| 财务策略对新技术采用决策的影响 |
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| 引用本文： | 李强,曾勇.财务策略对新技术采用决策的影响[J].管理工程学报,2006,20(4):51-56,50. |
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| 作者姓名： | 李强 曾勇 |
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| 作者单位： | 电子科技大学管理学院,四川,成都,610054 |
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| 摘 要： | 假定未来随机出现的技术创新会造成现有新技术价值的下降,给出新技术价值估计和采用决策模型,进而分析杠杆融资时新技术的投资(采用)决策.研究结果表明,财务危机和融资约束会延缓新技术的采用;债务融资对新技术投资门槛值的影响依其融资水平的变化而发生变化;由于财务策略的作用,随着技术创新速度和创新程度的增加,企业可能加快对新技术的采用.
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| 关 键 词： | 实物期权 技术创新 财务危机 |
| 文章编号： | 1004-6062(2006)04-0051-07 |
| 修稿时间： | 2004年7月28日 |
Impact of Financial Strategy on Innovation Adoption Decision of New Technology |
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| LI Qiang,ZENG Yong.Impact of Financial Strategy on Innovation Adoption Decision of New Technology[J].Journal of Industrial Engineering and Engineering Management,2006,20(4):51-56,50. |
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| Authors: | LI Qiang ZENG Yong |
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| Abstract: | Assuming that future technology innovation with random occurrence lead decline of the value of current new technology,this paper gives the valuation and adoption decision models of new technology.Further analysis on adoption decision of new technology under leveraged-financing is conducted.Our results show that financial distress and financing restraint will defer the adoption of new technology,the impact of debt-financing on the investment threshold of new technology changes with the level of debt.Because of financial strategy,it is probable for firms to adopt the new technology more quickly as the speed of arrival as well as the degree of improvement of future innovation increase. |
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| Keywords: | real option technology innovation financial distress |
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