| 控股股东控制权、现金流权与技术创新投资——基于实物期权的分析 |
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| 引用本文： | 刘星,宋小保.控股股东控制权、现金流权与技术创新投资——基于实物期权的分析[J].管理工程学报,2008,22(4):95-99. |
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| 作者姓名： | 刘星 宋小保 |
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| 作者单位： | 1. 重庆大学经济与工商管理学院,重庆,40030
2. 重庆大学经济与工商管理学院,重庆,40030;汕头大学,商学院,广东,汕头,515063 |
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| 基金项目： | 国家自然科学基金
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高等学校博士学科点专项科研项目
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| 摘 要： | 基于控股股东控制权与现金流权的分离,通过构造实物期权模型,本文研究了企业技术创新投资选择过程中控股股东与中小股东之间的委托代理关系.模型分析结果显示,基于自身价值最大化,控股股东对不确定技术投资的选择主要决定于不确定性技术投资的现金流,只有当现金流达到临界值之时,才会选择不确定性的创新技术投资.同时,控股股东的现金流权、两权分离系数以及投资的风险性都会改变该临界值的大小.文章最后讨论了本文研究结论的政策含义.
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| 关 键 词： | 控股股东 技术创新 实物期权 |
Controlling Shareholders'Controlling Rights,Cash Flow Rights and Technology Innovation Investment——Analysis Based on Real Options |
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| LIU Xing,SONG Xiao-bao.Controlling Shareholders''Controlling Rights,Cash Flow Rights and Technology Innovation Investment——Analysis Based on Real Options[J].Journal of Industrial Engineering and Engineering Management,2008,22(4):95-99. |
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| Authors: | LIU Xing SONG Xiao-bao |
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| Institution: | LIU Xing~1,SONG Xiao-bao~(1,2)(1.School of Economic , Business Administration,Chongqing University,Chongqing 400030,China,2.Business School,Shantou University,Shantou 515063,China) |
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| Abstract: | Based on the separation of controlling shareholders' control rights and cash flow rights,the principle-agent relationship between controlling shareholders and minority shareholders in technology innovation selection has been studied through building the real option models.Result shows that the selection of controlling shareholders on technology lies on the cash flow of uncertain technology which maximizes controlling shareholders' value.Uncertain technology will be selected when the cash flow comes to criti... |
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| Keywords: | controlling shareholders technology innovation real options |
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