摘要
以1998年以前上市的657家上市公司为样本,对实证检验实物期权的价值创造功能做了探索性研究。研究结论表明,内含有价值实物期权的上市公司,即具有高管理弹性(灵活性),同时又面临高度不确定性市场环境的上市公司,获得了显著高的收益率,为股东创造了更多的财富,从而证实了实物期权的价值创造功能。
Taking 657 listed companies in China, which appeared on the market before 1998,as samples, an empirical study was carried to verify the function of the value creation by real options. Empirical results showed that the listed companies with the valuable real options, namely the ones with high managerial flexibilities and under high uncertainty market situations, gained statistically higher return rates, which indicated that China Listed Companies created the values by real options.
出处
《管理学报》
2006年第2期222-228,共7页
Chinese Journal of Management
关键词
实物期权
管理弹性
不确定性
价值创造
real option
managerial flexibility
uncertainty
value creation