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协作研发投资的柔性价值:基于实物期权视角 被引量:8

Flexible Value of Cooperative R&D Based on "Real Option" Theory
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摘要 在多阶段研发投资的情况下,研发的评价方法及其价值如何确定?实践表明目前应用最广泛的投资评价方法NPV法不适应对R&D投资的评估,利用实物期权方法来评价研发投资是现在研究的热点。本文根据实物期权理论建立精确的模型来计算协作研发的期权价值,并比较不同因素对柔性价值的影响。 At more phases of R&D investment, how to decide R&D evaluating method and its value? Practice indicates that to use of net present value(NPV) analysis as the evaluation of R&D projects has aroused much doubts. The so called 'real options' method has gained growing attention on application in the field of R&D. This paper calculates the cooperation R&D option value through establishing exact model based on 'real option' theory and compares the factors' different influence to flexible value.
作者 周青 曾德明
出处 《系统工程》 CSCD 北大核心 2004年第5期26-29,共4页 Systems Engineering
基金 国家自然科学基金资助项目(70272029 70310107045)
关键词 研究与开发 柔性价值 实物期权理论 协作 R&D Flexible Value Real Option Theory Cooperation
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