CAJ | 학술논문

当面对较高程度的不确定性时，企业可以选择契约型战略联盟作为战略投资的治理模式，根据相关不确定因素的发展变化而选择不同的合作伙伴，这样，不但确保了战略投资灵活期权价值的实现，而且此治理模式本身也具有较灵活的期权价值。契约型联盟可以分为紧密型战略联盟和松散型战略联盟。本文应用期权动态规划定价模型，对紧密型联盟治理模式和松散型联盟契约治理模式的灵活性期权价值做了模型分析，并进行了相关参数的敏感性比较。分析结果表明，在一定范围内，当战略投资相关因素的不确定性程度较高时，应该选择较灵活的治理模式，如松散型战略联盟。
당면대교고정도적불학정성시，기업가이선택계약형전략련맹작위전략투자적치리모식，근거상관불학정인소적발전변화이선택불동적합작화반，저양，불단학보료전략투자령활기권개치적실현，이차차치리모식본신야구유교령활적기권개치。계약형련맹가이분위긴밀형전략련맹화송산형전략련맹。본문응용기권동태규화정개모형，대긴밀형련맹치리모식화송산형련맹계약치리모식적령활성기권개치주료모형분석，병진행료상관삼수적민감성비교。분석결과표명，재일정범위내，당전략투자상관인소적불학정성정도교고시，응해선택교령활적치리모식，여송산형전략련맹。
This study argues that not only the timing of investment, but also the governance mode of investment has an important affect on the strategic value of corporate strategic investment. Furthermore, the governance mode of strategic investments should be selected based on its uncertainty. Through contractual strategic alliances, firms can select appropriate collaborators according to the different uncertainties of the strategic investment, which not only ensures the flexibility option value of strategic investments, but also endows the governance mode itself with the flexibility option value. Due to the flexibility of cooperating terms in the alliance, contractual strategic alliances can be classified into tight and relaxed governance modes. Furthermore, this paper applies the dynamic option pricing method to model and analyze both kinds of governance mode, and also makes a sensitivity comparison. The results show, only in some degree about uncertainties, relaxed alliances would be a better choice when more uncertainties are present. This study not only makes an important contribution to the theory, but also gives realistic guidance to firm investment decision-making. Strategic alliance has been studied mainly from the point of view of Transaction Costs Theory （TCE） and Resource-Based View （RBV）, but our paper places emphases on Real Option-based opinion, and makes a quantitative analysis. Moreover, in practice, important strategic investments such as strategic raw material investment, strategic R＆D investment, and strategic market investment, are all faced with a significant amount of uncertainty. Our theory can be used for dealing with these uncertainties and for maximizing strategic value.