交互作用模式下技术创新投资策略分析
首发时间:2007-12-25
摘要:本文假设创新价格受到外部环境的不确定影响,采用实物期权方法将技术创新提供方和采纳方的投资策略放在一个交互模式下进行研究,得到了提供方投资下一代创新技术的投资门槛所需满足的条件。数字释例显示,由于提供方企业决策的动态不一致性,均衡时下一代创新的推出时间要快于提供方整体最优的推出时间,使得成熟企业和初创企业的技术创新投资策略呈现不同的特性。
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Investment Strategies of Technology Innovation Under Interactive Effects
Abstract:Assuming that the innovation’s price is influenced by uncertainty of external environment, this paper studies the investment strategies of technology adopting and providing under unification framework by real option approach. The condition satisfied by the investment threshold of the firm providing technology is acquired. The numerical example shows that because of the inconsistency of investment decisions of the firm providing technology, the arrival speed of next generation of new technology in dynamic equilibrium is faster than the optimal speed that is considered as a whole by the firm providing technology. This makes the investment strategies of technology innovation of matured firms be different from those of initiatory firms.
Keywords: real options, technology innovation, initiatory firms, interactive effects
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No.1734317901811985****
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