工业技术经济
工業技術經濟
공업기술경제
Industrial Technology & Economy
2013年
4期
49~53
,共null页
R&D 投资时机 实物期权 债务容量
R&D 投資時機 實物期權 債務容量
R&D 투자시궤 실물기권 채무용량
R&D; investment timing; real options; debt capacity
企业R&D投资面临较大的不确定性,运用传统的投资评估与决策方法存在一定的缺陷,而用实物期权方法研究R&D投资决策活动更加贴近现实。本文将技术不确定性和市场不确定性引入R&D投资价值评估,同时考虑R&D投资和融资决策,说明了它们之间的相互关系。研究表明,R&D债务容量决策影响R&D投资时机决策,而R&D债务容量决策是建立在对R&D投资价值和破产风险综合评判基础上的。同时R&D债务容量只能在一个区间范围内。
企業R&D投資麵臨較大的不確定性,運用傳統的投資評估與決策方法存在一定的缺陷,而用實物期權方法研究R&D投資決策活動更加貼近現實。本文將技術不確定性和市場不確定性引入R&D投資價值評估,同時攷慮R&D投資和融資決策,說明瞭它們之間的相互關繫。研究錶明,R&D債務容量決策影響R&D投資時機決策,而R&D債務容量決策是建立在對R&D投資價值和破產風險綜閤評判基礎上的。同時R&D債務容量隻能在一箇區間範圍內。
기업R&D투자면림교대적불학정성,운용전통적투자평고여결책방법존재일정적결함,이용실물기권방법연구R&D투자결책활동경가첩근현실。본문장기술불학정성화시장불학정성인입R&D투자개치평고,동시고필R&D투자화융자결책,설명료타문지간적상호관계。연구표명,R&D채무용량결책영향R&D투자시궤결책,이R&D채무용량결책시건립재대R&D투자개치화파산풍험종합평판기출상적。동시R&D채무용량지능재일개구간범위내。
Enterprise R&D investment is faced with greater uncertainty. The use of traditional investment evaluation and decision methods has some shortcomings, but researching on R&D investment decision- making activities is mow close to the reality by real option methods. This paper investigates the relationship between the R&D investment and the financing decisions influenced by the technology and market uncertainty. The study has shown that the R&D debt capacity decision influences the R&D investment timing decision. We also find out that making the decision of R&D debt capacity is based upon evaluating its influences on the R&D value and bankruptcy risk comprehen- sively. The R&D debt capacity can only be defined in a certain range.