| 具有技术许可联盟的R&D投资决策 |
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| 引用本文： | 薛明皋.具有技术许可联盟的R&D投资决策[J].中国管理科学,2008,16(4):104-110. |
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| 作者姓名： | 薛明皋 |
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| 作者单位： | 华中科技大学管理学院财务与金融系 湖北 武汉 430074 |
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| 基金项目： | 国家自然科学基金资助项目(70671047) |
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| 摘 要： | 本文开发了具有技术许可联盟的R&D投资决策模型。考虑了技术许可前后市场结构的变化,利用连续时间阈值自回归过程来模型这一非线性变化的特征,根据实物期权定价理论和博弈理论,给出了R&D投资项目的价值和最优投资规则。通过数值分析讨论了技术许可前后的收益期望增长率和不确定性以及许可合同中竞争者进入市场的时间参数对投资决策的影响。
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| 关 键 词： | 技术许可 R&D联盟 投资 实物期权 投资阈值 期权博弈 |
| 收稿时间： | 2007-9-3 |
| 修稿时间： | 2008-7-31 |
R&D Investment Decision with Technology Licensing Alliance |
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| XUE Ming-gao.R&D Investment Decision with Technology Licensing Alliance[J].Chinese Journal of Management Science,2008,16(4):104-110. |
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| Authors: | XUE Ming-gao |
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| Institution: | Department of Finance, School of Management, Huazhong University of Science and Technology, Wuhan 430074, China |
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| Abstract: | This paper considers the market structure which is affected by firm's licensing decision.We develop and apply a real option modeling framework where the underlying state variable can be described by continuous time threshold autoregressive process.We derive the value of R &; D project and investment rules,and use numerical analysis to discuss these effect of growth rate and uncertainty of the R &; D project revenue and licensing arrangement on the value of R &; D project and investment rules. |
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| Keywords: | technology licensing R &D alliance investment real option investment threshold option game |
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