CAJ | 학술논문

以企业的容量控制决策为例，尝试从实物期权理论的新视角来研究不确定条件下企业收益管理（RM）问题，建立了一个柔性RM模型，以此来填补实物期权在此方面应用研究的空白和不足。求出了最佳容量投资时机和最优容量控制规模，在此基础上利用比较静态分析和模拟分析进一步探讨了风险对容量控制决策的影响规律。研究发现，在容量控制规模和投资期限既定的条件下，最佳容量投资时机随风险的增强而逐渐推迟，且最优容量控制规模随风险的增加呈现递增的趋势；企业存在过度投资行为。
이기업적용량공제결책위례，상시종실물기권이론적신시각래연구불학정조건하기업수익관리（RM）문제，건립료일개유성RM모형，이차래전보실물기권재차방면응용연구적공백화불족。구출료최가용량투자시궤화최우용량공제규모，재차기출상이용비교정태분석화모의분석진일보탐토료풍험대용량공제결책적영향규률。연구발현，재용량공제규모화투자기한기정적조건하，최가용량투자시궤수풍험적증강이축점추지，차최우용량공제규모수풍험적증가정현체증적추세；기업존재과도투자행위。
Taking the enterprise decisions on capacity control for example,a flexible revenue management (RM)model is developed to explore how a firm manages revenue on capacity control under uncertainty from the real options perspective, and fill in the gaps of application research on real options in RM.Then the expressions of optimal investment timing and op-timal capacity are obtained.Besides,the comparative static analysis and number example are employed to further analyze the effect laws of risk on the control decisions.Research shows that the optimal timing of investment capacity is delayed by an increase in risk,with the optimal control capacity increased under finite scale and investment horizon.Moreover,there are o-ver-investment behaviors in enterprises.In a word,a new perspective and ideas are provided for the studies and applications of RM.