正的“投资门槛值”；2）模块技术潜力在完全垄断投资中不会影响最小最优试验次数和“投资门槛值”，但在新进入 企业进入竞争市场的模块投资中却会影响；3）市场规模和模块技术潜力越大、已有 模块性能和试验成本越低，新进入企业投资的模块的性能将倾向高于在位企业模块性能.

Firm’s module innovation and entry

The experiment times is one important decision variable when firms take investment in module. The quality of module goes up with increase of experiment times, and the investment cost also increases. Using real options approach, this paper conducts respectively research on the module investment decisions of complete monopoly firm and the new entrance firm faced with market competition. The results suggest that, 1) both of the module investments of the complete monopoly firm and the new entrance firm, there exists a optimal minimum experiment times, and the investment threshold corresponding to experiment times is the real one; 2) in the case of complete monopoly investment, the technical potential does not affect the optimal minimum experiment times and the corresponding investment threshold, whereas in the case of the new entrance firm's investment, the technical potential of module does that; 3) the new entrance firm strongly intends to research on the module with quality higher than existing module if the market size is bigger, the technical potential of module is greater, the quality of existing module is lower, and the experiment cost is lower.